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Author Topic: Is Bitcoin Forbidden In Islam? Why?  (Read 1359 times)
Tigorss
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May 18, 2018, 03:32:19 PM

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.
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May 18, 2018, 11:53:43 PM

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.
I don't understand why those were people were very arrogant saying bad thinhs about bitcoin, then why is it bad since it provides sustainable profit to people or even those muslim people. Maybe they're just a hypocrite human beings, and I don't believe that the people whose islam in religion isn't having hindrance to use bitcoin because the identity was anonymous.

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El Il-mythos
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May 19, 2018, 11:14:07 AM

It's normal that we hear such stories as, because religious people are very devoted to each tradition of their religion.
Often when there are new inventions they are the first offenders to think that it does not help the world in the spiritual aspect. Too much devoted does not help them because they miss out the chance to enjoy life with new inventions.

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zahed
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May 19, 2018, 11:33:43 AM

Oalikumusalam, Islam means not Saudi Arabia islam is a whole world.What says Saudi minister dosen't matter, Bitcoin is haram on islamic law anything is not depend on only Saudi Arabia.How only one country decide haram or halal? Anyone can't showing single reference with against Bitcoin.

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May 19, 2018, 12:19:21 PM

How only one country decide haram or halal? Anyone can't showing single reference with against Bitcoin.

We're living in a system (globally) where everything is severely centralized and based on controlling the mass. We don't need governments or higher authorities to tell us what's good or bad, we can figure that out ourselves. The point however is that those who think like this are part of a minority, where the mass (sheeples) are going to follow that what's being forced on them, and that either friendly or not so friendly.

Bitcoin = freedom = getting rid of a harming system = helping in making banks lose their dominant position = making governments appreciate you again. Don't ever let anyone tell you Bitcoin is haram or whatever. It's not. Those who do say that are just chasing their own agendas to further suppress you.

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May 19, 2018, 03:28:09 PM

according to the Egyptian cleric, pointed out because in an official fatwa on that trade with Bitcoin "unlawful" based on Islamic shari'a. that using virtual currency is not allowed because it is not authorized by the Egyptian government.
"Bitcoin can be harmful to the social and economic security of a country, because as a cryptographic form of money that is not clear and provides an opportunity for criminals.
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May 20, 2018, 02:23:59 PM

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.
I don't understand why those were people were very arrogant saying bad thinhs about bitcoin, then why is it bad since it provides sustainable profit to people or even those muslim people. Maybe they're just a hypocrite human beings, and I don't believe that the people whose islam in religion isn't having hindrance to use bitcoin because the identity was anonymous.
Yeah Islam does not like people who are hypocrites lol. I think as long as bitcoin is profitable and not harmful, why not? Islam says that "who can change your destiny is yourself" and working in crypto is the effort that I do to change my destiny and it's profitable for me. besides there is no gambling element in it. so bitcoin is not forbidden in my opinion

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May 20, 2018, 03:18:46 PM

 The digital currency like "bitcoin" citing its risky and unregulated nature which could lead to fraudulent transactions. Thats why it is forbidden in islam.
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May 20, 2018, 05:44:48 PM

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Islam assumes that it is forbidden if in it there is a term whose name "Riba" is an advantage which, like the growing interest, but the fact that we get in a signature campaign does not exist.
I don't understand why those were people were very arrogant saying bad thinhs about bitcoin, then why is it bad since it provides sustainable profit to people or even those muslim people. Maybe they're just a hypocrite human beings, and I don't believe that the people whose islam in religion isn't having hindrance to use bitcoin because the identity was anonymous.
Yeah Islam does not like people who are hypocrites lol. I think as long as bitcoin is profitable and not harmful, why not? Islam says that "who can change your destiny is yourself" and working in crypto is the effort that I do to change my destiny and it's profitable for me. besides there is no gambling element in it. so bitcoin is not forbidden in my opinion
You have a point, bitcoin is formed of a decentralized platform of digital currency so it means anyone can use it and it has a freedom to do without knowing even your government on which country you are. Being of a profitable of this coin we can't blame people are still engaging on this cryptocurrency and no doubt that this not forbidden in Islam country.

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May 20, 2018, 06:43:29 PM

Islamic law? Don't make me laugh, Islam is a religion and I believe that teaching under slam is strict and everyone need to follow but someone declaring crypto as forbidden is something he cant do himself, if he says use in illegal matter or gambling then everyone can understand....
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May 20, 2018, 08:33:38 PM

I think that Cryptocurrencies are not a Haram investment, even though certain countries have passed fatwas saying that it is.


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May 24, 2018, 08:23:55 AM

According to my studies, there are two concepts in Islam:

1- The investment should be made completely in business shares or currency

2- There should be some solid business or work happening behind that share or currency.

To further describe the first point: There are two concepts.

1- Buy with full cash: I want to buy 2 BTC at $2500. So I will pay hard cash, i.e $5000 and buy BTC against it. When the rate increases, I will sell it out. That according to my homework is 100% permissible and Halal.

2- Margin Trading: Buy 1 BTC , pay $100 and remaining is to be paid after 1 month. During one month you find a customer, sell it to him. Then return 2400$ to original owner and keep the profit. That is HARAM and NOT PERMITTED is Islam. It is making profit over something you are not owner of.

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