Bitcoin is forbidden for Muslims

[Ferry22]

it is true that gambling is banned for Muslims, but my question is, is Bitcoin and Cryptocurrency included Gambling ?! while the Muslim Council in my country once issued a fatwa "As long as it does not harm the Ummah, Bitcoin and Cryptocurrency is legally valid"!

[Rafif000]

I do not agree if bitcoin is associated with gambling I am also a Muslim, if in association with bitcoin prices are up and down it means Muslims can not buy anything that costs up and down whereas the price of staple food in the market also experienced up and down.. and for me the law of buying and selling if the seller and the buyer have agreed with a specified price that means it is legitimate.

[CryptoLoverz]

A big question mark. I do not think there is a problem with bitcoin, for the problem of haram or not, it all depends on the use of the bitcoin. Used for what the bitcoin is. If bitcoin is used only for gambling, surely Muslims forbid bitcoin. Trade can not be interpreted as gambling. Because there are parties who buy and sell.

[Loopper]

This only comes at the thought of oneself about the notion of Bitcoin and the usefulness of Bitcoin for them. Better to decipher Bitcoin from the good side not from the bad side.

[bekohkoning]

I am a Muslim but I do not agree if bitcoin is associated with religion .. now I want to ask, what is gambling bitcoin? I think not, I think if bitcoin is trading instead of gambling and for me it is legitimate

[poldanmig]

Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?

it all depends on our intentions in such investments because if our intent is positive of course the results obtained well and good if our intentions are bad of course bad results so good a result depends on the intentions of the investors

[DrkLvr_]

You have a really stupid logic i think. Is an automobile also forbidden because of the uncertainty you will be in an accident?

[Mokter]

Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?

Bitcoin can be banned for its element uncertainty is quite false. We all know that business is legal according to islamic rules. Business has uncertainty too. Your investment might generate more even principal amount may decrease due to loss. So, uncertainty is not a problem. There is no instinct to ban bitcoin as per islamic regulations.

[Wowcoin]

Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?

Actually i dont believe,that this bitcoins is forbidden to our brothers muslim to participate this kind of cryptocurrency investment,because as far as i know ,that many of asian country,that mostly 90%  living,there religion is muslim or islam but they join this kind of trading investment,even in the country of india mostly 3/4 of there population is muslim,but they still participating in doing bitcoin,because like us they also want to pursue and achieve there dreams  by the help of digital currency system.

Yes agree with you because many of my friends on facebook are Muslims but they are taking risk to invest on bitcoin. Because they believe that bitcoin can give them a good income especially if they are a good trader. So i don't believe also that bitcoin are forbidden for muslims.

[ozgun_a]

Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?

IMHO, If there is a capital gain due to interest rates whatsover, that is banned in Islamic finance. Here is an example blog:

http://www.shariahfinancewatch.org/blog/2015/05/26/more-information-on-bitcoins-facilitation-of-shariah-finance/

[jonruhoax]

Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?

then you? I think it is complicated, I am not muslim but in life we ​​must be able to survive with everything that happens. now is the time for developing technologies including bitcoins, if you look at the rules of ancient times like the stories of the prophets. chances are you will not survive in the future with any restrictions against you

[MLBBPLG]

I as a Muslim, argue that bitcoin if we do trading, it has become a risk for those who plunge into it. The bad effect is that we lose if bitcoin prices go down
The musliim's view of bitcoin, mostly "We know that Bitcoin remains anonymous when you handle it, which means that it is an open gate for money laundering, drug money and illicit money," he said. "Muslims should do not engage in such dubious transactions just to make money quickly, to get a quick profit.This is not the concept of Islam, "
source:

https://www.youtube.com/watch?time_continue=9&v=cHSomztOLbQ

https://www.youtube.com/watch?v=k17D8j1vhyg

1. That there are two types of objects that may (disunahkan) to be used as a currency exchange (currency), namely Precious Metals and staple food.
That a currency must be physically visible and held by hand.
2. That a currency must have an Intrinsic value, that is to contain value according to the price.
3. That inter-currency may be exchanged without profit. This means that the currency can not be traded, If you take advantage of the transaction becomes Riba. (It is symbolized that taking advantage in exchange of Dates is good with ugly Dates).
4. That currency may be exchanged only with a fixed value (symbolized by the same fixed dosage). For example, in the United States 1 gram of gold can be redeemed by 20US $ while 1 gram of gold in Indonesia must be redeemed with Rp500.000, then the US $ rate should be fixed at RP.10.000 / US $. If it sells the only kosher currency is Riba, then it certainly sells money
5.Digital that is not even a real currency and contains the element of gambling (fantasy profit) is Haram.

[sedihnya8]

I never knew about it. where did you get the news. I do not agree if bitcoin is forbidden for Muslims because bitcoin trading is not gambling

[lukmandog]

Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?

That is a misunderstanding of fatwa. Also there is something wrong with your interpretation of gambling and investment. If we talk about uncertainty then would you mean that muslims cannot do business since business are all uncertain since it could earn a lot or it will shutdown due to low sales. When you establish a business you are risking your capital for a potential profit from sales, that is the same with bitcoin when you place your money into bitcoin you are hoping that you will gain profit. Thus bitcoin is not forbidden for muslims.

Exactly.
Muslims are forbidden to do gambling. gambling means putting any valuable things in fifty-fifty chance to gain profit or loss without any effort.
in Islam, there is another obligation only for their believers, it is Zakat that has the similar meaning to tax. the fatwa aims the tax evaders and Zakat evaders in muslims countries that use bitcoin to hide their wealth.

[yazher]

i think as long as we don't use it for gambling nor lending nor loan (with interest) . we just use it to buy something which is not Forbidden i think there's no wrong with that and me too i'm a Muslim and I'm doing some bounty campaign when i'm doing bounty i stay out from the things that are forbidden like Gambling,porn,lending,loan and others. and Allah Knows Best.

[Malya_alkendy]

there is no prohibition for Muslims against Bitcoin, but Muslims are forbidden to play Gambling !! Bitcoin is not gambling, the price up and down in Bitcoin is a natural thing, and this is not Gambling.

[seoincorporation]

Under the Muslim law, usury is totally forbidden. Some Muslims countries are using that as an excuse in order to forbid the use of bitcoin, based on the possibility of BTC being used as gambling and so. Now, of course, this is just another example of how religion can be used as a way of legitimization of anything, due to the several interpretations a religious book can always have. Of course, in the Coran, there is a specific prohibition about gambling and usury, if I am not mistaken, this is called "haram". Bitcoin, as any currency can be used in too many ways. But, once more, the prohibition based on the interpretation of the religious speech is nothing but a political weapon of control and legitimacy.

[hurry_hore]

It is true that gambling is forbidden. But trading whatever the stuff is allowed and regulated in Islam, this kind of trading stuff is similar to trade rice, wheat or such kind of plantation. Even mining and oil is fully with uncertainty as a trading stuff. So, it is better to some of my brother to classify trading as gambling to do comprehensive research and study. Uncertainty is not related all with gambling, if it doesn't carry out the analysis then everything will be classified to gambling with fully aware or un-aware. I do not know precisely gambling but I think no analysis can be made for gambling, similar with trading without analysis to be named as gambling.
It should be deeper to learn and study before issuing important news to people.

[carlisle1]

Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?

the thing is who told you this?where did you get the idea that since it almost like gambling then it will be forbidden for muslims?next time before putting a thread like this you should requires some proofs that will support your post or else it will be considered as fud or another fake news that has been made to create panic things that always here and there.

[just_Alice]

Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?

It was forbidden due to its possible use to fund terrorism and also because there are no exact rules for using BTC and people may have started buying large amounts of BTC, which eventually could have lead to serious damage to the economy.