May Bitcoin be considered money according to Islam?

[thesmallgod]

Anything which is earned by gambling or by the method of acquiring interest, is not acceptable in Islam. BTC are mined, i.e. people do work hard in it, and they pour money on it and get the work done. It does not defy the law in Islam so far, so it should not be haram.

I do not really you understand well what you have explained. bitcoin is being mine, yes that is true but also bitcoin can be acquire through gambling as well and so the other currency can be acquire through gambling. bitcoin can be acquire through different means and one of this is true mining. by the way I am not sure if there is anything like illegal mining because if someone is mining bitcoin in any country that make crypto mining illegal then the person is commiting sin.

[agimat]

An interesting question is whether Bitcoin is money according to Islam.

No it doesn't, Bitcoin is not money which it is a cryptocurrency means that a digital currency in which encryption techniques to generate money.

That is not a money  actually but it makes money through investment, many people enjoy this kind of digital currency because if you are lucky when the value will going up high you will be instant millionaire if you sell your bitcoin, many strategy to earn a profit in this investment.

[shawn995]

When all is said in done, Islam does not perceive any money that isn't secured by gold, silver, and different resources.
In light of the above definition, every single current cash are not considered as cash as per Islamic Sharia.
Muslim researchers in the ebb and flow time added an exemption to the monetary forms not secured by gold gave that there is a hand issued and ensured esteem, for example, the Central Bank. In this way, most Muslim researchers don't perceive bitcoin however may change later on.

[lexkiee28]

probably yes bitcoin is an alternative money this is a digital money and a modern currency now some of the businesses accept bitcoin as payment.

[Lexurdania]

An interesting question is whether Bitcoin is money according to Islam.

In past several weeks, I am reading article that cleric from middle east already make statement that bitcoin or cryptocurrency is halal for currency or halal as assets. Thats why peoples from country in middle east start doing bussiness on cryptocurrency and investing their money on crypto.

[Falmera]

An interesting question is whether Bitcoin is money according to Islam.

No it doesn't, Bitcoin is not money which it is a cryptocurrency means that a digital currency in which encryption techniques to generate money.

Yes, I agree with you fellow. Muslims will not consider bitcoin money. It ins intangible and as of this time may not be useful in all things. There are lots of products bitcoin cannot be used to transact these products.

[rutherford]

As for now, bitcoin is allowed in Islam as long as you have the right intention with it (for emergency savings and not for profits). But since Islam has their own terms and regulations towards money, so bitcoin can't be considered as money if you haven't exchange it into cash. Because bitcoin has no shape (paper or coin) and no real value  such as gold, silver and cooper.

[jamesbondbd007]

Anything which is earned by gambling or by the method of acquiring interest, is not acceptable in Islam. BTC are mined, i.e. people do work hard in it, and they pour money on it and get the work done. It does not defy the law in Islam so far, so it should not be haram.

[memecoin]

An interesting question is whether Bitcoin is money according to Islam.

Bitcoin is an electronic currency or virtual currency and is used for internet payment purposes. I do not think Bitcoin is considered Islamic money because Bitcoin will be the common currency worldwide. and anyone can use Bitcoin

[cryptocoinshunter007]

Theoretically, Islam does not accept any currency that is not backed by assets like gold, silver and other precious metals. However, Muslim Sharia is based on acceptance and normalization of norms of society over the years. But, don't think Bitcoin or cryptocurrencies will ever get accepted in Islam as there is no physical evidence of the currency.

[easybtcearn07]

No, Islam does not accept Bitcoin or and cryptocurrency that is not backed by a real time asset. There is no point in sugarcoating it. Islam is very strict about economic policies it has conveyed to people and to maintain those, there has to be physical prove of the currency we are using to trade or exchange.

[Catch-22]

I would guess then, that bitcoin would not thrive in the Midde East if it is not considered money. Or in Indonesia, the country with the largest Muslim population.

[Sadlife]

Bitcoin is a real money it can be liquidated, spend, use for online transactions, use as payment for goods and service it can be use as asset for investment or trading and most importantly it's fast, convenient and secure and decentralized you can freely use your own money without regulations or third party tracking. Free from exploitation and oppression. So yeah it's money but a better version of fiat.

[cryptohipo]

Well Bitcoin is not money in the general sense to start with, it's just the digital version of currency under a decentralized system. According to Islamic Shariah, any that is covered by gold , silver and other assets are considered as currency . Bitcoin doesn't apply to any of it, so yeah it's not money according to Islam.

[ballerin and giroud]

An interesting question is whether Bitcoin is money according to Islam.

According to Islam, dynamism with money is 'an item that has value' in any form because in syara law it is not a classification that money must be in this form or form. So, simply what is called money according to Islam is a valuable item and has been agreed upon by many people or agreed between the seller and the buyer. So my conclusion is, bitcoin is already included in money because it has value.

[caideogivay23]

In my opinion it will be classified as Islamic money because it is valuable and Islamic does not classify currency, only through a valuable currency for transactions between sellers and buyers.

[abhi777]

what is clear in Islam in ancient times when the transaction was only using gold and silver that had been printed. the goal is to make it easier to make transactions easier. because mas and silver have a high exchange rate according to the gold or silver contained in it ..then the era has developed and it is easy to use paper money again. because paper money also has a high value according to the value and type of the currency .then now there is bitcoin digital money. I think it's legitimate to see the explanation above. the important thing is to have an exchange rate and be recognized and can be used as a transaction tool from both the seller and the buyer.

if my comment is still wrong please comment below ?? ..

Bitcoin is the same as money because it is a medium of exchange accepted by the general public, value standards and saving tools. But other clerics rejected it in recognition of the general public because there are still many countries that reject it. "So that is still being considered.

[Dmitry.Vastov]

An interesting question is whether Bitcoin is money according to Islam.

For the entire world bitcoin is now considered as one of the greatest investment of the era and thus there are millions of people around the world who are investing into bitcoin, though there are few countries who has legalised crypto transactions in their nation like South Korea 🇰🇷, Japan 🇯🇵, Vietnam 🇻🇳 and many more and only in these countries bitcoin could be consider as a money as they only can use bitcoin as s mode of transaction for their day to day life.

[ashar.ashfaq26]

According to my experience and though, I conclude that rhis money is bot haram .
You should invesr in it it need ur effort nd it’s not a gambling
Its same as the stocks so it’s fine

[SaeedKhan996]

An interesting question is whether Bitcoin is money according to Islam.

There are many things to keep in Mind! Like first of All, In islam anything on which you don't work Hard is Haram. In BTC, we do Mining, its working, energy is used, so it's fine. Second, they say it dosen't have a physical body, So Visa cards, Easy loads balance also don't have a physical body and other than that We dont buy Altcoins and BTC, In reality we invest in the purpose of the coin, Like Linda coin will be soon for Medical researches etc, So we're being a part of that research by supporting it.

Also, some scholars call it Haraam and banned it, But Paper money was also haram and later allowed, Bitcoin will soon be allowed as well.
We need to be ready for it.

This is just my view, and it might be wrong , its possible, so do your own research as well.