May Bitcoin be considered money according to Islam?

[Cool1]

It can be concluded that the use of bitcoin as a currency in Islamic law is permissible. However, its use is not legal in Indonesia because Bank Indonesia policy in determining the currency recognized in Indonesia is only Rupiah.
In fiqh review, muamalah against Bitcoin transactions in the process using the Sharf agreement. Sharf is an activity of buying and selling currencies with currencies, both similar and non-similar, such as buying and selling gold with gold, silver with silver, or gold with silver.
Judging from the conditions of the type of transaction, the Bitcoin transaction is included in the type of spot transaction. Spot transactions or Spot Transactions are foreign exchange buying and selling transactions for delivery at the time, with a settlement time of around two days. The law is permissible, because it is considered cash while the time of two days is considered as a process of settlement of international transactions.

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[Edi86]

do not associate bitcoin with religious matters especially about the law in Islam. there are still many countries that have not legalized bitcoin let alone legalize in religious law. as long as it doesn't contradict each other I think bitcoin is going well without carrying things sensitive

[Sanjida]

I don't think that it does matter which religion you have.because I am Muslim and I am income many money in bitcoin currency.and I must say that all Muslims and religion bitcoin are gopher, people do work hard in and they offer money on it.

[cryptolandlords]

Bitcoin is a decentralized platform. Bitcoin do not need any particular religion approval to function as money. Let all the religion know their boundary when it comes to some certain area. Religion suppose to address spiritual part of peoples life not deciding what sound be consider as money.

[Al Muhaimin]

In general, Islam does not recognize any currency that is not covered by gold, silver, and other assets.
Based on the above definition, all current currencies are not considered as money according to Islamic Sharia.
Muslim scholars in the current era added an exception to the currencies not covered by gold provided that there is a hand issued and guaranteed value such as the Central Bank.
Therefore, most Muslim scholars do not recognize bitcoin but may change in the future.

yes this is true.

[tsinelas]

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

For me anything that can be used for trading is money,  the term money is defined as a medium for exchange so I think whether it is gold, asset, or a thing it can be considered as money. Even your an islam or not, cryptocurrency's purpose is a medium of exchange in the world wide web.

[Kotone]

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

For me anything that can be used for trading is money,  the term money is defined as a medium for exchange so I think whether it is gold, asset, or a thing it can be considered as money. Even your an islam or not, cryptocurrency's purpose is a medium of exchange in the world wide web.

yes of course. for me too.i considered bitcoin as a money. we know that the money is a thing that we used to buy what we want or need in our life. luxuries. it also buy services and products. so the bitcoin will do it. the only dofference in the real money in digital money is because it is only in the online that used. it can used only in online to biy things or etc

[Yusuf77]

a currency does not deal with religion, all can use it even though it is different in religion. surely bitcoin is considered money according to Islam but it's digital money. I am also an Islamic religion, bitcoin is my money because bitcoin is my income every day. haram or not depends on how we get it.

[zolfa]

yes, bitcoin is like any other transaction tool, but for temporarily, bitcoin has a problem in its legality, because it is a new innovation currency. so not everyone can accept this currency.

in English, bitcoin is used as a payment tool for zakat.

[131tc01n]

In general, Islam does not recognize any currency that is not covered by gold, silver, and other assets.
Based on the above definition, all current currencies are not considered as money according to Islamic Sharia.
Muslim scholars in the current era added an exception to the currencies not covered by gold provided that there is a hand issued and guaranteed value such as the Central Bank.
Therefore, most Muslim scholars do not recognize bitcoin but may change in the future.

yes Islamic law only knows gold, silver and other items. but most people abuse this crypto currency as an act that is not prescribed by Islam.
So in my opinion and some religious experts who have discussed bitcoin, bitcoin has a halal status but it has not been legally recognized

[maskeffec]

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

Of course bitcoin is not recognized by Islamic Shari'a as a currency because Bitcoin does not have a physical form, whereas in Islamic law, currency must have a physical form. I don't think that is what religion you have. because in the Shari'a of Islam credit for goods is also considered haram because it is usury. This is the side of business and finance has nothing to do with religion.

[Labay]

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

How do you say that?  Islam has divided into different country so it is hard to say because if you say Islam, it is the all person of the same religion.  I don't think where you get that information.  If there are a Muslim person who considered that crypto was his money then it is considered a money on him/her so it is depend on person either what religion he/she have.

[Malya_alkendy]

From the explanation of the assembly of Muslims in my country, Bitcoin is legitimate to use, and everyone can use it. this means the law of bitcoin is not Haram, and may be used for Muslims.

[stayeduptolate]

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

Bitcoin in present times is very huge and very potentiating crypto currency and thus is most successful and the most profitable and the most popular investment of the present times and thus attracting millions of people around the world to invest into it. Not only this, the potential and fate of bitcoin has also convinced many governments to legalise it in their nation and bitcoin is now used as a means of transactions and as a money in those countries who has legalised it in their nation and the Islam is one of them.

[Taronet-division]

bitcoin is a tool that has value and is used to trade, if in Islam many say this cannot be a currency because it does not meet the requirements. I think, it's legitimate if bitcoin becomes a currency in Islam. because I think this is progress in transacting, of course, with the progress of the times, there needs to be a growing study as well

[shoreno]

bitcoin is a cryptocurrency , currency which means a money . what i dont understand is why there  are still religion , region , country , people , etc that is doubting about it ?  the real truth is that bitcoin did aleady existed for about 8 to 9 years ( since 2008 )  , why they are still blinded by the truth ? if they dont like bitcoin or any cryptocrrency then dont  . we dont want them .  many people are stil believing on the future of money . soon bitcoin will wipe out all other currencies and i guess that is the time that they will all regret for not believing in bitcoin .

[supermine]

Bitcoin is the digital currency and it also holds the value,it can e used by the people for their buying purpose so it also can be considered as currency by islam until they make the bitcoins in the legit way according to Shariat law,but most of the people recognized bitcoin as ponzi so they need to understand what is bitcoin before they blame it.

[estupido]

I don't really understand, it's just that if it doesn't violate the norms of religious norms I think it can be said of money.

[invincible49]

This whole thing needs a lot of research and study. Many Mufti and scholars may come out of astonishingly ridiculous statement on this matter because they may try to follow their own sectarian rules. I believe we have not heard any proper fatwa, comment by any top Islamic Scholar regarding Bitcoin that we can all agree upon.

[invincible49]

In general, Islam does not recognize any currency that is not covered by gold, silver, and other assets.
Based on the above definition, all current currencies are not considered as money according to Islamic Sharia.
Muslim scholars in the current era added an exception to the currencies not covered by gold provided that there is a hand issued and guaranteed value such as the Central Bank.
Therefore, most Muslim scholars do not recognize bitcoin but may change in the future.

Yes, you are spot on. This shows that while the Muslims say they will not accept any decision made by world's governing bodies, International monetary system which contradicts Islamic Sharia Law but they accepted the current fiat money system which is not backed by any commodity in the 80's in most of the Muslim countries. But the following hadith says,

“Gold is to be paid for by gold, silver by silver, wheat by wheat, barley by barley, dates by dates, and salt by salt, like for like and equal for equal, payment being made hand to hand. If these classes differ, then sell as you wish if payment is made hand to hand. “
[Sahih Muslim, Book 10, Hadith 3853]

Those so called Islamic countries and their grand Islamic Scholars have also accepted Debt-based, Usury generating Central Bank backed paper money simply because the global acceptance of such paper money. What gives those paper money the value they have? They say it is the confident of people's acceptance! But is it any way allowed according to Islamic Sharia laws? No. Islam says it only allows commodity of values which price can be mesured by the scarcity, supply, demand. Now the question is, whether Bitcoin can be regarded as a digital commodity? Many people say no it is not. But in my view it is a commodity which needs to be mined and scarce too! Thousands of people are the owner of it and this means that Bitcoin is not regulated by any governing body and we see bitcoin as a medium of exchange. People are still trying to catch up with the blockchain technology and the means of cryptocurrency is yet to gain people's confidence. But here we are on this forum, every single one of us has confident in bitcoin. Bitcoin seems to me a digital currency that absolutely supports the condition of Islamic law for currency. This view is totally mine but I am looking forward to Islamic scholars view on this who will give their verdicts from a neutral Islamic and technological view which will not serve their own country's Central Bank and Government's purpose.