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Author Topic: May Bitcoin be considered money according to Islam?  (Read 1809 times)
nghihuynh2018
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August 02, 2018, 02:35:30 PM
 #21

Bitcoin was the sole currency marketplace for drugs and other illicit goods and services that was shuttered by the FBI in 2013.sp Bitcoin is also as money.

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petloer
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August 02, 2018, 06:17:37 PM
 #22

So far I am concerned bitcoin is more halal in Islam due to the way it is being originated and the reason for being halal is it is not based on debt rather it is based on proof of work.
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August 02, 2018, 06:25:05 PM
 #23

Yes it is true that all currencies are not considered as money until it is covered by silver, gold or any other kind of assets. So the scholars in Islam do not actually recognize bitcoin as money
zahwaaja123
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August 02, 2018, 07:31:12 PM
 #24

according to the opinion of the religious scholars in my country, bitcoin is the same as money because as a means of payment or means of exchange received by the general public, some also refuse because it can not be accepted in the public or other countries.
so in my opinion, bitcoin is like a currency that can be accepted by any religion. because to get bitcion it needs hard work.
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August 02, 2018, 08:25:21 PM
 #25

according to the opinion of the religious scholars in my country, bitcoin is the same as money because as a means of payment or means of exchange received by the general public, some also refuse because it can not be accepted in the public or other countries.
so in my opinion, bitcoin is like a currency that can be accepted by any religion. because to get bitcion it needs hard work.
That is right, we may consider bitcoin already as a currency since you can always do transact just like currency or fiat can do, the thing is that it is just not known or legal yet so in public or in the eyes of the law it is not a currency.

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joellogan
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August 02, 2018, 09:20:45 PM
 #26

Islam has its own rules like others. It is one of the fastest growning religion. According to Islamic canoniacal known as Sharia in which bitcoin sometimes considered as halal according to situation.
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August 02, 2018, 09:30:58 PM
 #27

Islam supports intrinsic commodities which can be used as currency. That can be paper or can be money but that have to be backed by the commodity which is intrinsic.
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August 02, 2018, 09:33:10 PM
 #28

As far I know,some mufti’s counselor think it is haram, because thaty think it is used to fund the terrorists directly. They think btc could allow for piracy, tax evasion, fraud and corruption.
markluis
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August 02, 2018, 09:41:16 PM
 #29

Islam is a religion of peace. It has many rules. So it has rules in case of its currency too. In islam it requires to any debt currency can’t be linked. Some people think btc as money. So the halal or haram of  btc currency is actually variable accrding to the situation of its use.
markluis
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August 02, 2018, 09:42:27 PM
 #30

In islam btc considered as halal. Normally traditional bank apply the principle of fractional reserve which has strictly prohibited but transaction of btc are not like that
Ucy
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August 04, 2018, 01:37:17 AM
 #31

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

Some Islamic scholars do not recognize bitcoin as a currency because one of the conditions that must be met as a currency is that it has a physical form while bitcoin does not meet these requirements. However, basically, bitcoin is created not as a currency but as a digital product that has value. Why is bitcoin now widely regarded as currency? The answer is because bitcoin starts switching functions and is used as goods for trading or investment.

Quote
that must be met as a currency is that it has a physical form

Other virtual currencies(including national currencies) shouldn't be acceptable if that is the case.
Someone above said the religion permits the use of Gold (which does increase in value too), so why not Bitcoin?


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Megaaa
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August 04, 2018, 01:53:03 AM
 #32

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.

You are right that Islam doesn't mention any currency spesificaly for transaction usage or assets.
arthotdog
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August 04, 2018, 01:58:28 AM
 #33

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

Where did you get this story?or is this a legend?lol

Have to put some proofs or links here mate so we may have reference from this thread,

But about the muslim stands regarding bitcoin ,(if this is truth)then this is a good news because we know how large the muslim communitu here in crypto and in the world,they represented big volume of users
Sonik33
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August 04, 2018, 02:20:50 AM
 #34

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
elwiswoodie
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August 04, 2018, 02:30:38 AM
Merited by whiteblue (6)
 #35

I think BTC is not money, if it is in the view of Muslims, because the condition of being money is inappropriate
according to Muslims, money must have the same value as its nominal value, therefore gold or silver-based money becomes a legal and official medium of exchange for Muslims,

digital money has a nominal value, but its value is not equivalent to its nominal value, it is the same as the nominal and not the same banknotes

nominal = number indicated on money
value = price of manufacture material

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itglobe
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August 04, 2018, 02:40:35 AM
 #36

Do you think that ISLAM has mentioned currencies in the holy book? I just heard about SILVER, GOLD. This needs huge research while saying anything related to this matter. It's all about you that if your mind says like this then don't consider BTC as money.  Wink
biskitop
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August 04, 2018, 02:41:36 AM
 #37

in my country, in a statement, it turned out that bitcoin was rejected as a currency. because bitcoin always has to go up and down and is considered to cause usury.

juljon18
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August 04, 2018, 02:42:27 AM
 #38

Very interesting on how this technology may pave the way for a common world OR it may create a huge rift right where one is not needed.  Hopefully in the end the blockchain is used to bring us together.  
mornabo
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August 04, 2018, 02:45:42 AM
 #39

Till now I think bitcoin is more halal in Islam as it is not based on debt rather it is based on the work of projects.
bitcoin has the same price changes as fiat in general, although the changes are faster, so it can mean that bitcoin is also lawfu/halal
but for the standard of money in Islam is goods that do not have fluctuations and inflation, money in Islam itself is dinar

ntodntodan69
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August 04, 2018, 04:20:43 AM
 #40

The definition of money from the book Buhuts fi al-Iqtishad al-Islami "Money: everything that becomes the medium of exchange and is generally accepted, whatever the form and in any condition." if it is seen from the book, it is permissible, that is in my opinion!
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