Is Bitcoin halal?

[carlfebz2]

According to this link: https://decrypt.co/37286/is-bitcoin-halal

Bitcoin is Halal and snipped out some words on it:
According to Islamic Law, there are a number of criteria that individuals must adhere to, in order to ensure their investment or other income is considered halal. For one, income obtained through unethical or exploitative means such as bribery, extortion, and profiteering is considered haram.

Honestly, tagging religion on crypto is something off the vibe.

[1714866862]

1714866862

[1714866862]

1714866862

[1714866862]

1714866862

[Murtaza345]

First of all bitcoin owner approximately 80%+are not Muslim so no matter bitcoin is halal or haram second it's my opinion any business which have profit +loss equal that is not haram and yes bitcoin is a big business and second that you can ask from any good knowledgeable islamic scholar,that will tell you with detail that it is halal or haram.if any one say bitcoin is haram than all online business are haram included banks because banks also work on sute .And second thing you can say very big scholors are doing online business and its also online very famous business.

[KryptoKings]

According to this link: https://decrypt.co/37286/is-bitcoin-halal

Bitcoin is Halal and snipped out some words on it:
According to Islamic Law, there are a number of criteria that individuals must adhere to, in order to ensure their investment or other income is considered halal. For one, income obtained through unethical or exploitative means such as bribery, extortion, and profiteering is considered haram.

Honestly, tagging religion on crypto is something off the vibe.

It is entirely increase personal choice if he wants to do trading or business according to his religious beliefs.
There is nothing wrong with it.
As far as BTC and crypto is concerned, it is a matter of debate among Islamic scholars too and there is no final verdict on its halaliyat

[Gamerholic]

I think this is strictly a question about how the interpreters of the Quran and decision-making centers in the Muslim world will look at it. I am sure that the decision will be positive, since this does not violate any principles of Islamic finance. In Bitcoin, there is not even a trace of reference to the loan interest, which is prohibited in Islam. So everything else is just an excuse to find fault. I am sure that most of these countries are wise and think quite modernly and pragmatically.

[Cullly]

I don’t think so. Bitcoin is a cryptocurrency, not a religion. People who believe in religion may buy Bitcoin. Anyone can buy Bitcoin. It’s not that Bitcoin is only bought by a few people. Bitcoin is equal to everyone. of,

[Mr.sprin]

I think bitcoin is like gold the difference is that gold can be held in real form and bitcoin is a digital currency for those who invest in bitcoin and gold, their goal is the same, namely hoping for profit,

[KaliLinux]

In Shariah, there is no valid reason to accept Bitcoin or other Cryptocurrencies as a currency. It is just an imaginary number, which is generated through a complex mathematical process. It is purchased for Gambling or Speculations, and used in illegal or unlawful transactions”.

I don't suppose that your comment means that Bitcoin is probably Haram based on the argument you are putting forward but you do understand that, all the ills you mentioned about the possible use of Bitcoin are also true for Fiat money? except for being an imaginary entity. so do we say that Fiat money might also be haram? I think it is what you do with you Bitcoin that matters. 

[KryptoKings]

In Shariah, there is no valid reason to accept Bitcoin or other Cryptocurrencies as a currency. It is just an imaginary number, which is generated through a complex mathematical process. It is purchased for Gambling or Speculations, and used in illegal or unlawful transactions”.

I don't suppose that your comment means that Bitcoin is probably Haram based on the argument you are putting forward but you do understand that, all the ills you mentioned about the possible use of Bitcoin are also true for Fiat money? except for being an imaginary entity. so do we say that Fiat money might also be haram? I think it is what you do with you Bitcoin that matters. 

The only thing that puts BTC into 'cautious' category is No government has accepted it as legal tender. Once Governmens start to accept it as legal tender or even as asset, it will become clear cut halal.

[Chato1977]

does even investment or a Currency need to be Halal? with due respect to Muslim community but is this really needed to be?

i thought this only applies in food? sorry maybe i understand this wrongly .

[bitterguy28]

I think bitcoin is like gold the difference is that gold can be held in real form and bitcoin is a digital currency for those who invest in bitcoin and gold, their goal is the same, namely hoping for profit,

do you really understand the topic? or you are just shitting post here? this is about religious belief and if you know nothing then better not to say anything because you canhurt someone's feeling.

I don’t think so. Bitcoin is a cryptocurrency, not a religion. People who believe in religion may buy Bitcoin. Anyone can buy Bitcoin. It’s not that Bitcoin is only bought by a few people. Bitcoin is equal to everyone. of,

Here is another one. Read the whole topic and you will understand what's the conversation is all about.

[Obito]

This is an actually good debate, if the technology is up to the laws of Islam because Islam is by far the most strict there is in terms of religion. Although it is a good thing that they consider it as halal, it still poses the question whether technology should always meet the standard of Islam.

[YOSHIE]

Before discussing further about Bitcoin halal or not, religion has its own way to forbid and justify investment money to its people: Usury is one of the prohibitions written in the Bible, Muslims, Christianity, Judaism, Hinduism and Buddhism all religions prohibit usury.
Example:

Muslims are forbidden to take usury and involve themselves with usury. Its clear prohibition comes from several suras in the Qur'an and the Hadith of the Prophet Muhammad. Allah permits buying and selling and forbids usury, and every business activity must be based on sharia principles and prudence.

Leviticus 25:36-37

"You shall not take interest or usury from it, but you must fear your God, so that your brother may live among you. Do not give your money to him by asking for interest, nor do you give your food by asking for usury."

Jews were forbidden to practice taking flowers.

For that, let's review about Bitcoin whether Bitcoin is included in the Usury category or in the buy/sell category.

Usury: borrowing is signaled by excessive interest, as in the quote above, all religions are prohibited, not halal.

Bitcoin: Bitcoin is currently only traded as in general selling and buying 'investment' means you buy and hold for a certain period of time, if the price goes up you sell, if the price goes down you sell it means you lose.

Many Muslims do 'invest' in gold, buy when it's cheap and keep it and sell it when the price is high, why not say it's not forbidden, why is it halal, in the case of gold investment, many people do it, especially Muslims.

Conclusion: in Bitcoin elements that are happening today are: buying/selling, meaning: halal.

[nhaila]

This is an actually good debate, if the technology is up to the laws of Islam because Islam is by far the most strict there is in terms of religion. Although it is a good thing that they consider it as halal, it still poses the question whether technology should always meet the standard of Islam.

Every honest business in Islam permit as halal. Cryptocurrencies also a popular and honest business. So cryptocurrencies also halal for Muslim communities. But higher APY staking is Haram for Muslims communities.

[Amejoaquim]

I think is depend on personal perspective.

For me, everything in this world is almost gambling we just can manage the risk.

The example is i try to open the coffee shop in shoping mall there is no guarantee i will get my money back, so theres no diferrent with investing on something.

But if we just invested without know anything what we invested in, so i can say isn't halal.

[KeikoKitagawa18]

For me bitcoin is Halal, it depend how we use the investment. If we just investing without knowledge and just follow the hype then i can say it's gambling (not halal). But if we really know about the product, service and partnership i think it's Halal.

[Xinarae*]

Whether Bitcoin is halal will usually depend on where you are investing it may not be halal in islam. Things are not clear under islamic law especially when bitcoin is exchanged for one type of currency for another in the western world people approve of this type of business and in very rare cases give it a second though. But some religions beg for questions about the position of islam which is quite strict in exchange for money religion matters which is a question of whether bitcoin can conflict with one person’s beliefs.

[KaliLinux]

In Shariah, there is no valid reason to accept Bitcoin or other Cryptocurrencies as a currency. It is just an imaginary number, which is generated through a complex mathematical process. It is purchased for Gambling or Speculations, and used in illegal or unlawful transactions”.

I don't suppose that your comment means that Bitcoin is probably Haram based on the argument you are putting forward but you do understand that, all the ills you mentioned about the possible use of Bitcoin are also true for Fiat money? except for being an imaginary entity. so do we say that Fiat money might also be haram? I think it is what you do with you Bitcoin that matters. 

The only thing that puts BTC into 'cautious' category is No government has accepted it as legal tender. Once Governmens start to accept it as legal tender or even as asset, it will become clear cut halal.

But El Salvador has accepted it as Legal tender and many other Government are looking towards that. I think sometimes we overburden ourselves with some issues but if you look at it critically, anything that you get in the wrong way even if it is Halal can become Haram. Even the way we eat sometimes can be haram even if the food is Halal. So my stand is still that, the issue shouldn't be about Bitcoin but how you got it and how you are spending it which Islamically relates to Fiat money as well. 

[Obito]

~snip

Every honest business in Islam permit as halal. Cryptocurrencies also a popular and honest business. So cryptocurrencies also halal for Muslim communities. But higher APY staking is Haram for Muslims communities.

I think that with a public ledger, you could count it as basically honest and I never knew that Halal even permeates besides food. I have a question about it though, if it needs to be an honest business, will the anonymity be a problem because in a way being anonymous is being dishonest right?

[flyer88]

I think this is strictly a question about how the interpreters of the Quran and decision-making centers in the Muslim world will look at it. I am sure that the decision will be positive, since this does not violate any principles of Islamic finance. In Bitcoin, there is not even a trace of reference to the loan interest, which is prohibited in Islam. So everything else is just an excuse to find fault. I am sure that most of these countries are wise and think quite modernly and pragmatically.

Yes, that's right, I agree with your opinion. In bitcoin there is no interest in anything, just think of it like trading in the real world, buying at the lowest price and selling at a higher price and we profit from the difference. When compared to deposits, Islam clearly does not allow deposits which basically get results from interest on loans borrowed by other customers. it's true what you said, they are just looking for bitcoin errors only.

[Dhoe]

we are not religious leaders, so to say bitcoin is haram and halal I don't think this is our field, because if one fatwa is wrong, the consequences will be fatal, in my personal opinion bitcoin is the same as gold, people can store gold, and so on. can buy and sell gold, as well as bitcoin, as long as there is no fraud, no extortion, and no one is harmed in buying and selling, in my opinion bitcoin can be said to be halal, just like gold which is also halal..