Sep 18, · Halal Cryptocurrency Guide. Cryptocurrency, Bitcoin, Ethereum and Ripple are now established investment products. But as these assets are so new, Muslims have a whole series of questions around them both from an Islamic perspective but also a commercial natur-holzbausteine.de: Mohsin Patel. Apr 08, · As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. cryptocurrency investing halal or (forbidden) in by is haram. This is and how to do if bitcoin use is though there is always -No investment in it or will I — “ According To Islam? Cryptocurrencies case of bitcoin, one Trading Halal Or Haram in Bitcoin - What. A clear Summary to the product.
Investing in bitcoin is halal or haramHalal Cryptocurrency Guide - IslamicFinanceGuru
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Get exclusive tips, resources and courses delivered straight to your inbox from IFG. Far from haram I would say that bitcoin is the currency best suited according to the laws of Islam which required the currency to have intrinsic value not just a signed piece of paper whose value can be lost due to various circumstances.
The best thing about bitcoin is that it is not controlled by central banks and the bitcoin you possess is the actual "coin" which was virtually mined. So it does have an intrinsic value which is nothing but proportional to the difficulty to mine it.
This is similar to how difficult it is to mine real gold. Also, real currency which Islam allows is deflationary in nature that i. Whereas in the paper currency its inflationary as more notes a printed to keep up with the demand thus reducing the value per note. The total number of Bitcoins also are limited to a few million hence its value will always rise. Thus I would even go on to say that using bitcoin is more halal then using currency notes supplied by the reserve banks.
The value of a currency is not fixed. The value may go up or may go down for many reasons in the view of other currencies. If you buy a currency with another one and the value of the currency that you bought raise it means that you gained profit. Some persons may not like that people use the currencies that governments cannot see and trace it. Bitcoin can be in ownership of a person and that person can decide what to do with that.
Trading in some cases is not halal. When trade something that is not halal like buying goods that you know they are stolen. When the result of trading damages the Islamic society and you may know about it Ayatollah Shirazi and his verdict against tobacco. When the trading is result to riba gain that is not halal. For example if someone gives another person amount of money and sell a goods like a chocolate for it's interest of the money that he gave the other one and the one who got the money in the debt of the first one for the money and the chocolate that he bought it is riba.
As gaining profit in forex is halal if you gain profit from the raising value of bitcoin that you have you gain a halal profit. If you are shia you must remember you should pay your Khums as the bitcoin is in your ownership and you must calculate the value of those amount of bitcoin that you have.
Bitcoin does have intrinsic value as it is based on proof of work value , therefore I see it as halal except of course if charging interest. In fact, as I understand it, the blockchain is technology that records proof of work. Bit coin is the virtual currency so how is it halal? I also opened an account for bit coin but i need to pay dolor to buy bit coin and it will only show me number of bit coin in my account rather i get it in physical form.
So such trading is not as per Islam. Sign up to join this community. The best answers are voted up and rise to the top. Asked 6 years, 6 months ago.
Active 2 years, 9 months ago. Viewed 44k times. The fees may be composed of: Fees for exchange which are imposed by the currency. Fees for the website to keep the trading platform running. Sakib Arifin 3, 2 2 gold badges 13 13 silver badges 49 49 bronze badges.