CryptoCurrency in Islam

[strivingobserver98]

:sl:

Nevertheless, returns on Bitcoin investment would be lawful and Shariah compliant according to this understanding.

http://darulfiqh.com/bitcoin-shariah-compliant/

[Misbah-Abd]

Nevertheless, returns on Bitcoin investment would be lawful and Shariah compliant according to this understanding. However, the global Islamic finance bodies and expert Shariah scholars are in the best position to offer the most accurate advic

I have my doubts about this type of currency. It is just like fiat paper currency that faces market fluctuations and not a good currency for the preservation of wealth. Only gold and other precious metals fulfills that role. And there never has been any other currency besides precious metals that didn't collapse in human history.

[Zzz_]

it is not permissible to trade with it.

http://dusunnah.com/video/the-ruling...an-ar-ruahyli/

[beleiver]

Thank you for starting this thread i was on the cusp of doing so my self..

I will look later at the links to what the scholarly opinion is later, and the one opinion i heard so far from a Scholar i actually admire is that it comes from the anti christ (daajal?) which i am not so sure though admit possible..What i dont think they are aware is its not just a form of money but a public Leger that can record transaction and is now developed so that ledger can record contracts , form a system of trust , consensus and automatically divide shares among participants among many other things i can hardly get my little head round..
Now when i read the koran and especially the verse prohibiting usury which then goes on to state how to please God by recording contracts..Crypto to me seems very compatible with Koranic values and is a god send in this world of fiat usury we live as it is not debt based and does not incur usury.

I have been a crypto user for a long while my first btc was only 10euro allamdulala and i gained most by selling my own wares when it was around that price, the day my daughter was born i received a paper address in the form of a check from the Islamic bank of bitcoin :statisfie This was years ago the website was never properly developed and is now off line but the thread still lives in the bitcoin talk forum..

Crypto is money so will attract criminals, the greedy , selfish speculators, the scum of the earth like all forms of money will, but the basic concept has so so many good uses if only good people were to use and develop it for the good causes..Crypto gives humanity a new choice other than the fraud that is the modern financial system.

But i must admit i have been trading it which though profitable is probably one of my biggest sins, i dont need a Scholar to tell me this..I think without daily prayers i would of lost my mind:phew

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[Zzz_]

I don't think it is a sin. It is just not permissible because it doesn't have any government backing and security. It would become permissible should that change. As for the anti-dajjal system, not everything is anti-dajjal or this or that, sometimes its just a simple reason of things.

[Scimitar]

I don't think it is a sin. It is just not permissible...

if it's not permissible - then it's a sin!

[Reminder]

Fiat money (paper bills & coins) is a bigger sin than cryptocurrency. :)

[Scimitar]

[Abz2000]

Trollstation

Bitcoin glued to the ground





At least he got some real metal lol