Is bitcoin halal reddit

At this time, buying bitcoin is more gambling than it is investing. And that issue is an additional one to consider besides whether the crypto-currency itself is halal.
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Log in or sign up in seconds. Submit a new link. Submit a new text post. Get an ad-free experience with special benefits, and directly support Reddit. IslamicFinance join leave 2, readers 15 users here now. The same is true for shuyukh as well. Of course not all of them will be experts on everything, but there should never be a situation where a Muslim can not find a sheikh to petition for a ruling, because they don't understand technology well enough.

For a scholar to tunnel vision into study of the deen alone is not helpful for the ummah, s he should have sufficient knowledge of modern customs, technology, etc to be able to give sharai rulings on them. I am sure you can find scholars who are not computer illiterate. I know a lot of scholars who could address this issue, I'm thinking of those who form shariah boards for islamic finance activities. I thought you had "the liberty to analyze and criticize it with no preconditions"?

Isn't your comment preconditioned? How can you mock scholars and consider they are ALL archaic bigots? Show some respect and have a little bit of humility and maybe your doubts on religion, with the permission of Allah, will dissipate. In our own country, how do we get paid? If it is some currency, then what about Bitcoin?

If I had Bitcoins, could I buy food with it? What if more stores start to accept Bitcoin? To me, there is no reason to be afraid of Bitcoin, just let it work its way through the marketplace. Another big problem with currency in the US is that the dollar has been setup as the world's reserve currency, as the currency that the world uses to trade with, especially petroleum.

For example if Germany wants to buy petroleum, they cannot use Deutche Marks. They have to buy US dollars and then buy oil with it. The same is for every country in the world. The big trouble for the USA is that the world has been losing confidence in the US dollar and has been switching to other currencies, especially the Chinese yuan.

BITCOIN: Halal or Haram?

There may be a time when the USA will have to buy oil with Euros or yuan, it will get expensive. TL:DR Bitcoin is as good as it is accepted in the marketplace. The US dollar is on its way out globally. It really isn't your decision to make here, unless you choose to make no taxable income. As income taxes have to be paid in the currency of the country collecting the taxes, you will at some point have to obtain fiat currency to pay those taxes.


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While I don't practice Islam or any religion really I do certainly practice Bitcoin and I'm one of those huge nerds who "get it" on a very deep level. I also have an extensive contact list that includes some of the core developers. I'm happy to explain Bitcoin's inner workings on any level to anyone for any reason at pretty much any time.


  • bitcoin is mined.
  • To Muslim Cryptocurrency Enthusiasts. : islam.
  • bitcoin is declared halal and holy for Islamic Community : Bitcoin.
  • btc miner.set.

    • If anyone has any questions please ask and I'll do my best to either answer or find you a resource who can. PM for contact info. I may not be familiar with the specific tenets you need Bitcoin to hold to but if someone could enumerate them I can definitely tell you if Bitcoin qualifies - if not I can also tell you if it could be modified to qualify without breaking the system it is open source software after all.

    Bitcoin may not be the future but cryptocurrencies certainly are. They definately are compatible with Islam, in fact they comply more with Islam than paper money and non Muslim government issued currencies. Ps; check out DogeCoin. I am a bot. Send them to my inbox! Please be careful. Bitcoin is not an investment. It is much closer to gambling.

    Is crypto trading halal? expert explains : CryptoCurrency

    It may turn out to be a Ponzi scheme because it depends on new "investors" to keep the price high while the old investors cash out. Bitcoin has utility though. For the first time, we have a method of sending value instantaneously to anywhere in the world without a middleman. It is fine to be skeptical, but try to realize the potential of this new technology. The old investors are the ones who wanted an alternative to fiat, so they aren't readily going to cash out their bitcoins into a system they don't like.

    Don't confuse the utility of Bitcoin which I totally acknowledge to mean that a single Bitcoin has an intrinsic value. The high valuation of Bitcoin is wacky and unnecessary. That's why I call it a Ponzi scheme. Not true. Bitcoin is now under a 10 billion dollar market and the remittance industry is a billion dollar industry.

    Since supply of bitcoin isn't going to change, that means the price will have to move an insane amount. What you're envisioning carries a whole lot of assumptions. There would need to be no competitors to Bitcoin, Bitcoin transactions would have to remain ridiculously cheap, they would have to become much, much more user-friendly, and the transactions would need to insured, etc.

    I don't think all these things will fall so perfectly in place that Bitcoin will become the sole player in a billion dollar industry. You are very right about the possibility of a competitor to bitcoin becoming the main cryptocurrency, but this is just fine with me since it would still be an alternative to fiat money.

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    IF usage increases, then I'm very confident that transactions will be ridiculously cheap - if not, another cryptocurrency that does have a smaller transaction fee will replace bitcoin. New bitcoin business would have an incentive to make bitcoin more user friendly and will insure holdings to some degree. Ah, but because bitcoins are scarce and there is a demand for these scarce units , that means that people will buy units up as an investment in the expectation that people will also demand the units for their utility as a payment mechanism. That's why the valuation is high. It comes from the relationship between utility as a payment mechanism and scarcity.

    What's missing from your idea above is the scarcity aspect. Bitcoins may be scarce. But cryptocurrencies are not scarce. They can be created infinitely. It's like saying that copies of Windows 7 are scarce. Are you really going to bet money on that?

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    What if someone makes new ones? Every crypto-currency is a different good. You can't just make a copy of Bitcoin and expect that Bitcoin 2 coins will be valued at the same price; it's a different network. How so? Bitcoin 2 might provide the same or better utility than Bitcoin 1, but that does not mean that it is part of Bitcoin 1.

    They would be different protocols with different networks maintaining them, and so it would not mean that Bitcoin 2 is making Bitcoin 1 less scarce, ceteris paribus. If mining nodes wielding a majority of Bitcoin's hashing power decided to update the protocol to introduce additional coins beyond the hard cap, they could.

    However, this would not be in their interest as it would devalue their collected coins. It would be in their interest only if some advantage of increasing the cap outweighed the cost of devaluing their coins perhaps too many coins are lost and the lowest decimal place is no longer enough, such that the value of their held coins is threatened by a collapse or obsolescence of Bitcoin entirely. The only utility of bitcoin is that it can instantly and cheaply transfer funds.

    This is unrelated to its valuation. Bitcoin 2, as you put, will serve this utility just as effectively. So will Bitcoin 3, 4, and 5. The current demand for bitcoin is mainly due to people playing the "greater fool" theory of investment. Eventually, that game won't work anymore. I do not agree that is its only utility. Also, Bitcoin 2 will not serve the utility just as effectively, because it would lack the network effects of Bitcoin 1. Being that it is redundant, it will likely never achieve a comparable scale of use or market cap.

    It took me some analysis to get there Bitcoin is a pretty new concept but I think my conclusion is accurate.