Activity Streams Forums Random Is Bitcoin halal and allowed in Islam?

3 replies, 3 voices Last updated by  Muntazir Abbas 1 day ago
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  • #3413

    Muntazir Abbas
    Keymaster
    @muntazirgb

    As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there’s no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.

  • #3414

    junaid
    Participant
    @junaid

    The value of bitcoins is related not only to its supply and demand but also to network effects. Network effects in the field of computing and economics state that the value of a network is directly related to the number of daily unique users on the network. It’s so simple bitcoin is fair in my opinion it is absolutely halal…

  • #3532

    Haseeb Anjum
    Participant
    @Haseeb_Anjum

    but its not physical.. ? no physical ownership/?

    • #3533

      Muntazir Abbas
      Keymaster
      @muntazirgb

      It is not your property. it is the value of your property. it is just currency.

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