Is bitcoin haram in Islam? Detailed discussion

Is bitcoin haram in Islam? Before we know the answer, we need to understand what is bitcoin. How it originated? What is Bitcoin Management System?

I am analyzing all this in detail today. So if you read the whole article carefully, I hope you will get the answers to all the questions in your mind.

Staying in the blog

What is bitcoin

Bitcoin is an electric currency, abbreviated as BTC. Many small units or satoshi matches are a complete bit of coins. One bitcoin is equal to 1000 ml bitcoin or one crore satoshi.

Bitcoins are called the king of the cryptocurrency world. Crypto means secret, and currency means currency system. So cryptocurrency stands for underground currency system.

Since it cannot touch conventional coins in the cryptocurrency world, only accounts can be monitored and traded on an electric device, so this type of currency is called cryptocurrency.

And since bitcoin is a cryptocurrency-based coin, naturally, it is an online-based currency system.

Like paper money, I cannot touch it. You cannot deposit it in any bank vault or cash box.

At present, as of July 11, 2021, 1 bitcoin equals about 33,540.90. dollars

History of Bitcoin

From the beginning of the twenty-first century, people have been in a state of mechanical life. All the essential organs of life became dependent on electric appliances.

When the means of communication, the means of communication, everything from the control of the outcome of the war is going on electronically, then why should the standards of the transaction be the currency system or the paper notes in the palm or the money bag?

The passage of time indicated that the currency system was going to change drastically in this century.
Paper money is going to be electric.

Using that speed and call, a virtual coin called bitcoin was born in 2006.

It was invented by a person or group called Satoshi Nakamoto. But it is unknown at this time what he will do after leaving the post.

At first, its market price was 1309 bitcoin 1 dollar. Then this coin very quickly gained worldwide acceptance. At the same time, its value continues to increase.

Who is handling bitcoins?

Individuals or associations inventing bitcoins have been ensuring their privacy since the beginning. So far, no one was able to send in the perfect solution, which is not strange.

However, I can say that a very strong team in technology has been managing this coin.

So there is no country or bank controlling bitcoin. It is run globally by a powerful secret society.

Operation and storage system

Bitcoins have been primarily managed and stored through blockchain technology. But what is blockchain?

Blockchain – a kind of power. Which makes bitcoins dynamic. Bitcoin facilitates transfer and records all transaction information.

is bitcoin haram

To put it more simply, suppose Arafat sent five thousand rupees to his father Qasim in the village through a conventional bank.

Now we can analyze this transaction and say that Arafat is the first party. His father, Qasim, is the second party. And the banking system is a third party.

We now see that a financial transaction was completed due to the activities of these three parties.

And all that is needed to facilitate financial transactions between these two people is given by the bank. With this system, we are known as the banking system.

Understanding the banking system will make it easier for you to understand the blockchain. You can appreciate blockchain with the banking systems. However, the blockchain system and the banking system are not the same at all.

The gentleman above will send money to 10 friends, and again these few can connect and transact money through anyone.

Let’s clarify the matter a little more. Suppose Arafat sends money to ten of his friends. Again these few can connect and transact money through anyone.

Now notice the step of the interconnection of ten people. Since they are connected, they have an idea about each other’s accounts. It’s the real fun of blockchain.

This is because every account linked to each transaction takes automatic updates. This is the advantage of blockchain.

Each blockchain can create high-quality security through hashing. As a result, it is unlikely to be hacked.

How to earn bitcoin?

There are many ways to earn bitcoin. It is possible to make bitcoin in any of these ways. Below are a few ways to earn bitcoin.

Bitcoin income in mining method

The mining method is the professional method of earning bitcoin. In this method, the original bitcoin is created.

So it would be more appropriate to say bitcoin making rather than earning bitcoin.

Bitcoin mining is how bitcoins are created by solving complex mathematical puzzles by computers with high graphics capabilities.

Earn bitcoin by investing money

Another way to earn bitcoin is to invest money. Bitcoins are bought and sold in different marketplaces. It is possible to earn more bitcoins by buying bitcoins from there.

However, if you do not know about bitcoin earning and related to it, investing in bitcoin will not gain anything except your loss.

Bitcoin income from the website – is bitcoin haram

There are thousands of websites in the cryptocurrency world where virtual coins can be earned in exchange for small works.

On some sites, small units or satoshi of bitcoin are given directly. One crore satoshi is a bitcoin.

Then can convert those coins into bitcoins.

Bitcoin income from Android apps

Currently, bitcoin income is also earned through mobile apps. I can do it. They give satoshi in exchange for minor work or playing games.

It has become quite popular since it is possible only with time and labor without investment. But with the rise in the price of bitcoin, income is being paid very little.

This income is very little compared to hard work and time. Yet since bitcoin. Whose future is going to be very high, so many people are running after it?

There are also many other ways to earn bitcoins. Bitcoin earnings platform is not legal. There are many instances of fraud in the name of bitcoin.

The advantages and disadvantages of Bitcoin

In the online world, the use of Bitcoin in money transaction systems is on the rise. The general public is increasing the use of electronic currency by reducing the circulation of dollars due to having various benefits.

The demand for bitcoin is skyrocketing in almost every sector of the stock market. But even though this coin has advantages, there are many disadvantages.

The advantage of bitcoins

  1. can use it for any purpose anywhere in the world. That is, there is no need to use a single currency in each country. Instead, all bitcoins can be used.
  2. No hassle of exchanging bitcoins. That is, the third does not need to be exchanged by another medium. This can save the exchange cost.
  3. Almost all the world’s leading companies have started accepting bitcoins. So can make any transaction with Bitcoin without MasterCard.

The disadvantage of bitcoin

  1. Since any government does not control this coin, it does not have documents if a crime is committed by it. Its introduction is expected to add new dimensions to crime.
  2. If you send bitcoins to the wrong account, there is no way to recover them. Many losses have to be calculated as the refund policy is not good.
  3. It is alleged that the ambassador provided the information to Hussein.

Is bitcoin haram in islam?

Islam considers gold and silver coins as the main currency as opposed to commodities. Therefore, in Islam, the currency system means gold and silver coins.

From the beginning of Islam to the time of all the caliphs and sultans, the circulation of gold and silver coins was universal.

Until the advent of the paper currency system, gold or silver coins were the currency of all Muslims. It has not existed since the introduction of paper money.

The reason behind the acceptance of paper currency is that the paper currency in the customer’s hands is only the original gold or silver currency.

This means that gold or silver is deposited in the National Bank against the paper currency in the customer’s hands. As proof, the customer is only carrying these notes on paper.

That is why it is written in the paper note that ‘the demand will be obliged to give only to its bearer.

At the same time, all the work that could do with the original currency has been done by the National Bank with the jurisdiction of Karar.

Paper coins became an effective way to protect one’s money from thieves and robbers. So everyone accepted it.

For why bitcoin is haram?

  1. If we look at the bitcoin side, we will see no gold deposit in any bank.

It only facilitates specific numbers displayed on an electric device and the transactions made by it.

  1. The value of all paper coins in the world has always been the same. But Bitcoin is the opposite. Its weight tends to go up and down every second.

May harm the customer for this. And Islam does not support any approach that is open to harm.

  1. no bank accepts bitcoin collateral. So there is no one to subsidize the unexpected loss of this coin.
  2. It is still unknown who invented bitcoin. If you don’t know who is the contractor of human wealth, then the possibility of being deceived becomes very strong.

And Islam forbids us to be deceived and deceived.

  1. It is unknown at this time what he will do after leaving the post. So it is easy to organize crime.

There are many more reasons why Bitcoin is forbidden, including all the points discussed above.

Moreover, many countries in the world have banned one. From here, things get trickier in Bitcoin.

is bitcoin haram – Opinions of Islamic scholars

Several Darul Ifta world celebrities have banned Bitcoin. Notable among them are Egypt, Saudi Arabia, and Darul Uloom Deoband.

Moreover, Shaykh Yusuf al-Kardawi is expressing concern about cryptocurrencies and bitcoins, including Shaykh Saleh al-Fawn.

All in all, we see that the basis of the monetary system in Islam is to be or replace gold or silver.

But bitcoin cannot be a direct coin of heaven and silver, nor can it be replaced. So it cannot be legal or halal.

In the same way, the Islamic currency system is desirable for all people to have equal fame and use.

But Bic Coin has not yet been introduced to all people in all countries of the world.

On the other hand, everyone can’t transact because many people in many countries do not have the education to use electric devices and bitcoin transactions.

So this coin could not be used and accepted equally by everyone. That is why this coin is forbidden.

In general, there are many reasons why bitcoin is forbidden. Bitcoin is prohibited for all reasons and aspects.

is bitcoin haram and last words

From the discussion of bitcoin, we have come to know that this coin is haram. But we need to understand that it is not haram.

Such as wine or pork. Instead, this coin is essentially halal. But it has been forbidden for relevant reasons.

If at any time the World Bank accepts the coin. They announced that they would subsidize it if it were damaged by it.

At the same time, the other inconsistencies are removed, but it will no longer be haram.

Imam Malik (may Allah have mercy on him) said that whatever people collectively accept as their currency will be considered their currency.

I want it to be leather. Zakat will be obligatory on him, and hajj will be oblatory. All Islamic provisions will be adequate.

This means that if people accept the bitcoin or cryptocurrency system as their currency and its complexity is removed, the set will be halal.

At the same time, zakat and hajj will be oblHajjory on it, and it will have to be collected properly.

Because although, in Islam, the coin of heaven or silver is considered the original coin, the initial coin is kept in someone’s hand and is legal to transact by his document.

As money is not the primary currency, but it is the document of the original currency. By which everything in the transaction is halal.

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