Bitcoin Halal Or Haram in the Eyes of Islam

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This conversation comes up every now and then about ‪#‎bitcoin‬. People tend to get into the argument if ‪#‎btc‬ is halal or haram. My thoughts on it are simple. 
1. We are no Alim
2. Dont go to the local molvee for fatwa
3. Please understand bitcoin. It is a software in essence a digital asset. Each country views bitcoin differently for example USA says they are "sort of digital assets", Singapore registers bitcoin exchanges under "Virtual currency", Germany says "Its private money". So unless the experts in Islam make a decision on what it is we cant really judge. 
4. Trading is not haram. 
5. Contrary to popular believe that making money on money is haram, it is advised to think before you go with this. As you trade your pkr to riyal when you go for hajj or umrah so that will be deemed haram.
6. Fiat money is based on principle of interest. All fiat is based on the fact how much loan a country has. In this case that is more haram then other options we have.
7. Bitcoin is based on principle of supply and demand this is why concept of Gold as currency in islam plays well with bitcoin.



About the author

Urdubit

Pakistans first fully automated bitcoin trading platform. Buy and Sell your bitcoins for cash. We started operations on 13 Oct 2014.

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