There is a lot of controversy among muslims regarding Bitcoin being halal or haram in Islam (and so for many other cryptocurrencies). In this post, we’ll try to discuss and uncover this topic as much as we can.
Cryptocurrency vs Bitcoin
Ya I know it’s quite obvious. But most people are too naive and don’t know the difference.
Before jumping to conclusions that is bitcoin haram or halal, we first need to understand the difference between cryptocurrency and bitcoins.
Cryptocurrency is an umbrealla concept which includes many currencies like bitcoin, etherum, ripple, etc.
So if you find any specific crypto currency or coin to be haram or halal, doesn’t mean that all other currencies are haram or halal too.
So cryptocurrency itself is just a currency which is based on a blockchain.
Understanding blockchain will help you understand if it’s halal or haram to use it.
Cryptocurrency vs Trading
Some people who believe trading to be haram consider cryptocurrency to be haram too. Which is inappropriate. Currency is different from it being traded. So we shouldn’t confuse the both.
What’s your opinion and logic about bitcoin being haram or halal? Please let us know via comments.
Cryptocurrency is not backed by any physical value or comodity
Many people give a logic that bitcoin and other crypto currencies are not backed by any physical value like gold, oil or anything else.
Well this is absolutely wrong statement. People who say that have no idea about blockchain or cryptocurrency at all.
Cryptocurrencies are backed by chosen comodities mostly.
E.g. Venezuela launched a government level cryptocurrency backed by oil, calling it petro.
Bitcoin e.g. is backed by service based ledger and various other concepts.
This is a debatable topic.
A page to discuss further on this topic can be found in link below: