QM Forum

The Quran => General Discussions => Topic started by: Student on December 10, 2017, 10:32:52 AM

Title: Is Bitcoin Halal?
Post by: Student on December 10, 2017, 10:32:52 AM

Salaamun Alaykum,

Are cryptocurrencies (bitcoin and its sisters) trade permissible in the light of the Quran?

Thanks,
Student.

Title: Re: Is Bitcoin Halal?
Post by: miracle114 on December 10, 2017, 04:53:31 PM

Salaam
Short term trading feels like betting and probably is haraam (Allah knows best).  A long term sincere investment in halal businesses/items etc in my opinion is halal. The sincerity of the trade/investment is what counts.
Any investment  that has a questionable underlying asset should be avoided.
If you gain from investing in technology that is used to do good and blockchain does have that potential then Alhamdhulillah. If you making a quick punt on the crypto frenzy that's not far different from a roulette table Tbh.

Jzk and regards 

Title: Re: Is Bitcoin Halal?
Post by: Shahmatt on December 18, 2017, 12:20:40 AM

I would advise do not invest in Bitcoin. My reasons are as follows:

1. It is not backed by anything real - in history all currencies backed by nothing have become worthless

2. Though the supply of Bitcoin is limited, the supply of crypto currencies in general is unlimited. Therefore the limited supply reason is false.

Apologies if I have strayed off topic.