I’m wrestling with the idea if Bitcoin is actually waajib instead of just halaal. My reasoning being if fiat currency is riba which is very haram, and you are using it out of necessity, If you have the option to opt out with bitcoin, isn’t it then waajib?
Bitcoin becomes not waajib not on its own, but because staying away from Riba is.
Replies (4)
This is basically the conclusion I've arrived at as well 🙂
I truly believe that saving in fiat is clearly Haram but it wasn't discussed enough before for two reasons:
A- It naively considered un-patriotic to trash the national currency
B- there wasn't a such highly divisible option like bitcoin
Eirher way I've reached a consensus with my relatives that it's haram to save in fiat
As long as bitcoin and gold are obtainable
Exactly, also paper currency was once a derivative for gold and most scholars are unaware that it is no longer the case, so there is a disconnect between the understanding the current monetary system and islamic financial education.
The thing is Most people will focus on gold if you say fiat is haram. They correctly recognize that gold can’t be used for transactions in today’s world so they will conclude that fiat is a necessity which is interesting because bitcoin exists. Understanding bitcoin becomes obligatory, if it means staying away from riba. if you live in a country where you can actually live on a bitcoin standard (have some gold if you want) then the issue becomes bigger than it being just being halal.
