Muslim Bitcoiner's avatar
Muslim Bitcoiner Mbitcoiner@Bitcoinmajlis.nostr1.com 2 months ago
Insane to think that this post was made on reddit on r/Islam 11 years ago: "if our goal is just to avoid all the usury associated with fiat money when it is created, there might be a solution. I have recently been looking into bitcoin - a global digital decentralized p2p currency... it does have the advantage of not being associated with usury/riba when bitcoins are created. Bitcoin is a currency that is not based on riba like fiat currencies."
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Replies (9)

Rycarl Jorhane's avatar
Rycarl Jorhane 2 months ago
1) CREATION OF BITCOIN = halal because it's not created out of nothing like paper money/fiat/country's national currency but rather uses energy ( electricity/human...example...mining machine and node operators that is ran by actual people ) to solve a 10 minutes encrypted mathematical puzzle. In other words...there's actual work and effort that needs to be applied to the creation of bitcoin. 2) CREATION OF PAPER MONEY/FIAT/COUNTRY'S NATIONAL CURRENCY = haram because it uses the method of printing or creating new supply of money out of thin air and then putting it into circulation to cater new demand from the public in terms of loans applied by users mainly from financial institutions that gives birth to usury/riba which is haram in Islam. 3) NONETHELESS...trading of bitcoin in the online trading platform is somewhat HARAM because there's an element of mistreatment/unjust/opression that gives the upperhand to one party whilst misery to the other in terms of bitcoin's value. Why? Because trading activity in such marketplace mostly are neither genuine nor authentic.It's manipulated by market makers.Same thing with the trading of metal=gold and silver/stock/etf/future/bond/option etc and other high risk category type of investment where the value of each investment product is determined by whoever has the power to moved the market. If one really insist of buying or selling bitcoin online...P2P (individual with another individual) is the way to go with cautious in mind of course and don't try to play the ' the guessing-game ' in terms of its value movement ( margin/leverage/future ) for that actually falls under the category of gambling. Just stick to ' spot ' because our intention was never about gambling/harming/ opressing other people.We just wanna buy it...keep it + holding it and sell it for profit when the right time comes.
Danish's avatar
Danish 2 months ago
Unbelievable to think how many great thinkers are out there who are able to discover some great details like him, before trad scholars. Its all because there exist gap between scholars and layman.
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