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Faruk

Is Bitcoin Halal Under The Laws of Islam?

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6 hours ago, alabegh said:

be aware that if Bitcoin is really money so it would be like money but if there is some different between money and bitcoin (except for printing) so it's something else. here is some sources about bitcoin in Islam.  https://www.coingecko.com/buzz/bitcoin-islam-islamic-banking-finance

http://www.islamandbitcoin.com/.

Are there already opinions given by Shia Ayatollah's?

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59 minutes ago, Faruk said:

Are there already opinions given by Shia Ayatollah's?

I didn't find anything from Shia's scholars but as i said the main point in Shia's scholars is being totally money and not anything else. 

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Salam Brothers and sister !

 I have few questions i need your opinion on these matters..

1.

my 1st question is about Bitcoin Cloud Mining ..is it halal or Haram?

if we invest money in cloud mining (to buy hash power) which is non refundable and then  they gave  us profit (in the form of bitcoins) on daily weekly ..montly  basis e t c . is this Money halal ? i have a little doubt that this concept is similar to riba .. so plz help me

2..

let me first explain 2nd question ..

there is a website which offer free bitcoin Cloud mining all you have to do is make a free account on this website and start recieving free bitcoins(money)(without investment ) so can i take this money ? is it halal or Haram?

sorry if i posted in wrong forum...

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Salam,

Bitcoin is a decentralized currency that has been created with its core concept being cryptography - this allows people to hold something (bitcoin) that is very secure and not hackable or alterable - but at the same time transparent for everyone to see.
The way it is decentralised is that no one person can own it - unless they own over 50%, which is highly unlikely.

The way bitcoin is made is via the network itself, this requires you to help secure the system and make it more secure and you get bitcoins rewarded - the way bitcoin is priced is this: to create bitcoins you need to go through a process called mining, this requires 1) IT infrastructure, in this case (expensive) Graphics cards, wires, computers, fans - this is all very expensive to buy and run; hence the price of bitcoins is determined by how much of these resources mostly electricity used to produce one bitcoin. 

What also gives its price is its demand - just like every other currency in the world.

Just imagine the value of gold which is man made - it has no intrinsic value unless people want to compare gold, the concept of Gold is really man made. but lets say we wanted to mine Gold - you'd need to book a flight, buy the machinery, hotels, etc - if you were to do that, you'd be better off buying Gold than mining for it. its the same way bitcoin has its price.

If you need any more advice please let me know 

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2 hours ago, Laayla said:

Bismehe Ta3ala,

Assalam Alikum 

If we get involved with this, how does one pay khums with this currency?

M3 Salamah, FE AMIN Allah 

You pay the khums based on how much they’re currently worth. One bitcoin costs approx. $6000 usd.

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