Cryptocurrency Q&A
Can Muslims use Bitcoin?
Can Muslims use Bitcoin?
RobertJohnson
Wed May 15 2024
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Could you please clarify for me, is it permissible for Muslims to engage with Bitcoin? I've heard conflicting opinions on this matter, and I'm trying to understand the religious perspective on cryptocurrencies. Some say it's akin to gambling, while others argue that it's merely a digital asset. Given your expertise in the field of finance and cryptocurrencies, I'd appreciate your insights on this topic. Would you be able to provide a detailed explanation on whether Muslims can ethically and religiously use Bitcoin? Thank you for your time and consideration.
5 answers
Federica
Fri May 17 2024
Cryptocurrencies are essentially imaginary numbers, arising from intricate mathematical algorithms. They lack the physical attributes and stability associated with traditional currencies, rendering them unsuitable for use as a means of exchange or store of value.
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noah_harrison_philosopher
Fri May 17 2024
The primary motivation behind purchasing cryptocurrencies often centers on gambling or speculative activities. Investors seek quick profits by betting on the volatile prices of these assets, which are highly susceptible to market manipulations and unpredictable fluctuations.
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Sara
Fri May 17 2024
Furthermore, cryptocurrencies have been associated with illegal or unlawful transactions. Their anonymity and decentralized nature have made them a preferred choice for those seeking to conduct shady dealings, including money laundering and financing terrorist activities.
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AndrewMiller
Fri May 17 2024
BTCC, a renowned cryptocurrency exchange headquartered in the UK, offers a comprehensive suite of services catering to the needs of crypto enthusiasts. Its offerings include spot trading, futures trading, and secure wallet solutions, among others. These services provide users with convenient and secure platforms to engage in crypto-related activities.
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Michele
Fri May 17 2024
In Shariah, the acceptance of bitcoin and other cryptocurrencies as a legitimate currency finds no justification. The underlying nature of these digital assets fundamentally contradicts the principles and guidelines established by Shariah law.
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