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crytocurrency Halal?

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#1 [Permalink] Posted on 4th July 2017 07:43
does anyone know whether buying and selling crypto currencies is halal?
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#2 [Permalink] Posted on 4th July 2017 09:24
Please post questions such as the ones posed in this topic to the Ulamaa. Or click here for a vast library on islamqa.org. Alternatively, you can get support locating available answers online in the Q&A Support section of this form here
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#3 [Permalink] Posted on 4th July 2017 09:24
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#4 [Permalink] Posted on 4th July 2017 13:27
Thread unlocked for update.

This has been brought to my attention
ebrahimcollege.org.uk/how-does-sharia-view-crypto-currenc...

Isn't this the same Hanafi scholar who certified HFA's mechanical slaughter as halal?

Personally, I cannot comment on this topic, as far as I'm concerned, I will take the safer approach and accept the ruling on bitcoin and mechanical slaughter from sources that InshaAllah will not create a doubt in my heart.

I have only.posted the link so not be biased (completely:))
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#5 [Permalink] Posted on 4th July 2017 23:48
I have been doing some research on crypto currency. And the fatwa given above which says crypto currency not allowed is talking abt one coin. But what I want to know is that there are many many crypto currencies such as bitcoin, litecoin. These are similar to one coin but not the same.
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#6 [Permalink] Posted on 5th July 2017 10:40
Here is a halal thing used as currency, who in their right mind would use it now?

en.wikipedia.org/wiki/History_of_chocolate



Crypto currency or virtual money, people using different names for these things trying to find a loophole to make things halal :(

Why not just stick to what is known and stay away from danger?

All I can see from these currencies is that it is like a gamble and probably riba.
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#7 [Permalink] Posted on 5th July 2017 11:04
MuftiARM on pyramid schemes and crypto currencies.
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#9 [Permalink] Posted on 5th July 2017 15:50
Asaaghir wrote:
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the monetary system we use now is intrinsically linked to ribah. without ribah it wouldn't exist.
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#10 [Permalink] Posted on 5th July 2017 16:02
I do agree with you brother, but it is a necessity of the dunya and without it, we can't survive.

In comparison to crypto currencies, it will still be considered the lesser sin and not a necessity.
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#11 [Permalink] Posted on 5th July 2017 16:28
the only major difference i can see between bitcoin and our current monetary system is that one of them is controlled by banks who then issue currency, and the other is completely independent and not controlled by any entity and is completely digital.

fiat currency = generated through accounting methods involving ribah.
issues digital and hard currency.
controlled by centralised banks

bitcoin = generated through a digital algorithm.
issues only digital currencies
independent and decentralised

what other differences are there?
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#12 [Permalink] Posted on 5th July 2017 16:38
Digital!
Algorithm!

Hackable?
(Not possible to catch the thief or hacker)

Real money used to be based on the amount of gold held by the banks, so it was real value.
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#13 [Permalink] Posted on 5th July 2017 16:51
As far as I see it I don't see any riba involved in buying and selling bitcoins crypto currency. Its very similar to forex exchange market
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