Bitcoins & CryptoCurrency in Islam !!!
Assalamualaikum, everybody.
First of all, excuse me for my poor English in what I'm about to say.
Ever since CryptoCurrency came to life, it's considered to be a global phenomenon. Someday banks won't be a necessity as they are right now. Even if CryptoCurrency in it's current form is not enough right now for such a transformation. But at least it's a step forward to the future.
Surely CryptoCurrency changed the way I look at currency now. I can call it a game changer and I know I'm not an expert but I'm trying to learn about it whenever I can.
Anyway, this is not what I want to talk about since I have so much yet to learn.
Today, I wanna talk about something that probably all Arabs and mainly Muslims including me already know.
As Muslims, we always have to find what suits our faith and what we believe in and live according to our Quran and Sunna.
At this time, there are 2 teams talking about CryptoCurrency and to make it short to everyone else it's as simple as that:
1st team says it's not allowed and they even said it's forbidden but they never actually gave any proofs or clear examples out of Quran, Sunna or the history of Islam but they only seem to say that because it's not clear for all of them yet which I find it old way of thinking.
2nd team says it's totally harmless and nothing in Islam says it's forbidden.
It's just like many governments all around the glob consider it to be illegal and it's totally understandable as there are many questions yet to be answered.
But, we aren't here today to talk about who is right and who is wrong. We are only here to explain to Muslims and non Muslims all about these allegations.
And who is better than Sheikh Mohamed Saleh Almunajjid to do so ?!!!
Who is Sheikh Mohamed Saleh Almunajjid ?
In a few lines we will introduce Sheikh Almunajjid to you.
He is a Syrian who was raised and grown up in KSA. Before reaching 30, he was Emam and a sermonizer teaching people about Islam.
He wrote many books and articles and gained the trust and respect of many Muslims all around the world.
You can find all of his works on his personal website ( It's in Arabic ).
In 1996, he launched his own Islamic website to talk about everything in our daily life ( Religion, Science, Parenting and many more things ) and to answer Muslims and non Muslims questions on how Islam determines our lifestyle ( It's translated into 16 different languages ).
Bitcoins and CryptoCurrency in Islam :
This video is what we want to talk about and we can say is the most logical explanation regarding this issue in hand. It's simple, short and says it all. Even if you only know the simplest principles about CryptoCurrency, I bet it will still make sense to you.
It's in Arabic but I'll try to translate to you the key points.
* He is talking about introduction of bitcoin to be exact.
* Then he talks about Satoshi Nakamoto, the person or people who designed bitcoin and devised the first blockchain database.
* DANGERS & NEGATIVE POINTS :
- Bitcoins are digital money so can easily be affected by :
= Computer hacking.
= If bitcoin network and stores are closed or someday we wake up and find out that bitcoins don't exist anymore, who is to blame ? and to whom do we complain ? especially if bitcoin is illegal in your country.
- It's still considered illegal in many countries.
- Since it's uncontrollable, it can be easily used in suspicious actions like money laundry, arms deals, funding terrorists and so.
* We need to discuss all these points with technical experts and economists before making any judgments.
* Questions and inquiries need to be answered :
- Since bitcoin has limited and finite supply of just 21,000,000,000 bitcoins and on 15-08-2017 they announced that 16,508,888 were already mined. So what's the future of bitcoins after all 21 million bitcoins are mined ?
- Are all other CryptoCurrency going the same way ? Are they different ? What makes each one special than others ?
- With all what's going on with technology and advanced quantum computing, what guarantees do we have over the safety of our wallets ? nowadays and in the future ?
- If I die, will my money be passed to my family and children if they have official papers and certificates of my death but don't have my bitcoin password ? or my money will be lost forever ?