Quote from: blue Snow on Today at 12:01:23 AM

Quote from: Joeyp on October 19, 2023, 10:43:59 PM

As we know in Egypt, Islamic advisory body make the decree, that crypto, also Bitcoin is haram ( prohibited by Islamic law).

Not all Muslim clerics (Ustad) say Bitcoin Haram. There are some clerics (Ustad) who say Bitcoin is not haram because the system is similar to another Instrumen like gold, Bitcoin has underlying such as mining, and a more powerful system like fiat where the government can't create Bitcoin like they print fiat. If I can say, Fiat is real Haram, because it doesn't have the underlying. there used to be gold as underlying sometime ago, but now fiat doesn't have underlying anymore.

Bitcoin is a digital system that many of the old school don't understand what it is, so I am not surprised that many arguments say Bitcoin haram because this is a new technology where they must thinking it with carefully, not in a hurry, and equalize with what the system work now.

In fact, bitcoin work the same as the gold system worked in ancient times.

We must remember that not all clerics consider Bitcoin Haram. Some push this narrative without understanding Bitcoin's inner workings. Bitcoin's mining system resembles gold's. Fiat, however, has lost its gold-based core. Ironic, right? Those who support money and deem Bitcoin haram support a system with less value.

Bitcoin's digital nature confuses many, especially traditional investors. The hasty labeling as Haram stems from ignorance and hostility to new technology. They overlook Bitcoin's resemblance to the gold standard. Especially on important issues, critical thinking is needed before judging.