Is Bitcoin Haram or Halal In The Light Of Islam?

Bitcoin Haram or Halal In The Light Of Islam
Photo Credit: PEXELS

Bitcoin is one of the most trending topics these days, that everyone wants to talk about it. But many Muslims have been confused about the fact that Bitcoin is even Halal or cryptocurrency is halal in trading or not? Then we decided to answer your question.

Is Bitcoin Halal?

Without wasting your time, I will just answer it that “YES, IT IS HALAL”.

Before writing this article I have read numerous publications and fatwas to bring a solid answer to you.  Cryptocurrency mining and bitcoin trading are on its top because it is giving much better payback than any other investment.

The reason it is halal that it is linked to “Trading”, Our beloved Prophet Muhammad PBUH had also done trading during his lifetime. Trading is 100% Halal as it is done by Muhammad PBUH. Things which we hear about it is that it will multiply your money as well as you can just simply put your money in and it will be one of the most secure investment ever done.

Another reason this is not Haram and is completely Halal that there is no link to bitcoin with Interest, in Islam, the Interest rate has been prohibited. It is Interest rate that is strictly prohibited in Islam but not Trading. But trading where the interest rate is involved is Haram. But in this case, bitcoin is not linked to anything such as interest rate so it is fine and Muslims can invest in Bitcoins as well.

People often ask if Bitcoin does not include interest rates then how is it multiplying with such great intensity. The answer to this question is that the production of it is very rare and earning a single bitcoin takes a lot of hard work as well as you can get it after a huge investment, which can be one of the best forms of trading.

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