Assalaamu Aleikum. Welcome to part 4 in our Is Bitcoin Halal Series. Have you wondered whether investing in Bitcoin is halal or haram? Are you looking at certain websites wondering whether or not these websites are legitimate or worth investing in? Well, if these are your questions, then you’ve come to the right place.
But let’s answer the most important question you are asking. Is investing in Bitcoin halal or haram?
The simple answer is, yes. It is halal to invest in bitcoin. However, there are some rules to keep in mind. If you are buying bitcoin to use as a currency or to hold as a currency in order to protect your wealth, then this is permissible. But day trading and margin trading is considered haram.
Keep in mind that this answer is based on scholars whose opinion is that bitcoin is not haram.
Please watch the video below or read the video transcript below to delve deeper into this topic as we review the following websites and cryptocurrency, StartMiner, BTCProMiner, BitMiner, OneGram, Binance, Poloniex, ShapeShift and Bitconnect.
As-salamu alaykum! And thank you for joining me for today’s blogpost here on the Islam and Bitcoin website, the Islam and Bitcoin project. Today is going to be blogpost number four in our four-part series. I know it has been a while but we are finally here, we have arrived, part four.
And part four, today, we’re going to talk about investing. Is investing in bitcoin halal or haram? So, that’s what we’re going to cover today.
Now, as I always say when I make these blogposts, we always want to– I always want to make it clear that this is not meant to be a fatwa (non-binding legal opinion on Islamic law). I’m not giving a fatwa. This isn’t meant to be a fatwa series.
I’m not a sheikh. I’m not a big time alim (person of knowledge. I’m not some big-time scholar. I’m simply a student of knowledge, sharing with you what I have learned with the hopes of benefiting myself first and foremost and all of us Alhamdulillah.
And also, even though I share with you this information, there may be others– you may find that there are other opinions out there from other scholars. So, again, these scholars who I take my knowledge from, they may have one line of thinking, one way of thinking in regards to Bitcoin, and other scholars may have another.
And differences amongst the ulama, the fuqaha, is totally acceptable and totally fine. So, we’re going to roll with that. So, let’s hop right into it today talking about investing in bitcoin.
Bitcoin is Speculation
All right. So, let’s talk about investing in bitcoin. Now, some people would say, “Oh, don’t invest in bitcoin. It’s nothing but speculation and speculation is haram.” Well, the truth of the matter is, is bitcoin highly speculative? The answer is yes.
But can we say that speculation in and of itself is haram? The answer is no, we cannot, at least according to my teacher who I’ve studied with. And he has said that speculation is actually a normal part of investing, meaning that there is some percentage of the unknown when someone invests.
So, for example, if you were to own a restaurant, a taxi service, you cannot say with 100% certainty that you will always have clientele that will use your taxi service, that will eat at your restaurant to guarantee that you make a profit. You don’t know. It’s unknown.
It’s the same as if you were to purchase a number of homes and you wanted to use them as apartment rentals. You cannot say with certainty that you will always have tenants that you will have inside your apartment so you will always make a profit.
Again, that is unknown. There is some form of speculation, right? So, speculation, in and of itself is not haram.
Now, what my teacher said is disliked is when someone does not take the time to do the proper research to what it is they are investing in. So, we see there’s a lot of people will hop into bitcoin, they just see the price going up and up and up and they think, “I got to get in there and make some quick money before it gets to $10,000 per bitcoin.” And they do no research whatsoever in regards to bitcoin, in regards to what they’re investing in.
This is disliked. So, my teacher is like, you know, when you invest in something, you should do your research and then tie your camel, meaning you do your part and then put your tawakkul, tawakkul meaning trust in Allah.
Questions to Ask Before Investing in Bitcoin
So, some questions that you may want to ask, you know, I wrote some down here. You want to ask yourself, when you’re looking to invest in bitcoin, who is working on the project? Who is the core development team of that project?
We know that Bitcoin has already gone through a fork and split. So, now there are two different bitcoin cryptocurrencies out there and obviously there is a number of other alt currencies as well.
So, you want to ask yourself, who is the core development team and what is the vision or the path they are taking this cryptocurrency on? What’s the path it’s going down? Is this something that you’re in agreement with?
Do you think that this is something that is sustainable? It’s going to work? Questions you want to ask yourself.
Another question you want to ask yourself is what are the pros and cons of holding on to this digital currency? What are the pros and cons of Bitcoin? What do you think they are?
Do some research, Go out there and Google- What are the pros and cons of holding on to bitcoin? What is the future? What do we think that the future of Bitcoin may be? Again, questions that you want to ask yourself before you invest.
Some other questions that you want to look into are– is or I should say rather, what are the laws of the land as it relates to Bitcoin where I live? Is it legal? Is it illegal? These are things that you should ask yourself.
Another question you should ask yourself is, am I putting myself in harm, in harm’s way financially by investing in bitcoin? You have some people out there who will take their family savings and invest it in bitcoin. Is that a smart thing to do? Only you and– you and your family can come up with an answer to that.
But you want to be mindful of that. There are some people who, “I’m going all in. I’m taking my life savings, my family’s savings, and I’m putting it into bitcoin.” That might not be the wisest thing to do. Might not be the wisest thing to do.
You may also want to ask yourself, am I investing in something that is a scam? And what I mean by that is there are certain websites that some of my brothers and sisters out there that you’re investing in, these websites that are related to Bitcoin and you’re asking me questions, “brother, is this website halal or haram?” Right?
So, you want to make sure that you are doing research to make sure that you’re not investing in something that is a scam and that leads us to the next, the segment of this blogpost, this video.
I want to go ahead and take a look at some websites that some of you are sending me to talk about whether or not these websites are legitimate or not to put your money in.
But just as a quick summarization, to summarize really quickly, speculation in and of itself, it’s not haram. It’s a normal part of investing. And when it comes to investing, from what my teacher says, you– what is disliked is when you invest with no knowledge. So, you want to ask yourself questions. You ask yourself questions. You do the proper research.
And again, once you’ve done that, you tie your camel, that is your research part, and then you put your tawakkul, tawakkul meaning trust. You put your tawakkul in Allah and you let things play out as they may. So, that’s what it is.
Study Islamic Finance
Now, like I said, let’s take a look at some websites and I’m going to talk about some of these websites. I can’t, I can’t cover every single website that’s out there. I highly recommend all of you to do some basic studies in Islamic Finance.
If you understand the principles of Islamic Finance, the basics of what is halal or haram, and on top of that, if you understand riba al-buyu (usury in trade) then you should put yourself, you will then position yourself in a very good way to be able to understand what it is that you are getting into when it relates to what it is you’re investing in even as it relates to Bitcoin.
Too many times I have brother and sisters out there asked me, “Brother, is this halal or haram? I just want a yes or no answer. Is that halal or haram? I don’t care to learn all that stuff. I mean that’s what you’re there for. You do all the learning and stuff and I’ll just come to you and I’ll ask you what’s halal or haram.” I think this is not a good way to approach this.
The reason being is because if you position yourself, if you put yourself in a position where you always have to go to someone to give you an answer, then you run the risk of putting yourself in a position where somebody out there with evil intentions can mislead you and that’s not good.
So, I encourage you to study. Not only that but I simply don’t have the time to go through every single website and answer every single question about every single website about what’s halal and haram. I simply don’t.
So, I encourage you to do your homework, to take some studies in Islamic Finance, insha’Allah you’re going to find great benefit in it. So, enough of that. Let’s take a look at some websites. And let’s just see, what is my take on the legitimacy of these websites. Let’s do that right now.
StartMiner, BTCProMiner and BitMiner
Ok. So, let’s take a look at some of the websites that some of you have been asking me to take a look at. So, we’re going to start off with three websites. We’re going to take a look at StartMiner, BTCProMiner and BitMiner.
So, these three websites, from what I can see, it looks like they are the same company. And the reason I say that is because, take a look at here at the tagline here. Here it says, “Welcome to leading bitcoin mining pool!” You see that for BitMiner, BTCProMiner, same thing, “Welcome to a leading bitcoin mining pool!” Same thing with StartMiner, “Welcome to leading bitcoin mining pool!” Even the same bad grammar, it really should read, “Welcome to THE leading bitcoin mining pool!”
So, a mining pool off the bat tells me that it should be where if you have your own mining rig, you should be able to join a mining pool and share the responsibilities of mining bitcoin with other miners and therefore you share in the profits.
But when I looked through the website of StartMiner, I don’t see anything here. Even if I go to the Frequently Asked Questions page, nothing here says anything about owning your own mining rig and you’ll be able to mine in their mining pool.
If I go to BTCProMiner, and click on the Frequently Asked Questions page, same thing, nothing here talks about you being able to use your own mining rig at home to do the same thing. I go to the Frequently Asked Questions, same thing with BitMiner, nothing at all indicating that you can have your own mining rig at home and use that to share in the responsibilities of mining.
So, this to me tells me that this is really– let me go back to the home page with StartMiner. This is really cloud mining. And we already know what I think about cloud mining. I don’t think it’s a good idea to do that. Down here, you can see that they have contracts that you can buy, the website looks a little messed up. They have to fix the graphics here, it’s overlapping.
Let me go over to BTCProMiner site. Let me go back to their homepage. And you will see if you scroll down, you see here that they have contracts, right? Contracts. I’m going to go over to BitMiner and you’re going to see the same thing. So, here’s BitMiner. Let’s go back to their homepage. And you’ll see here that they have contracts that you can purchase to essentially cloud mine.
And when you do that you see here where it tells you your daily payout if you purchase one of these contracts. This one the Version 1.1 you’ll get 0.0012BTC per day. Version 1.2 goes to 0.015, Version 1.3, 0.15, Version 1.4 you get 1 BTC, 1 bitcoin per day. I don’t know how they do it and that’s a lot. But that’s the daily payout.
Now, what– let’s see, if I go on to BTCProMiner, your contract, so the same thing. This one is going to give you Version 1.5, here you see that. It’s going to give you 2 BTC per day. Version 1.4, 1.3 and 1.2 decreasing amounts in the BTC payout, your bitcoin payout. Nonetheless, this is really getting into cloud mining and purchasing a contract for cloud mining.
Now, what I don’t like about this is the following. Let me scroll back down here. And this is BTCProMiner. What I don’t like is how they say you will get 2 BTC or 2 bitcoin per day, half of bitcoin, 0.5, 0.15, 0.015 and so forth. I do not think that you can guarantee. I don’t know how you’re able to guarantee that someone is going to get a guaranteed profit per day, a guaranteed payout of that amount.
Let me go to BitMiner. BitMiner, again, same thing. See here, they’re guaranteeing you a daily payout. I don’t see how that is possible because once you invest, it’s an unknown. You don’t know the difficulty on the Bitcoin network, whether that drops, it goes higher, it goes lower. So, how you’re able to guarantee a fixed amount of payout is unknown to me.
If I go over to StartMiner, you see here even though their visuals are messed up on the page, overlapping images. You can still see here where it talks about the daily payout. And that right there to me shows, again that as– it shows me that I need to be– to take precaution when it comes to this website because I don’t know how they are able to guarantee you a fixed amount per day when the– the Bitcoin network is unknown. It’s just unknown. So, you’re talking about an unknown factor.
Now, many people will say, “Hey, look but if I start off with the 1.0 Version, then you see here, it’s free. I don’t pay anything. And my daily payout, they’re going to give me 0.0002 bitcoin per day.”
If I go over to the BTCProMiner, look same thing, their Version 1.0, free to sign up and they give you 0.0006 bitcoin per day. Let’s take a look at BitMiner. BitMiner, same thing, Version 1.0, free, don’t pay for it. And you get the 0.0006 bitcoin per day.
Now, some people may say, “Well, I think it’s really good so I’m just going to sign up and I’ll just get the free bitcoin and I won’t sign up for any of these contacts. I won’t sign up for these. I’ll just stick to the free.” The problem is, is that they use this here to bait you in.
If they get you getting a little bit of bitcoin per day, you’re going to get a little bit greedy and want more. Not even greedy. The word about– it’s not even about greed. It’s just that you’re going to want more. It has nothing to do with greed. You’re going to want more.
So, when you look at BTCProMiner, again, they’re using this to tantalize you. They’re using the free payouts to get you to pony up and purchase a contract because that’s what they want to do. They want to get your money. So, I personally would stay away from this. I wouldn’t even signup for the free version.
StartMiner. Again, same thing, they’re using the free to get you to hopefully hop on board, get used to getting a little bit of bitcoin, getting your appetite wet, getting a little taste of it then they’re going to sucker you in and you’re going to eventually fall for buying some of these contracts here.
And if that’s not enough incentive for you, they even thrown out an Affiliate Program. So, let’s check out the Affiliate Program on StartMiner. So, they’re Affiliate Program is 20%. 20%. It says here that if you invite your friends, you get 20% each time they upgrade StartMiner.
Let’s go to BTCProMiner and see what they say with their Affiliate Program. This one same thing, its Affiliate program is at 10%, 10% payout. Invite your friends and get 10% each time they upgrade their BTCProMiner account.
Let’s look at BitMiner. So, BitMiner, let’s scroll up here. Let’s go to their Affiliate Program and see what that payout is. Here you go again, another 20% payout, right? 20%. Invite your friends, get 20% each time they upgrade their bitcoin miner [correction: BitMiner not bitcoin miner].
So, let’s go back to the homepage again, so that means if you talk to a friend and say, “Hey, don’t just use this free version, go ahead and sign up for one of these contracts.” And when they do, BitMiner says they’re going to give you, I think they said it 20%? Yeah, they said a 20% kickback.
Now, here’s the problem I have with this. Let’s just say you paid $100 for your contract. You pay $100 and BitMiner says they’re going to give you 20% kickback for that.
All that they are really doing is taking that $100, taking $20 out of that $100 and giving it to you. So, they’re giving you your friend’s money that means that they don’t lose anything. They don’t come out of pocket for anything.
They simply took your friend’s money, took 20% of your friend’s money and gave it to you, and gave it to you. They don’t lose anything. To me, this seems like a Ponzi scheme. This seems like a Ponzi scheme. This affiliate program 10% again, your friend puts in a $100, they give you 10% back.
Really, they’re giving you $10 of your friend’s money back. They don’t lose for anything. They don’t come out of pocket for anything.
So, StartMiner is the same thing with their Affiliate Program. So, when it comes to StartMiner and BTCProMiner and BitMiner, I would stay away. I would say it’s no good. It’s a cloud mining service. I already made a post on cloud mining and why I do not think cloud mining is a good idea.
I would stay away from this. It smells like a scam to me, like a Ponzi scheme. You– there is no way to prove that they’re actually doing any cloud mining.
And on top of that, if I click back over to the main page like I said before, I don’t see how you are able to guarantee a fixed rate in payouts per day when the market is supposedly unknown. Don’t know how you’re doing that. So, stay away from it.
One Gram Cryptocurrency
Now, let’s take a look at another website. This website is a company called OneGram. Now, this one has gotten a lot of attention. OneGram. in case you don’t know, let me hop over here. So, OneGram, here’s a YouTube video on it. I’m actually going to put this in the show notes so– oops, let me do this here. All right. So, OneGram – A digital token backed by physical gold.
So, this was created by Muslims, by Muslims. It’s supposed to be Sharia compliant. It’s supposed to be mindful of– for the Muslim investor. If we scroll down the page here, we can see here is their team.
I would love to see if I can get one of them on the Islam and Bitcoin Podcast just to learn a little bit more about OneGram. Here are their advisors that they work with, right? So, we see they have an advisory team and the core team and the advisory team. So, you know hamdullah, looks– hamdullah, looks good.
So, OneGram, like I said, it’s where you get to the digital currency is backed by gold. Let me– let’s take a look at their Whitepaper.
Here’s the Whitepaper, you can go on here and take a look at their Whitepaper. Now, I’m going to scroll down the page because there’s something I want to show you here. Now, here is a section called Money According to the Sharia.
Now, some of you may recall that the first blogpost that I made in the Is Bitcoin Halal Series, talked about currency, talked about money and how the Sharia, how the Fuqaha or the scholars, how they defined money.
And one of the things I always say in my posts is that you will find that scholars, you will find differences of opinion amongst the scholars. So, if you look here, it looks like they are taking their understanding of currency from Sheikh Imran Hosein.
I love this brother. Sheikh Imran Hosein who is from Trinidad and Tobago, who currently lives in Malaysia. He’s from my home country. My family is from Trinidad and Tobago, big ups to T and T! Trinibago! So, he’s from there, big sheikh.
And here is something that he points out that I think is very fascinating. He says that out of these six principles, these six key properties here. He explains that the six key properties of what money is in Islam. He says that in point number four, money has intrinsic value.
Now, I have– the teacher who I’ve studied with and other scholars out there, other people in Islamic Finance have a different opinion. And they say that money does not have to have intrinsic value. So, I’m not saying that Imran Hosein is wrong. I’m not saying he’s wrong. I’m just saying there are differences of opinion and just to be aware of that.
Nonetheless, here is their Whitepaper, you should check it out. You should read it. Good information on there. One thing that you should keep in mind and– actually let me go back to the main page and scroll down. Something to keep in mind is that this is not a coin that you can mine.
So, you cannot mine this coin. I’m going to scroll down and, ok here. All right. So, here, it tells you the phases it went through, March 1st, May 27, September 4th then January 15, the coming of January of next year. Here is the schedule of what they are releasing, what they are doing with OneGram.
If we look at May 27th of this year 2017, it says that OneGram initial coin offering. It means that all of these coins were pre-mined. They were pre-mined. You cannot mine the coins. So, if you want them you have to go directly and purchase the coins and those coins, it seems like each coins is backed by 1 ounce of gold, 1 ounce of gold.
So, hamdullah, it sounds good. The only thing that I would question is how is one able to verify that the coins are actually backed by gold. Is it something that you get to see, I mean how do you get to verify this? I don’t know.
Like I said, I would love to go ahead and interview someone on the team, see if I can get them on the podcast. But this is a site I’m going to put this in the show notes. It’s– I do have brothers and sisters asking me about this. Here is the brief intro on YouTube. I’ll post that as well.
So, my take on OneGram is it’s still a little bit of investigation needs to be done. Reading the Whitepaper, finding out how you’re able to verify the gold. Those are some questions that I would have and some things that I would need to research further to feel 100% confident about that.
Is Bitconnect a Scam?
Now, let’s take a look at Bitconnect. [website no longer exists] Now, Bitconnect is really, really popular. And I get asked about Bitconnect a lot. So, what exactly is Bitconnect? Bitconnect is a new cryptocurrency, a new cryptocurrency that goes by BCC.
That’s what Bitconnect- it goes by BCC. So, how Bitconnect works is you take your bitcoin and you purchase the tokens, the Bitconnect tokens. You then take your tokens, you take your tokens and you go ahead and lend it to Bitconnect.
You lend it to the trading bot. The trading bot will go out and start trading those Bitconnect tokens for bitcoin, for bitcoin. And what it will do is they will give you a daily payout. They’re going to give you a daily payout. Let me scroll back up the top. They’re going to give you daily payout. And that’s going to be a kickback for your investment.
So, let’s just say you give $100. You will go ahead and purchase, you take your bitcoin, $100 worth, you purchase your Bitconnect tokens. The Bitconnect tokens are used by the Bitconnect bots to trade bitcoins, you know and it does its best to make sure that it obviously buys low, sells high. And when it does that, you get your $100 back over the course of time. You get your $100 back plus interest, plus interest.
Here is a great video. I’m pretty sure some of you, you may have seen this, maybe not. If not, check out this video called Bitconnect Full Tutorial. Bitconnect Full Tutorial, I highly suggest that you check it out .
This brother right here, Trevon James, this young man. Trevon James does a very good job of explaining this so check out this video. So, yeah, so check out this tutorial it’s a 14-minute tutorial, really goes over how the whole system works.
Here is another video (Bitconnect scam alert! Is this 800 million dollar crytocurrency a ponzi scheme?) that you want to check out. This one is by a gentleman, a brother by the name of David Hay. So, he believes that Bitconnect is a scam and a possible Ponzi scheme.
That’s what he believes. So, I am going to post both of these videos, the link for these videos in the show notes– I shouldn’t say show notes, the blog notes, the blog notes so you can refer to these and listen to both of these videos. I highly suggest that you listen to both of them; especially this video right here by David.
So, my take on Bitconnect, my take on it is that I would stay away from in. Now why is that? I would stay away from it because at the end of the day, one thing is you cannot there’s even– you can’t verify that the bot, that there is a bot that is actually trading your Bitconnect tokens for bitcoin.
I cannot find a way to verify this. If some of you out there can, please leave comments in the Comments Section and tell me how you’re able to do that because I’m not. I don’t know. I can’t find a way how to verify that there was a bot due in that training– that trading.
On top of that, what you’re doing when you lend, you’re investing money essentially when you lend your $100 worth of bitcoin, they don’t give you back bitcoin, I believe they give you back money, your $100. And they give you back an interest on top of that. So, that to me seems like usury.
That’s– if you want to say riba al-buyu, you can, that’s a riba. It’s a riba. So, you’re swapping out your bitcoin for actual money, right? And now you’re getting back more money than you put in because of a loan. And this is riba. So, that’s another reason why I would stay away from this.
Now, some people may argue, “Well yeah, but you might be getting my extra money.” But what you gave in the beginning was really bitcoin, digital currency. And digital currency, as we know right now according to the fuqaha, they haven’t classified it as money.
So, if I give that but then get back money in exchange, is that really haram? Well, the truth to that and the answer to that question is, I don’t know, to be honest, I really don’t know. But I do know that when you put in $100, you’re getting more than 100 back for the loan, the $100 loan that you gave them. You are getting more money back.
And they’ve given it to you back because- more money back as interest. So, that to me is usually- I personally would stay away from it. I don’t think Bitconnect is a good deal. I think you should stay away from it.
Binance and Poloniex
Let’s take a look at another website. Now, we’re looking at Binance. Binance is simply a website that allows you to trade currencies, Ether for Bitcoin, Litecoin for Bitcoin, what else we have here? Dash for Bitcoin. So, we’re able to trade currencies on this website. Seems pretty straightforward.
Another website that people have asked me to talk about was Poloniex. I hope I’m saying that right. Poloniex. This is another website where you actually will get to trade currencies. So, we’re seeing what– how people use this website.
It’s going to give you the market rates where the trading for here all these different coins, Bitcoin Cash, Ethereum, Dash, Monero, Doge, so you can see all these coins here.
Now, if you’re just using this website Poloniex and Binance, if you’re just using this website to swap out, to trade for another digital token, another digital currency, Dash for Bitcoin, Bitcoin for Doge, then I think that is fine and there’s nothing wrong with that.
Where it starts getting tricky is let’s say, let’s go back to Poloniex. Where it gets tricky is when you start doing things like margin trading. Margin trading is haram in Islam. Basically, you’re borrowing money so you can trade. And a lot of times, you have to pay interest on that money that you borrowed.
Now again some people will say, “Yeah, but I’m borrowing money to purchase digital currency and I’m trading the digital currency. And when I cash out, I’m getting money back. Is that really haram?” Because you’re going in between a currency and something that is not, it’s not considered, technically considered money according to the scholars right now.
The truth is I really don’t know because it’s such a gray area, I don’t know. I personally would stay away from it. I would just stay away from it. Margin trading I would stay away from it. So, that’s my take on it.
But if you’re using the website, like I said just to, you want to trade some Doge for maybe is this Zcash? I think Zcash. You want to trade Dash for Monero, Litecoin for BTC Cash [correction: it should read Bitcoin Cash], go ahead and do it, nothing wrong with that. Nothing wrong with that.
Once you start getting into margin trading and short selling, day trading that could potentially be an issue and we know those things are haram in Islam.
Is ShapeShift Legit?
Now, let me also finally show you one website that I use for trading. I use a website– if this even loads up. Here you go. I use ShapeShift. So, ShapeShift is a website that all it does, it allows you– let me scroll down here. It allows you to simply exchange one cryptocurrency for another.
We can see here Bitcoin for Dash, Bitcoin for Ethereum, Ethereum for Bitcoin, Doge for I don’t know, is this Bitcoin Cash? Yeah, Bitcoin Cash. So, this website does not deal with fiat currency such as the Euro, the British Pound, the US dollar, the Saudi Riyal and so forth.
It only deals with these currencies here, the digital cryptocurrencies that we see here, that’s all it’s going to deal with. I like it. It’s very simple, easy to use. You cannot exchange large amounts. I don’t think you can exchange more than– I don’t know, I don’t know the amount but you cannot exchange really large amounts on here.
But I use it because I think it’s safe. I’ve never had a problem with it. You cannot do any margin trading on this, no day trading, no short selling, none of that. It’s strictly exchanging one coin for another. That is it. It’s clean. It’s simple. It’s easy. I like it. I give this site a thumbs up.
Here is a great article. I’m going to put the link for this as well, ShapeShift cryptocurrency exchange review, great article on ShapeShift. If you’ve never heard of it before, it’s a great way for you to learn about ShapeShift, gets into what it is, what cryptocurrencies you can trade, how they accept payment methods.
And ShapeShift, it tells you right here. Wow! It’s highlighting the whole thing, “Only facilitates crypto to crypto exchanges”, which I think is brilliant. That way they stay away from getting into trouble with the law in regards to using any type of government currency to trade out to buy another cryptocurrency.
I think it’s very smart on their part to do that. I think here they get into the pros and cons of the website. So, ShapeShift, I like it. I give it a thumbs up.
So, that’s my whole take on it. That’s my take on these websites. I know I haven’t gone over every single website that people have sent me. It’s just impossible for me to do so. Again, exercise caution when you’re looking at these websites.
Always keep in mind that, you know, if you have a solid understanding of basic Islamic principles when it comes to trade, if you understand riba al buyu, what that is, you should do fine in being able to identify whether these websites are a scam or they are the real deal or not. So, that’s my take on it. Insha’Allah it was a benefit to you. And, yeah.
All right. So, as a wrap up is investing in Bitcoin halal or haram? Well, we know that it is not haram. It’s actually not haram. It’s not haram. However, there are certain guidelines or principles that you should follow when it comes to investing, right? Keeping in mind that speculation is the norm.
Some element of risk will be there once you– when you invest in something. But the fuqaha, our teachers, tell us that when it comes to investing, we are supposed to do our homework, investigate the matter. And that investment vehicle you’re looking at is it halal? Is it haram? Who are the financial backers behind it? What is the– what’s the product itself? What’s the pros and the cons of the product?
Just doing due diligence, really making sure that you really ask questions and do your research before you invest in something. I mean if you don’t do that then you can argue, if you’re not going to do any research and you just hop in there, you jump in there and you throw money into it, then you can say that that is like a form of gambling and we know that gambling is haram, gambling is haram.
So, again, if you do your research, you’ve done your research, you feel confident that you’ve checked as many nook and crannies as you can check then you invest in it and you put your tawakkul, your trust, you put your tawakkul in Allah and you let the outcome be as it may. And that is that.
I wanted to thank you for checking out blogpost number four of this four-part series. You’ve hung in there. You made it all the way through. In our first blogpost, we talked about currency, then we talked about trade, then we talked about bitcoin mining and now investing.
I want to thank all of you who have shared this, viewed this, spread it far and wide, thank you so much. Alhamdulillah! May Allah reward you. I ask that you always keep me in your du’a (prayer), I always need them.
Please stay tuned. I’m looking to actually hop back into doing interviews with the podcast series and I have in mind, already have in mind a couple of people to reach out to. It’s just a matter of getting them to agree to do the podcast and actually solidify a date with them.
But please stay tuned as some more interviews on the podcast series will be coming up. JazakAllah kheir. As-salamu alaykum wa rahmatullahi wa barakatuh. Masalamah.