Bitcoin/crypto currency and Islam

A salaams all,

Any thoughts on Islams view on bitcoin? From what i have read there is huge support for muslims to get involved and indeed purchase cryptocurrency. But what is the other side of the coin(pun intended). On the surface it looks like currency, some are saying its less haraam than fiat paper money or credit card facility.

May Allah swt guide us all.

Thanks for input Tim the Plumber

Agree crypto currency could be used for evil. Also a big reason as i see for its creation could be just to circumvent government controls. But there is an argument against too much government regulation, which could be detrimental of its people.

Yes dollar is great, however just for its own citizens and mainly for the wealthy. US benefits from strong currency, due to petro-dollar, and seignorage. While the rest of the world losses out. Not to mention the dollar denominated loans whereby US gets interest. So Bitcoin could be threat to dollar and other major currencies, but who gets to benefit most? If it is evil organisations and the super wealthy again then I too wont trust.

The idea that the USA benefits from the oil market being priced in dollars is wrong.

Just because the price is quoted in dollars means nothing. Any trade can use whatever currency they choose to. When a German company buys oil from Nigeria the trade is done looking at the at the price in dollars but will be in Euros.

A good question to ask is why is it that it is only the currencies of the democratic nations which are so trusted? Althought Singapore is an obvious exception...

Ceo3 wrote: Wiki:Since the agreements of 1971 and 1973, OPEC oil is exclusively quoted in US dollars. This created a permanent demand for dollars on the international exchange markets.[3][4] As of 2005, OPEC continues to trade in US Dollars, but some OPEC members (such as Iran and Venezuela) have been pushing for a switch to the euro. The world has to buy dollars then buy oil. Saudi is as much to blame as US. The democratic nations who have strong currency are also the wealthiest and military powerful. So whenever dollar under threat wars are waged to protect currency hence financial dominance.

You do not have to buy dollars at all.

There is nothing stopping you, well a large comapny, from buying oil with gold bars. It is simply that the oil industry finds it more convienient to deal in dollars. Sellers of oil will accept other curriencies or whatever it will just make them charge a little more for the hassel.