Shariah Minds Forum – Cryptocurrency Panel



what your view about this new animal if you like new new thing coming up not only Bitcoin by blockchain and so many things are coming up very very quick on our way I think this subject bring to the fore the question is what is money what is money and this is a very simple and at the same time very difficult question but I think there is no dispute that anything that can function as a measure of value is money regardless of whether it is materialistic cold silver animals wheat salt or Bitcoin the same thing if people accepted it as a measure of value then it is money there is one anthropologist who has written about certain islands and the Pacific in the old days they used to have big curved stones as a medium of exchange major of value and each one has his wealth his money in front of his house because it's too big and when they still or buy they just come say this is yours now it weakens his self and then he said at once these people have some problems in this small island they are n so how they had to move to another Island of course they took their wealth monetary wealth with them but one of the big stones fallen in the ocean couldn't recover it they kept using it as 'm as money although it is in the bottom of the of the ocean why because this is it this is the concept anybody think people accept as a measure of value medium exchange then it becomes money and this is amazingly was so clear in the minds of the classical scholars of in the very early days man like a bananas as statement has narrated from him that even if people accepted the the height of the camel as money then it would not be allowed to be exchanged except hand in hand life like black money because it becomes money it is the value measure of value and bitcoin is just the natural conclusion of a long journey from stones and salt and animals to gold and silver to paper money and then Bitcoin but what is the secret of Bitcoin the secret of Bitcoin is not inventing money did not do that it is the blockchain this is the secret and the blockchain made it possible to transact in a very secure way it is only lately that people are discovering that this is a huge development in security and transaction through the internet I was reading an article in The New York Times and he was saying that this blockchain will change everything to the point it will be just like the revolution of the Internet itself ok and it is written in everything part of the banking services will no longer be provided by banks because it can be done through blockchain directly blockchain is miraculous type of arrangement for security of transaction Swift you know the Swift of cover every banker no sir it's the secure medium of transferring funds blockchain is much secure than Swift and it will actually eliminate the need for Swift in the future so this is a secret but the concept of bitcoin is just money like any other money what made it successful is the fact that it is supported by a system where people can transact securely without the interference or the possibility of interference by any party into the transaction okay so in your valid point of view bitcoin is a currency it is not a community No and not any other asset classes no together take your share and it poses no Sharia question I don't think there is any problem for anybody to use Bitcoin and of course now it is being used I even read that some of the McDonald's first restaurants fast food they are accepting Bitcoin in America so there is nothing absolutely wrong with using thank you Thank You chef

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