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Not all cryptocurrency transactions can be classified as gambling, but some cryptocurrency activities may have gambling elements. Cryptocurrency can be used as an investment tool but can also be used for gambling, especially if the transactions are speculative and involve high risks without clear underlying assets.
*Further explanation:
Investment vs. Gambling:
In cryptocurrency investment, the goal is to achieve long-term profits through asset price increases, considering fundamental factors and technical analysis. In contrast, gambling focuses on betting on uncertain outcomes, such as rapid and speculative price fluctuations.
Gharar and Speculation:
If cryptocurrency transactions involve uncertainty (gharar) and excessive speculation without a clear basis, they can be considered gambling.
Risk Factors:
Highly volatile cryptocurrency transactions that lack clear underlying assets tend to be riskier and can lead to behavior similar to gambling.
Use in Gambling Platforms:
Some online gambling platforms use cryptocurrency as a transaction tool, which can make such activities appear as gambling.
MUI Fatwa:
Some religious organizations, such as MUI, have issued fatwas stating that cryptocurrency transactions can be haram if they involve gharar, dharar, and qimar (gambling).
It is important to remember:
Cryptocurrency transactions can be legitimate investments if conducted with careful analysis and a good understanding of risks.
Avoid engaging in speculative transactions and relying solely on luck.
Understand the characteristics of each cryptocurrency asset and choose assets with strong fundamentals.
If in doubt, consult with a sharia finance expert before investing in cryptocurrency.
The image above conveys the sharia legal perspective on Bitcoin, which is seen as having the potential for gambling and fraud, and is viewed as a tool of state capitalism to rob the wealth of society.
Bitcoin is the first digital currency or cryptocurrency in the world, created in 2009 by an individual or group of individuals under the pseudonym Satoshi Nakamoto. Bitcoin is not controlled by central banks or governments; it operates in a decentralized manner using blockchain technology.
Some important points about Bitcoin:
Decentralization:
Bitcoin is not controlled by a single entity but by the users of the network.
Blockchain Technology:
Bitcoin transactions are recorded in a public ledger that is distributed and immutable.
Potential Risks:
Investing in Bitcoin carries high risks due to its volatile price.
Sharia Law:
Some views consider Bitcoin haram due to gharar (uncertainty) and its failure to meet the criteria as a legitimate exchange medium under sharia.
Legality in Indonesia:
The use of cryptocurrency as a payment tool has not been legally accepted in Indonesia.
Bitcoin can be obtained through various means, such as using crypto applications, airdrops, mining, or being a freelancer paid in Bitcoin.
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MY HOPE:
Hopefully, we can all provide responsible perspectives on the absorption of relevant information in accordance with sincere intentions and beliefs so that we each become wiser in obtaining & managing the digital finances referred to as CRYPTOCURRENCY. May God bless us all. Amen...!
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