I have used 'appears' in my analysis in other posts. i am not saying it is definitely, but from a basic analysis it may appear so. i have also mentioned in various posts the difficulty it poses to complete a proper analysis because of certain factors, such as: intangibility. another difficulty in classifying it as mal, and more specifically, mutaqawwim, arises when one considers its inherent value - cryptocurrencies do not generally have an intrinsic value. so aside from what the market is willing to offer for it, there is no practical use in the 'real' world (albeit in limited circumstances as of yet) and there is no 'real' value. sure. radd al-muhtar [5/50 & 55]: innal mutaqawwima huwal malul mubahul intifa'u bihi shar'an.