Is Cryptocurrency halal to invest?

Have any of our Sunni scholars given a verdict on the use of bitcoin?

 

Someone needs to look into this and not think that this phenomenon is in some distant future like 200 years from now. In fact, I think the signs point to adoption of crypto currencies to replace paper money as something that is on the verge of becoming a reality in the next few years. The advancement of this new "Tech"era will bring with it a new financial status quo so we need to know from now the rulings related to these things.

 

some these links are now dead and the almost all of the discussions seem superficial, without getting to the core of the compliance issue.

originally bitcoins were created to reward for sourcing computation power. That raison d'etre is now dead.

 

yes but what is the answer- yes Halal or no Haram?

 

Just discovered an old thread here, which seems to have gone off-track without really discussing the legality.

 

we started discussing it here: http://sunniport.com/index.php?threads/bitcoin-and-about-murtaddeen.11688/#post-47112

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i will cut/paste the same here:


so the question is: how do you deal with bitcoin as "thaman" or should it be deemed "thaman"?

laws concerning its commerce and financial capacity as a "currency".

the lament of the anarchist in this post is evidently justified: http://dailyanarchist.com/2013/01/30/is-bitcoin-sharia-compliant/

http://www.maxkeiser.com/2013/04/is-bitcoin-sunnah-money/

https://bitcointalk.org/index.php?topic=370994.0

https://bitcointalk.org/index.php?topic=358172.0

http://www.bitcoinobserver.com/news/Bitcoin-and-Islamic-Finance--Jan-Bergstra.pdf

http://islam.stackexchange.com/questions/7961/is-bitcoins-a-halal-investment-instrument

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the key point that i am trying to make is that - most islamic scholars are unaware of what's happening in tech (and the world). whether bitcoin or apple pay. sadly, scholars from the subcontinent seem to be the farthest and least interested.

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bonus point: you can discuss bitcoin on our forum.

UPDATES:
many forums and communities are discussing this.

http://www.islamiceconomist.com/?p=1488

https://alkhilafaharidat.files.wordpress.com/2014/07/btcedit-21.pdf

http://forums.islamicawakening.com/f20/is-bitcoin-halal-what-is-bitcoin-57471/index9.html

https://www.igot.com/?gclid=CLOTvaep18ACFQcHwwodzr8AsA




DISCLAIMER: the links above do not mean that i endorse those PoVs.

 

With the crypto-currencies (bitcoins etc.) in a seeming bubble, it is probably worthwhile to deliberate if these are halal to invest in. Please ignore the investment/economic rationale and set aside safety/prudence considerations for the time being.

Cryptos have come a long way from being dark-web currency. Are these too speculative, prone to market manipulation? Too artificial to be called money/currency? More than currencies, should these be viewed as stocks/shares (at least these don't have the taint of business engaging in haraam activities)?

Any thoughts?