Bit coins currency an overview of Islamic scholar’s expression

Abstract

From the very beginning human being needed help of one another not only in social activities but also in financial issues as will. Exchange of goods instead of goods is an old tradition but that was too much difficult. With the passage of time human being started some other ways for trade like Barter System, Commodity Money System, and Metallic Money System etc. But now a days a new type of digital currency is used in market which is called Bit coins.

Bit coins has no shape nor has any sensual existence. Therefor some Islamic scholars says that this currency is not valid but the other side some are in favor of it. But the question is does Islamic laws recognize it? What is the definition of wealth in Islamic law? This research paper will describe wither bit coins currency is legal and is this currency legally good to use.