Bitcoin is a fictitious or virtual electronic digital currency, i.e. it does not have any physical presence and is traded only over the Internet. Unlike other traditional currencies, banknotes such as the euro, US dollar and British pound have different characteristics than bitcoins that are used in Internet transactions:
The existence of tangible entities is not under the control of any authority or central bank. The coin relies on thousands of computers around the world to verify transactions and add more bitcoins to the system.
Bitcoin was first revealed on January 3, 2009. Behind him was “Satoshi Nakamoto” who described bitcoin as an electronic cash system based on peer-to-peer financial transactions, meaning direct communication between buyers and sellers. The transaction, there is no mediator between them.
At the end of 2016, Australian businessman Craig Wright revealed that he was the inventor of the currency and announced the first transaction price between bitcoin and the US dollar, where one bitcoin is equal to 0.001 US dollars.
As mentioned earlier, bitcoin is a decentralized currency, there is no authority or regulatory agency to issue it, as users produce it through a process called mining.
Because Bitcoin production requires an internet connection and a computer suitable for the mining process to produce coins, in a process called mining or Bitcoin mining, software that uses a complex process allows anyone with mining equipment to be able to produce Bitcoin, but the mining process has become less easy than early mining , because a large number of miners around the world have made it difficult to obtain this currency. Transactions can be recorded through electronic signatures that cannot be altered or forged, information is stored on the Internet without any personal data being recorded, and currency can be transferred between users and monitored online.
The Bitcoin currency, as of the time of writing this lesson, is trading at $ 8,356.63, and this is a significant drop for Bitcoin, after it crossed the levels of 20 thousand dollars, and reached the level of 8 thousand dollars, due to severe restrictions by governments and major financial institutions in the world, which You want to control digital currencies, so that they do not affect the global financial system.
Bitcoin’s position between Islamic Sharia and positive law
In the following report, “Members of Congress” passed the properties and sources of Bitcoin, how to obtain Bitcoin, the difference between digital currency and Bitcoin, and revealed its connection to Bitcoin or dealing with Bitcoin through buying and selling.
And leasing is a very important question. Electronic currency, the international site of the bitcoin currency, the position of some Arab and European countries on bitcoin, the position of the current bitcoin legislation in Egypt, and the legal provisions of bitcoin in some Arab countries, because the “Bitcoin” currency is one complete currency.
An electronic currency that is traded only on the Internet without a physical presence, and differs from traditional currencies in the absence of support from a central regulatory agency, but it can be used as another currency for online purchases or even converted into traditional currencies – according to the professor. Criminal Law and Appeals Counsel’s Statement, Dr. Islam Kadil.
Initially – the process of “bitcoin” mining is very similar to the process of searching for gold, but in the case of “bitcoin” the currency is mined by a computer, the process of recording transactions made with “Bitcoin” by other users, rewarding working individuals. When mining it and making additional profits from the digital currency, Bitcoin is described as a non-physical currency, but the numbers and symbols transmitted between people’s electronic wallets cannot trace the reason for the purchase or the identity of the trader. Make it one of the most traded electronic currencies in the world. According to Khudair, the following was stated:
- Anonymizing its distributors, because compared to other intermediary e-commerce operations by credit institutions such as banks and governments, its circulation does not require the disclosure of any personal data or information of its users.
It allows the transfer of funds to any geographical area within the scope of the institution recognized by it.
It is characterized by the automatic management of financial and commercial transactions that are completed in a few seconds, with its complete obfuscation of the subject of transactions traded in its operations, which makes tracking them extremely difficult.
No third party can stop Bitcoin transactions if they are conducted, whatever their subject matter.