What is the ruling on dealing buying and selling in the e-currency called Bitcoin? Bitcoin is a virtual currency that was put into circulation in the financial markets in 2009. It is coded digital units that do not have a physical presence in reality, and can be compared to traditional currencies such as the dollar or the euro, for example,trustpedia – giving thought to your investments and help you to earn more in bitcoin world.
The prevailing image in the issuance of this currency is that it is extracted through a process called “Bitcoin Mining”, where it depends in its stages on computers with fast processors through the use of specific programs linked to the international network of information “the Internet”, and through which a group of Sequential mathematical steps and complex and documented mathematical operations to process a long series of numbers and letters, and store them in electronic portfolios of “applications” after numbering them with special codes.
The transactions of this currency from one portfolio to another are carried out without an intermediary or observer, through the digital signature by sending a transfer message in which the code for this currency and the recipient’s address is defined, then it is sent to the bitcoin network until the process is complete and preserved in what is known as the “Block Chain” block, Without the requirement to provide any data or information that reveals the identity of the customer.
These virtual units are not covered with tangible assets, and they do not need to issue any conditions or controls, and they have no financial dependence on any central economic system, and they are not subject to the authorities of the supervisory authorities and financial bodies, because they depend on trading via the international network “the Internet” without control nor Controlled.
Through this statement of the reality of the coin “Bitcoin” it is clear that it is not the only currency that takes place in the currency exchange market, but this market is a field for the use of this currency and its counterparts from other currencies that fall under the name of “electronic currencies”.
In this context, the Fatwa Secretariat in the Egyptian Fatwa House did not miss the use of experts and specialists from economists, where the Secretariat met them, and the most important results of the discussion with them were:
1 – That the “bitcoin” currency needs a deep study in order to branch out and its precise techniques, such as pictures of electronic currencies available in the exchange market, in addition to the severe need to control the conditions of this transaction and the correct adjustment to it.
2- That one of the most important features of the e-currency exchange market that distinguishes it from other financial markets is that it is the most risky of these markets at all. It is left to uncontrolled and unstable factors, such as the tastes and moods of consumers, which makes them very volatile and very vague, up and down.
Buy Ethereum with cash
Due to a range of cause, some may have a first choice to buy Ether in secret and not go through the bother of being watched by be familiar with your consumer controls and anti money launder linked controls. Even though controller in some authority disapprove, it is credible to purchase Ether from a peer-to-peer online exchange such as Local Ethereum.
LocalEthereum also permit parties to swap messages, making it possible to place a facetoface meeting with a seller and swap Ether for cash.
After finding the nearest ATM and heading to it, we will look for the QR code in our crypto wallet and put it into the machine’s camera so you can inspect it. Then, we will choose the amount of Ether that we desire to purchase to subsequently deposit the corresponding cash for said buy. The Ether we have acquired will be sent to the address given. The transaction usually takes around 30 minutes, but can take up to a number of hours in some cases. So using Ethereum ATM, you can transfer this currency in any way.