Hamas Military Wing Raising Money Through Bitcoin

Giving its users the ability to buy drugs anonymously through the dark web, bitcoin has long been a convenient way for potheads to get high, junkies to chase the dragon and meatheads to beef up on steroids.

But did you know that the cryptocurrency has also been useful for terrorist groups to raise funds? Whether it's helping the mujahideen of ISIS in Raqqa or buying tunneling equipment for ya boyz in southern Lebanon, bitcoin is the answer.

More proof of this came on Friday as Reuters reported that terrorists in Gaza have been using the cryptocurrency to raise money.

According to Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term analysis firm Elliptic, the Izz ad-Din al-Qassam Brigades have been telling their fans to send them cash using bitcoin.

Ever changing address

Better known as the Al-Qassam Brigades, the organization is the armed wing of Hamas and is recognized by the European Union, the US, and several other countries as a terrorist group.

The boys over at Al-Qassam have been trying to get people to fund them using bitcoin for several months.

When they started out, however, their setup was fairly straightforward.

Users could send bitcoin to a set address, and then Al-Qassam could access the funds.

Unfortunately for Al-Qassam, public wallet addresses can be identified and blocked by cryptocurrency companies.

But, according to Elliptic, the terrorists have figured that out and implemented a new system. Now, every time an Al-Qassam supporter sends them bitcoin, their wallet address changes. That makes tracking the funds much harder.

"The Israeli occupation is fighting the resistance by trying hard to block any support for it," says the group's website, "but the resistance's friends around the world are fighting back against such Israeli attempts and seeking all possible ways to support the resistance."

Elliptic says that the terrorists have managed to raise around $7,700 from bitcoin, a paltry amount compared to the millions it receives from Iran and individuals in Gulf states.

Nonetheless, this is early days for both cryptocurrency and Al-Qassam's use of it. As such, it wouldn't be surprising if the Gaza outfit will be able to get more cash through the digital asset as well as other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term in the coming years.