Supporter Of Extremist Group ISIS Explains How Bitcoin Could Be Used To Fund Jihad
Jul 8, 2014, 18:03 IST
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In a PDF posted to a Wordpress blog, a man calling himself Amreeki and Amreeki ("American") Witness on Twitter, explains the problems militants face in funding their operations.
One cannot send a bank transfer to a mujahid or suspected mujahid without the kafir governments ruling today immediately being aware. Perhaps, a few incredibly wealthy Muslims may find ways to avoid this system, especially ones in Arab countries, however the majority of Muslims are incapable of donating to those who need it most. The solution is Bitcoin, he says. The author demonstrates a keen understanding of how the cryptocurrency works. It is a digital only currency created through a process called mining. A mining machine is a powerful computer that processes recent transactions sent through the Bitcoin network, and validates them. If it finds that the transaction is legitimate, the money, Bitcoins, are sent and some Bitcoins are given to the miner. The people sending Bitcoins get their transactions validated and the miner receives a small fee, benefitting both sides. This system allows for no counterfeit Bitcoins to ever exist, as each one can only exist alongside validation. Bitcoin is sent instantly across the world, with waiting times not exceeding fifteen minutes on the norm. The author advises sympathizers to set up accounts on Dark Wallet, a service that offers ramped-up anonymity for completing transactions.The Pentagon's Combating Terrorism Technical Support Office recently named virtual currencies as a potential threat to be investigated, although the Treasury has said terrorists would still need to rely on real currency to fund their operations.
Sky News' Tom Cheshire was first with the story. Here's the full PDF:
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