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Hamas To Fight Israel With Bitcoin Crowd Funding?

February 6, 2019

Israel’s war with Hamas has now reached bitcoin turf. On Tuesday, Hamas group from the Gaza Strip asked people to “Support the resistance financially through the Bitcoin currency.”

The group is financially marooned and needs urgent ground-level funding to help it continue its fight against Israel.

The call from the terrorist group has once again let loose a vociferous debate on the use of decentralized currencies for funding anti-government activities, across the world.

Call to Supporters

Hamas has fought over three bitter wars against the Israel government has now sought “financial help” from its supporters as it now stands bereft from its regular financial supporters.

The group is banned not just in Israel but by leading governments of the world, such as the United States, European Union among other countries.

An official spokesman on Tuesday asked to “Support the resistance financially through the Bitcoin currency,” adding that the methods of bitcoin-based payment would be announced soon.

The outfit has lost out on much of its funding because banks have lately ensured that they do not transact with the organization in any manner. This has pressurized the outfit to seek outside help from deregulated currencies, which are yet able to provide it with the necessary value to purchase arms, ammunition and food for its members camping across the desert of Gaza Strip.

The spokesperson accused the Government of Israel of ‘cutting financial access’ avenues to Hamas. Besides, pressure from Israel government pressure, Hamas stopped receiving the substantial ‘grants’ from the Palestinian Authority located at West Bank.

Bitcoin under the magnifying glass again

Hamas officials have confirmed that their military wing has always been well supported from across the border by Iran. However, there is no clarity with regard to the type of transactions supporters based in Iran used to fund Hamas, such as overseas accounts or domestic accounts were the conduits for the transfer of fiat funds to the terrorist group.

Bitcoin has already been criticized for the avenues it opens up for fraudulent use by websites from the underworld for the purchase of drugs or guns.

However, the biggest question raised by Hamas call-out to its supporters to provide financial assistance via bitcoin is the violation of ‘sanctity’ of deregulated ledger technology and the misuse of freedom which such currency systems offer!

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