Bitcoin; A Revolution in Terrorist Financing

Abstract

The financing of terrorism is the most critical aspect in the growth of terrorism, and combating the financing of terrorism is the most crucial aspect to eliminating the roots of terrorism. Suppose the actions of governments and international financial and non-financial organisations successfully combat the traditional methods of financing terrorism. In that case, terrorists will move beyond conventional methods and turn to new financial technologies. Due to features such as anonymity, creation of security layers and decentralisation, virtual currencies, especially Bitcoin, are among the financial innovations that criminals, including terrorists, pay attention to for investment and financing. In this article, we will see in a detailed review how Bitcoin, regardless of whether it can be considered a valid currency in the future, by changing the financial systems, has become attractive to illegal networks and can create a revolution in financing terrorism.

Keywords

• financial technologies
• blockchain
• virtual currencies
• bitcoin
• terrorist financing