On January 3, 2020, crypto industry participants will take part in an annual event called “Proof of Keys”.
Proof of Keys marks the anniversary of the creation of Bitcoin’s genesis block, when the very first BTC was mined. Initiated by Trace Mayer, founder of the Bitcoin Knowledge podcast, the event celebrates financial freedom.
Less than 60 days until #ProofOfKeys. Who is participating in 2020? Change your handle yet? [Jan/3????] ?
Just recently "Einstein Crypto Exchange Seized by Canadian Securities Regulator." $850m of @Tether_to seized with Crypto Capital. QuadrigaCX last year. #MtGox, et. al. pic.twitter.com/nu4fqftQ1c
— Trace Mayer (@TraceMayer) November 5, 2019
To participate in the event, Mayer is asking crypto holders to withdraw their assets from exchanges on January 3rd, moving them to wallets that grant them access to their own private keys. By removing their digital assets from centralized platforms, people can spread awareness about the importance of controlling your own crypto. The goal is fundamental to the purpose of decentralized cryptocurrencies: they’re not really yours if you’re not holding the private keys associated with the assets.
Participants are encouraged to withdraw their funds from custodial trading platforms for at least one day, beginning on January 3rd. By withdrawing their funds from centralized platforms once per year, crypto holders can also test whether or not an exchange is secretly insolvent.
According to the Proof of Keys website launched by Mayer,
“By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODLers or not. Proof of Keys is the annual HODLer initiation.”[the_ad id="42537"] [the_ad id="42536"]
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/frankie’s