Trace Mayer: Get Your Bitcoin Off Exchanges in ‘Proof of Keys’ 2020
William Suberg's original article for cointelegraph.com reduced by 60%
Bitcoin could be set to disappear from exchanges en masse in two months' time as the second annual Proof of Keys event takes shape. In a Twitter post on Nov. 5, Proof of Keys' organizer, Bitcoin Knowledge podcast host Trace Mayer, appealed to spread the message prior to the event on Jan.
3.Mayer challenges Bitcoin HODLers. Now in its second year, Proof of Keys challenges Bitcoin HODLers to take control of their funds and stop using trusted third parties. Under the slogan "Not your keys; not your Bitcoin," Mayer highlights the still frequent exchange implosions and seizures as an argument for investors to control access to funds themselves.
"A lot of people just don't want people holding their own private keys and doing their own network consensus," he said in a promotional video recorded for the 2019 Proof of Keys. On Jan. 3, the date of the Bitcoin genesis block, they then withdraw all cryptocurrency funds from exchange wallets.
"This simple exercise costs little, perhaps a few transaction fees, yet proves possession and strengthens network consensus. Companies and exchanges must prove their trustworthiness and consensus," part of Proof of Keys' official website description explains.
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