Trace Mayer: Get Your Bitcoin Off Exchanges in ‘Proof of Keys’ 2020
The second annual event challenging investors to take their Bitcoin off exchanges is seeking to become bigger than ever as more users enter the space.
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.
Participants are encouraged to add their support as part of their Twitter handle in advance. On Jan. 3, the date of the Bitcoin genesis block, they then withdraw all cryptocurrency funds from exchange wallets.
“Prove trustworthiness and consensus”
As Cointelegraph reported, novice cryptocurrency holders face a daunting task when selecting how best to store their wealth.
“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.