- To celebrate the Genesis Block of Bitcoin on January 3, Trace Mayer has proposed an annual celebration called Proof of Keys Day.
- The event encourages Bitcoin owners to withdraw their funds from exchanges and transfer them to external wallets.
In a few days the “Proof of Keys” day will be held again. This day will be celebrated on January 3rd and is an initiative of Trace Mayer, the founder of the podcast “The Bitcoin Knowledge”. The date was chosen by Mayer to celebrate the Genesis block of Bitcoin when the first BTC block was mined. The goal of the event is to raise awareness for financial sovereignty within the crypto community.
Not your keys, not your Bitcoin
Perhaps one of the most famous phrases in the crypto sphere is the phrase, “Not your keys, not your Bitcoin”. This is also the slogan of the event created by Trace Mayers. The podcaster explained that he wants to start a new tradition to draw attention to the importance of financial independence:
Where we declare and re-declare our financial sovereignty every January 3rd, as a celebration of the genesis block. (…) there are many interested in people not having their private keys and running their network consensus.
Mayer outlined the goal of the event, saying that the purpose is to encourage investors to withdraw their money from exchanges. The participants of the event are supposed to transfer their funds to a Bitcoin wallet and thus take control of their private keys.
The event is technically simple, but it is important because it promotes the education of Bitcoiners. It is especially important for newcomers to talk about this fundamental aspect, as Mayer emphasizes in one of his videos about the Prook-of-Keys day. Many people are not aware that the Bitcoins belong only to the person who has access to the key to the wallet in which they are stored.
The event also aims to familiarize users with the different types of Bitcoin wallets and the topic of money sovereignty. In particular, a debate on the role of exchanges in the crypto-scene is intended to be initiated.
Less than 60 days until #ProofOfKeys. Who is participating in 2020? Change your handle yet? [Jan/3➞₿?∎] ?
— Trace Mayer [Jan/3➞₿?∎] (@TraceMayer) November 5, 2019
The backdrop are the attacks on major exchanges
Crypto exchanges are an easy and quick way to store cryptocurrencies. However, the majority of Bitcoin owners store their assets on a crypto exchange. But they have one major disadvantage. The platforms are not completely secure. In the past, numerous exchanges have been hacked and large amounts of Bitcoin and altcoins were stolen. The Proof of Keys Day emphasizes this aspect as well.
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In addition to the biggest hack in Bitcoin history to date, Mt. Gox, a fraud case is currently making headlines. Recently, the PlusToken scam was added to the list of the biggest thefts in the history of the crypto space. The scammers behind PlusToken have managed to collect more than $3 billion in Bitcoin and Ethereum. The movements of these funds have been blamed for the volatility of the market price in recent months.
PlusToken is certainly one of the most famous recent cases confirming the Proof of Keys dilemma, a phrase that any veteran or new Bitcoiner in the ecosystem should consider: Not your keys, not your Bitcoin.
The price of Bitcoin is $7,433 at the time of publication of the article, with a slight gain (0.93%) in the last 24 hours.