Ten Years of Bitcoin and the Beginning of “Proof of Keys!”
History was made in the aftermath of the financial crisis. Jan 3rd, 2009 marked the beginning of blocks being mined on the Bitcoin network. Months prior to this, the Bitcoin white paper was released to the world, sparking the financial renaissance.
We begin 2019 by making more history. Not only is January 3rd the ten-year anniversary of the first mined block on the Bitcoin blockchain, named the genesis block, but it’s also the start of a powerful new movement within the cryptocurrency community: “Proof of Keys.”
Proof of Keys is a celebration of financial independence suggested last December by popular Bitcoin investor Trace Mayer, and it has since gone VIRAL on social media!
Can Exchanges Afford a Community-Wide CASHOUT? This is Why Proof of Keys is VERY Important for the Cryptocurrency Community!
Mayer’s ideas and suggestions are to encourage all holders of cryptocurrencies to have full ownership of their cryptocurrencies, withdraw all funds from exchanges, and eliminate any reliance on third-party authorities, such as cryptocurrency exchanges.
There are multiple reasons for this new annual event. By controlling your own cryptographic private keys, you retain full ownership of your cryptocurrencies, ultimately creating “monetary sovereignty.”
Another important reason is to decipher if people’s cryptocurrencies do actually exist on the blockchain and are not just numbers on a screen (like a regular high-street bank account).
If the majority of the sector conducts a run on the bank cashout on every Jan 3rd, we can assess whether exchanges still have possession of the funds that their users trust them to hold in storage.
If exchanges hold the accurate amount of funds, there should not be any problems or panic in the case of a mass withdrawal from users…
In the circumstance of an exchange proven to not hold the cryptocurrencies they claim, it could trigger their downfall. Either way, history (and the community) will be the judge.
By taking control of their digital assets, users can learn and educate others on how to be financially independent and be their own bank with Bitcoin. As we see turbulence in traditional markets, events like Proof of Keys not only keep an industry sovereign and free of third-party corruption, but remind us of the importance of wealth, mathematics, and sound economics.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.