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Proof of Keys Leader Urges Bitcoin Holders to Abandon Crypto Exchanges

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  • Alex Dovbnya
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    'Proof of Keys' leader Trace Mayer wants Bitcoin holders to be in full control of their coins

Proof of Keys Leader Urges Bitcoin Holders to Abandon Crypto Exchanges
Cover image via freepik.com
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In a recently posted video, Trace Mayer, the leader of the brewing 'Proof of Keys' movement, urges all Bitcoin holders to ditch cryptocurrency exchanges on Jan 3, 2020, the day when Satoshi Nakamoto mined the "genesis block." 

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Not your keys, not your Bitcoin

Bitcoin users who choose to store their coins on third-party services do not control their private keys. Given that the reputation of most cryptocurrency exchanges is tainted with security breaches (even such behemoths as Binance are not immune to them), and the purpose of 'Proof Keys' is not to put them in charge. 

"We withdraw all of our Bitcoin from trusted third parties on Jan. 3 to software where we hold the private keys and we do our own network consensus," said Mayer.   

From the very outset, the movement quickly started gaining traction with some prominent names, including Wyoming Blockchain Task Force appointee Caitlin Long and cryptocurrency veteran Nick Szabo, throwing their support behind it. 

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Bitcoin traders will stay

The initiative continues to grow in scope, but it is unlikely to produce any impact on crypto exchanges since most of their customers prefer to trade crypto. There is a good chance that security-conscious Bitcoin HODlers already store their coins with the help of hardware wallets.

Trezor does provide its followers with an ability to trade different cryptocurrencies within the comfort of their wallet, but the process is very slow and cumbersome compared to crypto exchanges.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

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This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

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As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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