Proof of Keys Leader Urges Bitcoin Holders to Abandon Crypto Exchanges

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Tue, 11/05/2019 - 16:20
Alex Dovbnya
'Proof of Keys' leader Trace Mayer wants Bitcoin holders to be in full control of their coins
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 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, can be contacted at alex.dovbnya@u.today.

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