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."
Less than 60 days until #ProofOfKeys. Who is participating in 2020? Change your handle yet? [Jan/3➞₿?∎] ?
Just recently "Einstein Crypto Exchange Seized by Canadian Securities Regulator." $850m of @Tether_to seized with Crypto Capital. QuadrigaCX last year. #MtGox, et. al. pic.twitter.com/nu4fqftQ1c— Trace Mayer [Jan/3➞₿?∎] (@TraceMayer) November 5, 2019
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.
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.