Happy Birthday Bitcoin! “Proof of Keys” Event Aligns With BTC's 10-year Genesis Block Anniversary

Over the course of the past few weeks, the much-hyped ‘Proof of Keys’ movement has been able to garner immense global traction. Not only that, it is also interesting to note that the event directly coincides with the ‘10-year anniversary of Bitcoin’s genesis block’.

As many of our readers are probably well aware of by now, the ‘Proof of Keys’ campaign looks to encourage crypto holders storing their digital assets on third-party exchanges/wallets to transfer their funds to a local wallet— wherein the private seed keys associated with their digital assets remain with them at all times.

Lastly, since its inception, the campaign has been able to amass a large amount of support from community stakeholders as well as causal crypto enthusiasts across various social media platforms.

‘Educate Yourself’ Seems To Be The Mantra Behind This Event

It is quite obvious that when a third-party entity has complete possession of your crypto assets, you “really really have to trust them” to manage your hard earned savings in an ethical manner — because if they were to fall victim to a hacking scandal or decide to run-off with your holdings there would be very little you could do about it.

In this regard, ‘Proof of Keys’ aims to serve as a timely reminder for people that the original idea behind Bitcoin was to provide owners with complete financial sovereignty over their funds. Additionally, the event also looks to promote education regarding safeguarding one’s assets in the most effective manner possible (especially on local wallets that are attached to user controlled private keys).

More On The Matter

If enough people come together and participate in this event, this exercise can really serve to test out the stress that third-party exchanges can handle in relation to their overall ‘solvency capabilities’.

Also, as per a recent report released by The Block, more than 70% of the global trade volume advertised by major crypto trading platforms today is inflated through the use of techniques such as ‘wash trading’. Thus participating in the upcoming ‘Proof of Keys’ event can serve as a means of conducting an indirect audit of an exchange’s deposits and account books.

Final Take

When trying to assess the effect of the ongoing Proof of Keys movement, it can be useful to take into account statistical data that is currently available on Coinmetrics. According to the website, the 7-day average Bitcoin exchange volume has “reduced by nearly 25%” over the course of the past fortnight. This directly points to the fact that this initiative has had a massive impact of daily altcoin trade volume. With that being said, it now remains to be seen what happens in the coming 24-48 hours when the event officially goes live.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today