Trace Mayer: Remove Bitcoin (BTC) Away From Centralized Exchanges During Proof of Keys 2020
The organizer of Proof of Keys, Trace Mayer, wants you to take your Bitcoin (BTC) away from centralized crypto exchanges and to “take control” of it. On a recent social media post, Mayer affirmed that there are only 60 days before the beginning of the event.
Less than 60 days until #ProofOfKeys. Who is participating in 2020? Change your handle yet? [Jan/3➞₿🔑∎] 💪
— Trace Mayer [Jan/3➞₿🔑∎] (@TraceMayer) November 5, 2019
Proof of Keys is an event that defends the idea that the BTC is not really yours if you do not possess the private keys. According to Mayer, exchanges often implode or are hacked. This creates a huge problem for holders, as they may end up losing their money for no fault of their own if someone happens to the company. Most funds are not even provided with insurance.
A promotional video made by the initiative affirms that a lot of people don’t really want to hold their private keys or to participate in the consensus of the network, but they should know that this is important for their security.
What is the event all about, though? Participants are expected to use a handle on Twitter and to withdrawal all of their crypto holdings from centralized wallets on January 3. The idea is to weaken the power of centralized exchanges over the network and to empower the users once more, which is basically the original goal that Satoshi Nakamoto had when creating Bitcoin.
According to the event’s website, companies and exchanges are yet to prove their trustworthiness. Often, new traders don’t know how to hold their keys properly, so they go to centralized solutions, despite how open they are to cyberattacks. Fortunately, there is still time to change that and to decentralize the community even more.
Also, for those of you who are not hip to who bitcoin pioneer Trace Mayer is, you can get a quick understanding and how he operates within the space by taking a listen to any number of interviews, including a recent one just like this: