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Trace Mayer Marks Bitcoin 10th Anniversary As “Proof Of Key” Celebration

Bitcoin celebrates 10th year anniversary of the first ever block of bitcoin mined on the 3rd of January. To mark this, Trace Mayer is encouraging users to celebrate with the “Proof of Key”.

Bitcoin marks the tenth year anniversary of its Genesis Block today the 3rd of January. The Genesis Block is the first ever mined block of bitcoin and this was done on January 3rd 2009, exactly ten years ago.
In this year celebration, popular bitcoin investor, Trace Mayer is inviting investors to join in a “proof of key” celebration.

What Are “Proof of Keys”?

“Proof of Keys” simply put, is an event where people simultaneously withdraw their cryptocurrency out of centralized exchanges.

There are two major reasons why the “proof of keys” celebration is important. One of them is to confirm that exchanges have the funds they claim to have. Also confirms that they have all cryptocurrencies deposited by users. This will help prove to investors that their cryptocurrency actually exists on the blockchain.

The “proof of keys” celebration will also help investors show their monetary sovereignty and ensure accountability on the part of the exchange platforms.

To further buttress his point for the need of a “proof of key” celebration, Mayer pointed out that it is essential for users to show their independence from time to time. He stated that this is quite important especially for new users who are still very ignorant about the rudiments of investing in cryptocurrency. Also increase in crypto exchange hacks has left users feeling very unsure about how secured their funds are on exchange platforms.

Mayer also pointed out how people have become lax dealing with their cryptocurrencies. They have left major decisions in the hands of exchange platform. He believes that the proof of key celebration will help crypto users be more involved with their cryptocurrency investments.

Crypto Users Should Withdraw Funds Early

It is advisable for crypto user to withdraw their funds early. It is most likely that this movement will result in large withdrawal of funds. If exchange platforms are not in possession of the funds they claim to have, this celebration will definitely lead to their collapse. This could also lead to a cryptocurrency exchange panic. So withdrawing funds early instead of later will be the best action to take.

Several persons have come forward to criticize the movement. They claim that “proof of keys” celebration may cause a lot of problems for the cryptocurrency industry. To support their stance, they are pointing out that third parties do not store all funds on exchange platforms at once. They keep a substantial part of it in cold storage. They also claim that the celebration may cause unnecessary panic and extraordinary amount of traffic.

What’s your opinion of the “proof of key” movement? Do you think this is a good idea for the cryptocurrency industry now? Share your thoughts on this topic and any other topic on our Twitter and Facebook pages.

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Trace Mayer Marks Bitcoin 10th Anniversary As “Proof Of Key” Celebration
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Trace Mayer Marks Bitcoin 10th Anniversary As “Proof Of Key” Celebration
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Bitcoin celebrates 10th year anniversary of the first ever block of bitcoin mined on the 3rd of January. To mark this, Trace Mayer is encouraging users to celebrate with the “Proof of Key”.
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Ifeanyi

Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.

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