As the "Proof of Keys" event nears, pledges support on Medium

02 Jan, 2019
by David Borman
As the Proof of Keys event nears, pledges support on Medium

In two days it will be the 10 year anniversary of the Bitcoin genesis block as well as the annual "Proof of Keys" event. Chepicap previously reported on this upcoming test of all crypto exchange's liquidity, but as the day is closer support seems to be heating up, with writing a blog as to why users should care.

For those who aren't aware, Proof of Keys is an annual event in which users are encouraged to move all/much of their crypto off of any exchanges and into a wallet they control. This is because, in theory, exchanges should hold enough crypto to back every customer's wallet values. However, this has not always proven true (MtGOX), and has cost unfortunate users quite a bit.

As January 3rd nears and excitement grows, has come out to not only explain at length why this matters, but offers useful resources for those wanting to get involved. Moving funds can of course be risky, and this is a great opportunity for users to learn more about safely storing their keys.

In a real world example of the importance of this, Chepicap reported recently that HitBTC has been denying users from withdrawing their coin and there is some sentiment going around this is in response to the upcoming event, though ironically they would just be reinforcing user's reasons for wanting to.

In any event, whether or not you participate, hopefully it is just this type of holding exchanges accountable that will lead to a safer, friendlier crypto future.

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