Hi friends!
10 years back it was on January 3rd, 2009 when first Bitcoin genesis block was mined. And since that day, blockchains and cryptocurrencies have spearheaded a new technological & financial revolution.
Cryptocurrencies give you the power to hold its value with yourselves. You don't need any third party exchanges, custodians or banks to hold it for you. But many people don't know about the importance of ownership.
Proof of Keys Celebration Day
The other day, I was having a conversation with a friend who holds some cryptocurrencies since 2017. I was shocked to see his ignorance about the ownership of digital assets. Like him, most people believe that the funds they hold in various centralized crypto-exchanges are owned by them. Wait... you're mistaken. The truth is, if you don't hold your private keys yourselves, you don't actually own your cryptocurrencies.
To spread awareness about this key issue (pun intended), an early bitcoin adopter Trace Mayer has initiated this movement called Proof of Keys movement.
Not Your Keys, Not Your Bitcoin
To emphasize the importance of holding your own private keys to your crypto-assets, starting this year Proof of Keys day is being celebrated on 3rd of January every year. On this day, Trace Mayer encourages everyone to withdraw all their digital assets from the clutches of centralized exchanges and all 3rd party services to their own private keys. This will make you the rightful owner of your own assets. Thus we should declare our monetary sovereignty and fulfill the purpose of existence of Bitcoin.
In words of Trace Mayer, you become a first class Bitcoin citizen by holding your own private keys. If you ain't a first class bitcoin citizen, you are vulnerable and going to be rekt one day.
Listen to Trace Mayer's short but very important message for why you should take security and safety of your assets under your own control:
If you ask me, though I don't have a good fortune in crypto assets, I hold over 80% of my assets under my own private keys. In celebration of Proof of Keys Day, I'll withdraw some more coins from centralized exchanges to my own wallet today ...just as a symbolic gesture for my support to this noble initiative by Trace Mayer.
I invite you to join me and many others by withdrawing your significant part of digital assets from crypto-exchanges to your own wallet. Exchange wallets should only have funds that you intend to trade. All long term holdings and investments should be in your own wallet and not in that of Exchanges'.
HitBTC already feels threatened
According to reports, a major cryptocurrency exchange HitBTC has already frozen several of its customers' wallets to avoid mass withdrawal on this day. This makes it even more imperative to not to leave your funds with centralized Exchanges. Also note, not all exchanges that label themselves as decentralized are completely decentralized. You should also be aware of the level of decentralization while dealing with DEXs. But the best strategy is to transfer your fund to any exchange only when you need to trade. And if you are a day trader, only the required liquidity should be kept in Exchange wallets.
Long live Bitcoin and its fans!