Home » ATTENTION BITCOINERS – Today is ‘Proof of Key Day’ – Do You Know What This Means?
ATTENTION BITCOINERS – Today is ‘Proof of Key Day’ – Do You Know What This Means?
Do You Really OWN Your Bitcoins? This Is How You Get The Ultimate Proof Today!
Do you have any Bitcoin on exchanges or other custodians? Get them off today if you don’t want to risk losing them! January 3 is Proof of Key day. This year is extra important. Why? Please read on!
Today is January 3. The day that Bitcoin was launched exactly 15 years ago (Congrats Bitcoiners!). Trace Mayer is an OG Bitcoiner with many great insights. He coined January 3 as ‘Proof of Key day’. The day to withdrawal all your coins from every custodian. The ultimate way to make them prove that they really have your coins. There is no other way!
Imagine having your coins safely in cold storage (?) on a wallet you control. You wake up and Bitcoin is having its biggest green candle ever. The ETF is approved. A wall of money is flowing into the most scarce asset ever. Demand is accelerating, supply is fixed like a concrete wall. Price is the only escape valve of the immense pressure to make supply and demand meet. The price rockets up as a freight train. Unstoppable!
Imagine how you feel if your coins are on an exchange. You will start wondering in the back of your head. Do they really have my Bitcoin? Can I withdrawal when I want them back? Is the upward volatility going to bankrupt my exchange like the downward volatility did with FTX, Celsius and Blockfi? Am I ever going to see my coins back now they are worth a fortune?
Don’t take the risk. Join other bitcoiners on Proof of Key day and withdrawal your coins to your own hardware wallet now!
Why This Year ‘Proof of Key Day’ is Extra Important
This year it will be extra important to hold your own keys. If you leave your coins on exchanges you are at a relevant risk to lose them. On top of that: Now the fees are relatively low. An extra reason to do it today. Below some reasons why this time is different:
Skyrocketing price after ETF launch
It is very likely that the ETF will skyrocket the price over the coming one or two years. The upcoming halving, decreasing amount of coins on exchanges, a turning liquidity cycle and launch of the first Bitcoin bonds will probably be extra oil on the fire. Higher Bitcoin prices will make your wealth greater. Losing your Bitcoin will now be much worse. Further, in a massive bullrun it is very normal that hardware wallets are sold out and fees to send Bitcoin are very high. Better prepare during the silence before the storm!
A global race to get spot Bitcoin will incentivise more frauds and hackers
There is a chance we will see a combination of a supply shock and a demand shock. This never happened in the 15 year history of Bitcoin. It will be beautiful for the price, but it can cause scary scenario’s. Entities around the world will do everything to get spot Bitcoin including theft and fraud. Only if you have your coins in cold storage on your own wallet you will be immune to the dirty tricks. You don’t need to worry.
Wall Street firms will use law enforcement to attack unregulated competition
11 Wall Street firms will compete to grow their Bitcoin product as quickly as possible. They are all regulated, so they will compete by advertising and fee optimisation. However, the exchanges you have your bitcoin now aren’t regulated or poorly regulated. This is a very easy win for the Wall Street firms. They will lobby by the regulators to clamp down hard.
Centralised Entities Will Get Less Bitcoin if You Secure More
Every Bitcoin in cold storage is one unavailable for Blackrock and other big centralised entities. We as Bitcoiners should strive to keep as many coins in the hands of the normal man, so the Blackrocks of this world will get less. This will greatly reduce the effect and likelihood of future attacks. Keeping Sats away from Blackrock (in your own wallet) is the best thing you can do for Bitcoin and for human freedom!
This Is The First Epoch Where Coins On Exchanges Are Decreasing
Until today, Bitcoin moved in 4-year cycles. Every cycle the available amount of Bitcoin on exchanges increased. This is the first cycle ever where it is decreasing! This is unchartered territory, but theoretically it should lead to the following:
- Diminishing returns become increasing returns
- Insolvency of exchanges might be uncovered
- Proof of reserves might get demanded
- Physical Bitcoin might get a premium over Bitcoin on exchanges
In all these situations you will feel much more comfortable if you hold your own keys!
Conclusion
It looks like times are getting volatile. The good news is that the volatility will probably be to the upside. Many Bitcoiners will get rich. Others might find out that they didn’t really own the Bitcoin they thought they own. The only way to enjoy the massive gains is to fully own your Bitcoin yourself. Join ‘Proof of Key day’, enjoy the temporary low fees and be prepared before the perfect storm starts!
