proof

Happy Birthday, BTC!

As Bitcoin celebrates its 13th birthday today, another important event shares this day. It’s called Proof of Keys, and it’s an event that tests the entire network. So, if you have Bitcoin, today is your day to make companies and exchanges storing Bitcoin on your behalf prove their trustworthiness.

The Proof Of Keys was put in place in 2018 after a fascinating tweet from Trace Mayer. Now, with 68K followers, Trace has used his platform to champion Bitcoin in many ways. One of which was establishing the “Proof of Keys Celebration,” and this is how it works:

Let’s start a new #Bitcoin cultural tradition. An annual Proof of Keys Celebration on Jan 3rd to declare monetary sovereignty by withdrawing all $BTC held w/ trusted 3rd parties to software we control private keys & do network consensus. Who is w/ me? @TraceMayer

Genesis Block Is Celebrated Every Year

Naturally, the event has gotten bigger every year because, at its very core, it is exactly what Satoshi Nakamoto intended in the first place. He wanted a payment system based on proof instead of trust because after all, that’s exactly what was needed in order for the world to move away from fiat and work toward a decentralized currency. Now, with a Warren Buffet quote as its guide, Proof of Keys urges an aggressive move that forces companies and exchanges to prove they can be trusted with your Bitcoin.

In assessing the soundness of their [trusted third parties], [HODLers] must therefore apply a stress test to all participants in the chain, and must contemplate a catastrophe loss occurring during a very unfavorable economic environment. After all, you only find out who is swimming naked when the tide goes out. [HODLers of Last Resort] retain our risks and depend on no one. And whatever the world’s problems, [HODLer’s of Last Resort transactions will confirm]. Warren Buffett

In true spirit, Tweeters hashtag [Jan/3➞₿🔑∎], HODLers show their support on Twitter for this day of celebration. The powerful saying “Not your keys; Not your Bitcoin” proves that it’s on the right track with the crypto while putting a solid test in place for everyone else who says they are. So, demand your Bitcoin and find out for yourself who’s above board and who’s not.

Byte Federal is the place for all your cryptocurrency needs. Go bank, Yourself!