The Proof of Keys event invites the HODLers to remove their Bitcoins from the exchanges

In two months, Bitcoin (BTC) could disappear en masse from cryptocurrency exchanges as the second annual Proof of Keys event approaches. Trace Mayer, organizer of Proof of Keys and presenter of the Bitcoin Knowledge podcast, recently discussed on Twitter just this eventuality.

Mayer invites Bitcoin HODLers to take control of their funds

For the second year in a row, the Proof of Keys event invites the Bitcoin HODLers to take direct control of their funds, thus stopping using the services offered by third-party companies.

With the slogan "Not your keys, not your Bitcoins", Mayer pointed out that the sudden closure of cryptocurrency exchanges is still very frequent, and for this reason investors should personally control access to the funds.

In a promotional video dedicated to this year's Proof of Keys, Mayer declared:

"Many people simply don't want people to have their own private keys and interact directly with the consensus on the network."

On 3 January, on the anniversary of the Bitcoin genesis block, all the participants of the initiative will take their funds from the exchange wallets.

Choosing how to preserve one's cryptocurrencies is not easy

Nevertheless, for holders of cryptocurrency at the beginning it is still extremely complex to select the best way to preserve one's digital wealth. On the one hand, even the most popular cryptocurrency exchanges remain vulnerable to attacks by hackers, while on the other, the use of hardware wallets is not always simple and intuitive.

The Proof of Keys official website explains why the direct possession of cryptocurrencies is so important:

"The cost of this simple operation is really very low, no more than a few commissions to complete transactions, yet it demonstrates the ownership of the funds and strengthens the consensus of the network. Companies and exchanges must prove their reliability and their own consent."