Every year on January 3rd, Bitcoiners celebrate the annual Proof of Keys event which was created to encourage individuals and businesses to take control of their Bitcoin keys and to not keep them on third party custodian platforms such as exchanges or lending platforms. The Proof of Keys event takes after the classic mantra, not your keys not your coins, which in over the years has proven to be one of the most important and useful statements in crypto, helping beginners to pros keep their Bitcoin and cryptocurrency safe.
What is Proof of Keys
Proof of Keys is an event that occurs on January 3rd every year. The event was created by long time Bitcoiner Trace Mayer, an entrepreneur and Bitcoin advocate, who believes that it is important for people to be in control of their own cryptocurrency and not rely on third parties to hold it for them.
During Proof of Keys, individuals and businesses are encouraged to withdraw their cryptocurrency assets from third-party custodians, such as exchanges, and store them in a wallet that they control. This is known as "self-custody." The idea behind Proof of Keys is that if a large number of people withdraw their assets from third-party custodians, it will help to demonstrate the decentralization and security of the cryptocurrency ecosystem.
One of the main reasons for Proof of Keys is to help ensure that third-party custodians are actually holding the assets that they claim to be holding. There have been instances in the past where exchanges have gone bankrupt or been hacked, resulting in the loss of customer assets. By withdrawing assets from these custodians and storing them in a self-custodied wallet, individuals and businesses can protect their assets from these types of events.
Proof of Keys is also a way for people to take an active role in the cryptocurrency ecosystem. By participating in the event, they are helping to demonstrate the strength and security of the system, and they are also taking responsibility for their own financial well-being.
Overall, Proof of Keys is an important event in the cryptocurrency world that helps to promote decentralization, security, and individual responsibility. It is a way for people to take control of their assets and ensure that they are being held in a secure and decentralized manner.
How to celebrate Proof of Keys
In addition to the very first important step of taking full self-custody of your Bitcoin, you can celebrate this annual event in a few ways. The first way is to of course change your social media bios and usernames to include the Proof of Keys symbols. Here is how it works:
1. Jan/3 - the Proof of Keys date
2. ➞ - the heavy right arrow symbol (symbolizes what will be done)
3. ₿ - the Bitcoin symbol
4. 🔑 - the private key symbol
5. ∎ - the End of Proof symbol
It should look like this in full form: [Jan/3➞₿🔑∎]
In addition to adding this to your online presence, you can also get the Proof of Keys on a shirt, hoodie, winter hat, or even a coffee mug. We also offer other options to celebrate this day with our Not Your Keys, Not Your Coins apparel too. You can see the whole Proof of Keys crypto collection here.