Front page of The Times, 10 Years to the day. Déjà vu?
Which wallets? Software, hardware, paper wallets— it doesn’t matter, as long as it’s not an exchange wallet, you’re participating in Proof of Keys.
If you’ve been following our blog, you know that we go on and on about how leaving your funds on exchanges is a bad idea. Why?
Your funds can be stolen by hackers (over $1 billion stolen last year, in fact).
You can lose access to your funds due to technical problems at the exchange.
Some exchanges, like HitBTC (which figures like Trace Mayer and John McAfee have been criticizing for some time) have already failed the Proof of Keys test:
HitBTC users are reporting all over Twitter that they are unable to withdraw funds.
Imagine being in that position.
Too bad, you can’t have your money, because they said so.
That’s what happens when you give too much power over your funds to centralized entities that need to make a profit. When their interests are not in alignment with your own, it’s pretty easy to guess what will happen.
“Not your keys, not your bitcoin.” —Andreas Antonopoulos
10 years ago today when Satoshi Nakamoto launched bitcoin, a vision for a new era of financial freedom was brought into fruition: An era where people took back control of their money from corrupt banks and financial institutions.
We don’t think Satoshi went to all that trouble just so we could end up right back were we came from. That’s why Proof of Keys is so important.
Reclaim sovereignty over your finances and withdraw your holdings to your own wallet today.
When you do, you can use products like Faast to swap digital assets safely from your own wallet, which you and you alone control.
What better way to celebrate Bitcoin’s 10th anniversary?
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