On January 3, 2009, the first event on the Bitcoin blockchain happened, known as the genesis block. Now, a decade later, cryptocurrency expert Trace Mayer wants to hold a “proof of keys” celebration.

He advocates for people to remove all their Bitcoins from third-party crypto exchanges and similar services on January 3, 2019.

Mayer argues that by doing this, people can prove that their Bitcoins exist on the blockchain and that their keys are genuinely associated with Bitcoins, and therefore, value. By participating, people can “declare their monetary sovereignty” and hold third-party services accountable.

This event forces third parties to prove they have the crypto funds they claim to store. Plus, the crypto exchanges must show that they have users’ keys.

In a YouTube video made for the January 3 event, Mayer asserts that new people have recently invested in Bitcoin, and it’s important for them — as well as long-time holders of Bitcoin — to periodically show their independence by holding private keys and not being tied to those outside exchanges. Recent hacks have made people doubt the security of exchanges, and in turn, their funds.

Mayer further clarifies that if an exchange does not want a person to hold a private key or have their own network consensus, they’re a “monetary enemy” by not enabling the user to have freedom and independence with their money.

Concerning the network consensus aspect, Mayer discusses how easy it is for third-party exchanges to make decisions without getting consensus first, thereby making decisions on behalf of all people using the exchange even if those individuals don’t agree with the outcome. If people come together and simultaneously withdraw their Bitcoins from exchanges, they’re taking power back.

A Way for Bitcoin Holders to Invest in Themselves

A substantial part of the YouTube clip Mayer created discusses how people are often lax with Bitcoin security because they don’t think about the worst things that could happen.

Mayer then gave examples of how people destroyed computers that had crucial Bitcoin access information stored on them or made other preventable blunders.

Mayer pointed out that through this proof of keys event, people will be encouraged to start discussions about Bitcoin and help others develop better security measures for it.

As such, people are making investments in themselves and getting the option to cease their dependence on third-party exchanges at any time if they choose.

A Lack of Key Ownership Means a Lack of Bitcoin Ownership

A common line of thought in the Bitcoin community, and one expressed in Mayer’s video, is that if people don’t own their keys, they don’t own their Bitcoins. Unless those people hold private keys, it’s actually the exchanges that possess their Bitcoins.

Then, they could deny people access to the funds they own or even shut down altogether and leave people unable to retrieve their investments.

This proof of keys collaborative demonstration could be the annual way that Bitcoin owners test crypto exchanges and make those entities show that they have safely kept the Bitcoins that users own. It also reminds those entities that people can stop doing business with them whenever they wish.

What Could Go Wrong?

Critics have come out against these January 3 plans and brought up some pitfalls that could result. To start, third parties don’t store all funds on exchanges at once.

They keep a substantial portion in cold storage, otherwise known as offline. There could be extraordinary amounts of traffic and long waiting times if everyone were to demand all of their funds at once, including those that aren’t immediately accessible.

Plus, people have said that trading on an exchange may stop until people transfer their Bitcoins back to it. This issue could cause hassles for the people who want to trade and are not part of the group that took their Bitcoins off the exchange.

Will This Be a Large Enough Movement?

There’s also the question of whether enough people will take part in this annual event, the first of which is happening soon. Some discussions on Reddit mention how most informed people who have Bitcoin don’t store it on exchanges long-term.

In that case, people who are still Bitcoin newbies and not well-educated on Bitcoin might still be primarily reliant on exchanges, but will they hear about this plan?

If not, the proof of keys celebration may not cause as much of a stir as its supporters hope it will.

Many Questions, But a Short Wait for Answers

It’s unclear whether January 3, 2019 will be the start of an annual event that makes waves. On a positive note, people don’t have to wait very long to see what comes of the day.