Bitcoin’s 13th Birthday Reminder

Satoshi Nakamoto is the pseudonymous developer of Bitcoin (BTC). This person mined the first Bitcoin (BTC) block, also known as the Genesis block, on January 3, 2009. This turn into the first block ever created. Today is the thirteenth anniversary of the occurrence. The cryptocurrency world is celebrating Bitcoin’s 13th Birthday (Happy Bitcoin Birthday!).

Aside from that, today is also the fourth Proof of Keys Day (PoK). This is an event to determine if BTC users truly control their money or not. The event revolves around the well-known saying “not your keys, not your coins.”

“You can think of Proof of Keys as a kind of battle preparation exercise. Perhaps it will help prevent additional irritating skirmishes with people who dislike persons who have financial autonomy”. This is according to the event’s official website, which describes how it will work.

Trace Mayer, a proponent, and host of the Bitcoin knowledge podcast. He was the first to expose the event to the public. The concept behind this day is straightforward. It is to encourage users to keep their private keys in their possession.

As Mayer explained in an announcement video released in 2018, “the goal of Proof of Keys is to demonstrate to the

community that there is still authority over our funds.” “A large number of newcomers have joined the community… The declaration and redeclaration of our monetary sovereignty on a regular basis, I believe, is critical”.

Bitcoin’s private keys are a series of numbers and letters generated at random.

Bitcoin's 13th Birthday

The result serves as a password for a bitcoin wallet’s access. Individuals get asymmetric power as a result of these keys. This gives them complete ownership and control over data, which can be bitcoin(s) or a text message. In technical terms, it is very impossible for a hacker to gain access to a Bitcoin wallet and steal its funds if they do not have access to the wallet’s keys.

Bitcoin proponents appreciate the event because it promotes the fundamental idea of decentralization that underpins Bitcoin. In the event that a large number of Bitcoin holders choose to keep their coins in an exchange, this can represent a risk to the BTC network by putting a big number of coins at risk – as centralized institutions are vulnerable to hacking and other forms of exploitation.

Furthermore, Bitcoin was designed to function as a peer-to-peer (P2P) payment network. What is needed is an electronic payment system based on cryptographic proof rather than trust. This allows any two willing parties to interact directly with each other without the need for a trusted third party, according to Nakamoto, who wrote the whitepaper for the bitcoin’s cryptocurrency.

In order to maintain Bitcoin’s concept of monetary sovereignty, it is not allowed for a third party to keep a user’s private keys.

Meanwhile, the Bitcoin Association of Hong Kong has been one of the first to recognize PoK day, stating that it is “a perfect day to withdraw your coins to a wallet you own and control.”

Notably, Trace Mayer, the event’s creator, has been absent from the public eye for a long period of time.

Leave a Reply

four + 14 =