10 Year anniversary of Bitcoin and Proof of Keys
One big purpose of Bitcoin as a cryptocurrency was decentralization: not just for the sake of security and removing a single central point of failure, but to seize the power over your own funds from centralized entities.
Tomorrow January 3 2019, a decade has passed on the invention of cryptocurrencies and Blockchain technology. Satoshi Nakamoto is thought to have mined the first block on the Bitcoin blockchain, which started with a few people on an obscure mailing list, into becoming one of the biggest innovations since the internet producing censorship resistant non-state money to the world.
It hasn’t been an easy road, in fact far from it. In the eyes of the mainstream media Bitcoin has died 339 times now and yet this year it is estimated there are over 65 million bitcoin wallets and users out there and in some countries, 5% of the population has a Bitcoin wallet — a remarkable feat. We at Bitspark have a team full of long-time Bitcoin enthusiasts and users since 2010 devoted to the continued growth of cryptocurrencies and permissionless finance around the world and we look forward to celebrating this milestone and continue working hard to make the next 10 years even bigger.
To celebrate this milestone, we are happy to support the ‘Proof of Keys’ initiative suggested by industry veterans Trace Mayer, Nick Szabo, Max Keiser and others with the intent being for users to always be in control of their own keys without needing to trust third parties with their money. At Bitspark we always implore our users to retain ownership of their keys and withdraw funds to take custody of their cryptocurrency themselves. In the case of our DEX Sparkdex, this is ‘baked-in’ as we have no control or ownership over your Sparkdex accounts and users logging into Sparkdex always have ownership of their own money and keys even if we disappeared tomorrow.
Fundamentally we believe the growth of decentralised exchanges, like Sparkdex is vitally important for the continued growth of cryptocurrencies ensuring censorship resistance and elimination of risk of asset seizures (as has happened often in the past with centralised exchanges being hacked or disappearing). So please join with us, as we help support the #ProofofKeys initiative tomorrow and celebrate the decade that was and also the exciting decade to come.
Bitspark’s easy to use platform and app allows businesses and individuals to transfer money worldwide without banks. Having made the world’s first cash-in cash-out Bitcoin transaction in 2014, Bitspark now services six markets across Asia and Africa utilising stablecoins across its product offerings.
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If you have any questions reach out to our growing community!