Users of the world’s largest cryptocurrency have challenged the Bitcoin community to withdraw all its bitcoins from crypto exchanges to celebrate the 10 years anniversary of the Genesis Block — Bitcoin’s primary block, with the first 50 mined bitcoins.
“On the 3rd of January 2019, 10 years on, let us all have withdrawn our BTC to wallets we control. Let's see if it is all there, let us see who fails, let us see the network work.” — Part of the message shared yesterday on Reddit.
The initiative has already been named "Proof of Trust".
The process seems clear — to simply withdraw bitcoins from crypto exchanges. However, most platforms only place between 5-10% of their available funds on hot wallets, for immediate use. The large majority of the assets is kept in cold wallets, for security reasons.
If the initiative gains supporters the crypto exchanges’ hot wallets will quickly be empty. Then, exchanges will reply that new requests will not be processed until they will be able to transfer crypto assets from cold to hot wallets — in order to gain time.
According to experts this initiative is being carried out by crypto market bulls — in order to push bears to stop selling the cryptocurrency. If so, will they be successful?
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