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Proof of Keys
Proof of Keys: not your keys, not your bitcoin.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. - Satoshi Nakamoto
The market has seen a lot of turmoil, with scams, outright fraud and bankruptcies, highlighted by the recent downfall of companies within the sector.
We, as Bitonic, have always encouraged customers to directly buy bitcoin into their own wallet. We recognize that customers would use our exchange BL3P as a wallet, just because it is simple or you want to be ready whenever volatility hits. Just be sure that you make a mindful decision on whether you would want to store your unused bitcoin with us or in your own wallet.
With the latter option, it doesn't have to come down to trust. You do not have to trust our word whether we have your bitcoin stored safely or not. Don’t trust, verify; you’ll be able to withdraw the bitcoin into your own wallet and have full control over them. Feel free to withdraw bitcoin back into your own hands and always feel welcome to come back whenever you want to trade on the BL3P exchange.
To support the Proof of Keys movement, we will be implementing a new low fee withdrawal option. With the low fee option you’ll be able to withdraw your bitcoin at a fraction of the current cost, which will be batched and processed once every 24 hours. On January 3rd, Proof of Keys day, the low fee option will be at no cost. Our current high and medium withdrawal options will still remain available if you find yourself in a hurry to withdraw your bitcoin. Lightning is also available for everyone for speedy bitcoin withdrawals.