Dangers of long-term trading on exchanges and uninstalling of trading app or wallet

If you're going on a long term, I believe this is for you... based on my friend's brief experience, I would advise you guys should take your Bitcoin, Ethereum or any other cryptocurrency off exchanges and store it all in a decentralized wallets instead.

you might be wondering why?.. this is because of safety reasons and exchanges are more vulnerable to hackers than the decentralized wallet.... basically one of my friend woke up this morning and noticed his account on the exchange he his using has been compromised and it was exactly on the one he was trading on and the $850 that's over #350,000 here in Nigeria has just gone for vanishing and he actually didn't believe it at first but after everything luckily the exchange apologize and console him with $100 which is 50,000# , out of 350,000# +.

That's why you'll see trade at your own risk and other similar phrases throughout most cryptocurrency sites, implying that you were aware of the danger and decided to take it nonetheless...... There's even a phrase that's commonly used in the cryptocurrency community space that says “Not Your Keys, Not Your Coins" and that truly means; you don't own your crypto unless you're the only one who can access them without a third party.

The third party like the exchanges and exchanges like Coinbase, binance, kucoin and the rest... instead store your cryptocurrency on a decentralized wallet and decentralized wallet like Blockchain, trust wallet, Bitcoin wallet and the rest which you're familiar with.

DANGER OF DELETING YOUR TRADING APP OR CRYPTOCURRENCY WALLET

I have colleagues who have deleted their trading applications and wallets; the guy I mentioned who lost his portfolio did the same thing, and the most of them did so primarily because the market is down..... I recently contacted one of my friends for assistance in trading Bitcoin for fiat currency, and he informed me that he didn't want his portfolio to resemble a radio FM frequency, which we all laughed at.

We all agree that there are better ways to which we can handle situations like this and we shouldn't be too hard on ourselves and also not risk losing the remaining portfolio looking like radio fm frequency that's there... because imagine if the market is going up and you're okay to download the trading app and you login and surprisingly it indicates incorrect password or the wallet ask you to provide your seed phrase and you don't have it and someone shouted your village people have won this battle then.

Another problem you might see if you deactivate your trading app is that the coin you committed so much in may be delisted, and you will be unaware because you were not paying close attention..... it's best to be on the safe side, you might say it's not possible but in crypto anything is possible, instead of deleting the trading app or wallet, just control your emotions and remember volatility is the name of the game, keep a long term perspective and assess the the situation.

We should comprehend why the market is declining so that we can decide whether to empty our wallets, which means withdrawing our investments, or hodl, which means keeping our money and is not every coin you hodl, I have a pal that was one of those that was really affected by the drop in crypto and cryptocurrency was the significant part of his overall portfolio and he has to wait till it eventually pumps back up and that eventually is not today or tomorrow or next tomorrow but eventually will definitely come.

In the midst of chaos there's always opportunity in cryptocurrency.

Thanks for reading 💖💖💖💖💖💖💖