Finale-Tips to Survive the Bear Market
Hello guys, its another day and we finally coming to the end of this series of "Tips to survive the Bear market". Its my hope that you all have picked up some things off these series and will practice them. Today, i will be telling you the last tip to follow when caught in a bear market cycle.
DO NOT LEAVE YOUR CRYPTO ON EXCHANGES (CEX): Like they say, “not your keys, not your coins.” This is applicable in pretty much any scenario involving a centralized, custodial crypto exchange. However, during a disturbing bear market, the risks of losing your money / crypto stored in these exchanges is increased.
During the 2018 BTC crash, lots of exchanges went down along with it, some giving the excuse that they have been "hacked", in order to cut losses and preserve funds. We can't really blame them, as they are businesses and the aim of a business is to be in profit. However as the receiving end of such sudden news can lead to your funds being withheld from you, locked, or even hacked for real.
Consider what might happen if there was a sudden market crash? Billions of $ would be wiped out from the market, causing many CEX to end up insolvent.
Therefore a smart option to take as an investor who is aware of market situations, is to go for a non-custodial wallet app or better still, a tried-and-tested hardware wallet (ledger) to have full control over your crypto stash.
That's all so far. I hope we pick up one or two tips from this series.