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While you probably can continue to read the books on your Kindle, if you keep the wifi off, your best bet is to download all the books to your PC and remove the DRM. Otherwise you'll probably lose the ability to read them. And if you buy another ereader, you can't read those books on your new device, unless the DRM has been removed.
Note that you'll have to strip the DRM before you close your account. You won't be able to do it afterwards.
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