Non-Custodial Digital Wallets Vs Custodial Wallets (Guest Article) - Miller IP

Non-Custodial Digital Wallets Vs Custodial Wallets (Guest Article)

Think of some of the biggest crypto apps that come to mind.  How would you feel if I told you they operate like uninsured, unregulated banks?

The true essence of crypto as it was created was to decentralize and make transparent what was happening with your money.  Think of the biggest crypto app you know and ask your browser if that platform is centralized or decentralized.  If the answer is centralized,  the platform owns its customer funds.  Ever noticed when there is a big token sell-off, and you try to get on your crypto app, but there is a pop-up that says, ‘Sorry, we are having technical difficulties. Your funds are safe. Try again later.’? What is happening is that that app is trying to mitigate the sale of the token because that app is paying out of pocket to the customers when they cash out or sell their crypto tokens on that app.  How can you keep this from happening to you? The key is decentralization. The other key is a Non-custodial digital wallet.  Most people don’t know this, however. Decentralized means no central figure is holding your funds; each member's funds are on their device. 

Now think of centralized. A bank, for example, is centralized. A bank can hold your funds; yes, they are insured (to a certain amount), but the bank has all the authority over your money. They can freeze your accounts, for example.  Banks are regulated and insured, though. (Question to ponder: why would banks need to ensure their customer funds? They could go bankrupt.) 

Crypto was designed so there would be no central authority over your funds; YOU would truly own your money. Like gold in a safe, a non-custodial digital wallet that operates on a decentralized exchange is the true essence of why blockchain and crypto were created. To be the actual holder of your assets, you must TRULY own your funds.  Some HUGE crypto apps are operating like uninsured, unregulated banks!  Remember FTX? Customers who held their crypto on that platform lost everything because that platform was designed as a custodial digital wallet running on a centralized exchange. That meant that FTX was the REAL owner of their customers' crypto funds, passwords, seed phrases, everything. What happened with FTX can occur with anyone who has their funds in a custodial digital wallet/operating on a centralized exchange.  This type of app, custodial/centralized, allows its owners to manipulate and take some or all of your money at any time. Of course, governments are trying to figure out how to regulate and make their own money off of crypto right now, but until then, to be safe in the blockchain and crypto world, you need to do some research. 

Fortunately, there is a light at the end of the tunnel. Some applications ARE operating as crypto that were genuinely designed as decentralized noncustodial platforms. 

Here are a few questions to ask before downloading any crypto application:

  1. Is this application operating as a non-custodial digital wallet platform?
  2. Is this application operating on a decentralized platform?

Once you are clear that the application you want to download is a non-custodial digital wallet and you know how to invest on a decentralized exchange, then 

AT THAT POINT, YOU ARE SAFE TO START INVESTING. HOWEVER, YOU MUST KNOW HOW TO AVOID SCAM TOKENS.

Typically, you must download the noncustodial digital wallet and purchase some funds in the native token on the blockchain you will be investing in.  You must use a decentralized exchange to ‘trade and invest’ your cryptocurrency. Next, pull your funds back to your noncustodial wallet while at the same time knowing how to avoid scam tokens.  Seems like a lot. Imagine waking up one day with all your crypto funds gone, just like the FTX customers. If you want to make sure this doesn't happen to you, this is how you must invest in crypto right now to be sure you are safe. 

I will introduce you to the Global Investment Crypto Exchange or GIE Project.  This platform is an entirely non-custodial digital wallet with decentralized exchange capabilities and vets all tokens offered on its platform to ensure the GIE member is not investing in a scam token.

We have created an exclusive crypto platform: a decentralized cryptocurrency exchange and a non-custodial digital wallet.  A decentralized exchange and non-custodial digital wallet gives the member all the power.  As the GIE administrators, we cannot access our customer’s seed phrases, passwords, or digital wallets. Essentially, we do not have access to the GIE members' money.  The GIE member is the sole owner of their funds. 

GIE is SO MUCH MORE 

The members can be educated on the GIE app, as there is an educational section about crypto and blockchain technology. An academic area includes YouTube videos, web links, a crypto glossary, and a crypto news segment. GIE members can also suggest educational content AND ask questions via our mobile app. So, the GIE members can learn about their investments and invest wisely to make money on our platform while helping our local and global communities thrive.

GIE was designed to prioritize the best interests of its members and our global community. We are on a mission to build a cryptocurrency ecosystem that serves as a customer-centric exchange platform and an organization determined to leave a positive impact on this planet.

Leading by example, GIE donates a percentage of our transaction costs to support organizations,  help companies, and support people who give back to our global communities and our planet. We are committed to setting a new standard for philanthropic business practices with our nonprofit partners. On the GIE app, members can donate to any charitable partners in any cryptocurrency we offer.  GIE members can also suggest other nonprofit organizations for GIE to review as potential partners.

Imagine the Impact! If every small and large business in the world gave a small percentage of their profits to verified charitable organizations! We could change the world.  We could fund organizations that find cures for diseases, end world hunger, clean the oceans, clothe and educate people who need it, and save the rainforests, to mention a few endless possibilities. The possibilities are endless!

Also, unlike most non-custodial wallets, we offer onramp AND offramp solutions, which means customers can buy AND sell their crypto for cash on our application. Another technology we offer is swapping capabilities between 46 different tokens and sending and receiving options between our and other digital wallets.

On the home screen is a community feedback button where GIE members can suggest new features and components they would like us to add to our platform.

Also, we have patented our own AI technology. One is that it serves as a crypto knowledge base and helps GIE members navigate the application. And two more very innovative and exciting AI capabilities that we will showcase on our launch date. 

Check out our website

www.GIECrypto.com 

Coming soon as a mobile application, the Global Investment Crypto Exchange

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