Non Custodial Digital Wallets Vs Custodial Wallets

Published On: December 26, 20231241 words6 min readBy:

You will be surprised with what big crypto apps are doing with your money. But there is hope!

Think of some of the biggest crypto apps that come to mind.  How would you feel if I told you that they are operating like uninsured unregulated banks? The true essence of crypto as it was created was to decentralize and make transparent what was actually 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, that means that platform owns their customer funds.  Ever noticed when there is a big sell off of a token and you try and 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 actually happening is that that app is trying to mitigate the sale of the token because that app is actually paying out of pocket to the customers when the customers 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 that there is not one main figure holding your funds, each member’s funds are being held on their own 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 actually has all of 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 insure 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. For you to be the true holder of your own assets, for you to TRULY own your funds.  There are some HUGE crypto apps that 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 operating 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 happen with anyone who has their funds on a custodial digital wallet/operating on a centralized exchange.  This type of app, custodial/centralized, allows its owners at any time to manipulate and take some or all of your money. 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 truly 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. There are applications that ARE operating as crypto was truly designed, as decentralized non custodial platforms. 

A few questions to ask before downloading any crypto application:

Is this application operating as a non-custodial digital wallet platform?

Is this application operating on a decentralized platform?

Once you are clear that the application you are wanting 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 non custodial digital wallet and purchase some funds in the form of the native token on the blockchain you will be investing on.  You then have to go to a decentralized exchange to ‘trade and invest’ your crypto currency. Next, pull your funds back to your non custodial wallet, while at the same time know how to avoid scam tokens.  Seems like a lot doesn’t it? Imagine waking up one day with all of 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 absolutely sure you are safe. 

I introduce to you, the Global Investment Crypto Exchange or GIE Project.  This platform is a completely non-custodial digital wallet that has decentralized exchange capabilities and vets all tokens offered on its platform to make sure the GIE member is not investing in a scam token.

We have created an exclusive crypto platform that is a decentralized cryptocurrency exchange and is also a non-custodial digital wallet.  Having a decentralized exchange and non-custodial digital wallet gives the member all the powerWe as the GIE administrators do not have access to our customer’s seed phrase, 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 

On the GIE app, the members can educate themselves, as there is an educational section all about crypto and blockchain technology. There is an educational section which 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 simultaneously helping our local and global communities thrive.

GIE was designed to prioritize the best interest of their members and our global community. We are on a mission to build a cryptocurrency ecosystem that not only serves as a customer-centric exchange platform, but an organization determined to leave a positive impact on this planet.

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

Imagine the Impact! If every business, small and large, 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 that need it and save the rainforests to mention a few endless possibilities. The possibilities are endless!

Also, not common to most non-custodial wallets, we offer onramp AND offramp solutions which means customers can buy AND sell their crypto for cash on our application. Other technology we offer is swapping capabilities between 46 different tokens as well as send and receive options between our and other digital wallets.

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

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

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