So is crypto. The centralisation is in the algorithm that enforces scarcity as you mine more of the currency, slowing down the creation of new coins and the speed of verifying transactions. The only difference is that it isn’t a government or federal reserve doing the centralising.
Then a company like Coinbase shows up and uses their resources to dominate the market as the de-facto app change. Centralised again.
Crypto is just as abstract as the currency we currently use so only functions as legit currency because people are willing to buy and sell it from one side of the world to the other. Bitcoin for example has a single valuation, despite being decentralised.
If you want true decentralisation then you’re looking at the pre-currency barter economy.
Then a company like Coinbase shows up and uses their resources to dominate the market as the de-facto app change. Centralised again.
Crypto is just as abstract as the currency we currently use so only functions as legit currency because people are willing to buy and sell it from one side of the world to the other. Bitcoin for example has a single valuation, despite being decentralised.
If you want true decentralisation then you’re looking at the pre-currency barter economy.