In the minds of many people, “decentralization” is what sets Bitcoin and the “Crypto” space apart from almost everything else in the world. But the conclusion we came to during last Friday’s discussion was that only Bitcoin is truly decentralized and everything else is “decentralized in name only”.
That’s probably a surprise to a lot of people. After all, most cryptocurrencies and blockchain projects advertise themselves as decentralized in order to attract users. But calling something “decentralized” doesn’t make it decentralized.
So what is decentralization?