There has been a bit of a debate going on Internet about the role of decentralization in crypto. I believe that decentralization is the ONLY point of crypto.
Crypto has so many comparable non-crypto centralized alternatives, which can provide the same features. Here is a small list of features that crypto can offer, and a centralized/non-crypto alternative:
- Store of Value - Gold
- Transfer of money - PayPal/CashApp/Payoneer
- Yield products - Bonds/Some investment trusts
- Investment opportunities - Stock market
- NFTs - ownership papers
- Privacy - Cash (admittedly weak)
All other features of a crypto, say fast speed, low fees, and any other great technical advancements, are just a means to make the decentralized product better, but are not the main feature by any means.
Take BTC. It sits at #1 because it is the best store of value of any crypto, but the reason it has any value in the first place is because it is decentralized.
Decentralization gives fundamental value, other features enhance that value.Decentralization introduces a whole new way for society and individuals to organize themselves in a mutually beneficial way across the world with no barriers to entry. We are creating a completely new social contract, and the way we govern ourselves will slowly but surely change in a fundamental way.