“Decentralization is a key aspect of Bitcoin.”
“Your shitcoin sounds cool but it is not decentralized.”
“The world needs more decentralized online services.”
Definition(s) from the Web
- Decentralization or decentralisation is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.
Concepts of decentralization have been applied to group dynamics and management science in private businesses and organizations, political science, law and public administration, economics, money and technology…
… Blockchain based networks are designed to support decentralization by way of a cryptographic distributed triple-entry accounting ledger, typically with “layers” where each layer is defined by an interoperable open protocol on top of which network participants can transact and build products or services without requiring permission from central authorities.
Bitcoin is the original implementation of a blockchain where proof-of-work is used as a means of establishing decentralized consensus (aka. Nakamoto consensus), thus enabling the uniqueness of its intrinsic digital asset and utility as a scarce cryptocurrency. Since a blockchain is otherwise an arbitrary data structure with no inherent decentralized properties, at present there are limited use cases, although there is active experimentation in many industries and with different methods of achieving consensus.
Decentralized protocols, applications, and ledgers could be more difficult for governments to control, censor, or regulate as has been seen with BitTorrent. Source