If we take the explanation of what decentralization is, then we may observe that at this moment crypto is far from being a decentralized domain. According to PeopleHum websitedecentralization can be understood as the orderly assignment of authority, throughout the levels of management, in an organization. It describes the way in which power to take decisions is allocated among various levels in the organizational hierarchy. In other words, it refers to the dissemination of power, functions and responsibility, away from the central location.
One of the reasons for which I was convinced to join crypto was exactly the idea of decentralization that was promoted by crypto projects. While escaping from banks rules, governments’ ideas and laws, corporations’ influences and so on sound very well, after almost one year in crypto I’ve discovered that at this moment decentralization on large scale is quite far from becoming reality. We may see decentralization in various crypto projects, but this type of decentralization is not new since there are companies dealing with this organizational hierarchy yet.
For me decentralization would bring more freedom in our daily lives and in the way we may choose to use our resources (time, knowledge, money, assets etc.) without being under the umbrella of thousands of laws. Crypto market overall is not a decentralized domain. On one hand, governments’ decisions regarding financial regulations and crypto ban affect crypto market. Moreover, stock market evolution has a great influence in crypto market prices. Furthermore, an economic crisis that seems to be expected in the near future put crypto in danger. On the other hand, many people expect regulations in crypto market, which for me doesn’t sound at all to match the idea of decentralization. I mean if we still wait for those who make laws and rules to regulate crypto, then we will be again under their umbrella. Of course, the instrument is changing and we are investing in crypto assets instead of market stock or other assets like gold. Nevertheless, the regulators are the same.
If we change the prison it doesn’t mean that we are free, it means that we change only the prison and maybe the guardians. Nonetheless, freedom is still far away! It is just my opinion after watching the evolution in crypto and financial markets. And I feel that until crypto market doesn’t manage to break the connection with FIAT currencies, decentralization will be just a nice word to describe a domain that is still new for many people. The initial shock after diving into crypto was the manipulation of the market that I’ve been experienced in May 2021. But after a few weeks I’ve started to understand better the phenomena and now I’m aware of the fact that markets are manipulated by whales and large investors.
For me decentralization at this moment is just a nice story and I hope that in the future we will not talk about crypto projects as a bubble. Maybe one solution to make crypto market to become earlier a decentralized domain is to use various tokens and coins in order to be paid for products and services. Instead of charging for services and products in FIAT, we may pay the costs using crypto. I know that this is already happening, but maybe as crypto investors we could be among those who support decentralization and make this happen faster. For example in my case I could offer my services as content writer or tour guide and accept crypto for those services. On the other hand I could pay for transport services or for accommodation using stable coins or different other crypto tokens.
Decentralization sounds good, but for me right now crypto market is just a way to invest and to earn more FIAT currency. Even if there are projects supporting decentralization and the idea of freedom, 95% of those who are part of the market are looking to fill their bags with FIAT money, whether in the next months or in the next years. I would like to be contradicted by the events of the near future in crypto market, but as things look right now, I’m skeptic that this will happen very soon.
