Decentralization in cryptocurrencies entails the absence of central authority, with security through cryptography and blockchain technology, allowing a distributed community to collectively control the currency, fostering fairness, security, resilience, and transparency in transactions.
Decentralization refers to the fact that cryptocurrencies are not managed by a central authority. Cryptocurrencies are secured by cryptography and based on blockchain technology. Decentralization means that a large, distributed community controls the currency collectively. Decentralization is a fundamental principle of cryptocurrencies, ensuring fair asset allocation and removing central authority, promoting security, resilience, and transparency in transactions.