Centralized cryptocurrency is controlled by a government or a company. It has value only in the specific area under company or government boundaries. For instance if you go any mart for shopping, the shopping mart could you reward points against your shopping, which can be redeemed for discounts or products. These points are technically centralized cryptocurriencies, but can be invalidated or increased in value by the controlling entity.
Decentralized cryptocurrency has no connection with any state, government or
http://entity.It is registered on online exchanges and are usually only traded within the crypto community, except for the more mainstream ones like Bitcoin and Ether. Price fluctuations are controlled by free market forces.
In my understanding though, decentralized platforms, allow for far more privacy. Because anything which is controlled is likely to be driven towards a private agenda.