One of the common reason why person admire BTC is because it is decentralized. BTC does not have any single person that control the network, and this is what give BTC the ability to be transparent and independent. This decentralization that BTC has, distributed control and responsibilities to everyone, the miners, developers, wallet providers and the billions of user that have adopt bitcoin This decentralization didn't come for free, for their to be decentralization, bitcoin needed to sacrifice plenty of things that centralized systems can provide easily. Because decentralization made Bitcoin to sacrifice certain things dosen't mean that decentralization is a bad thing, it is even this decentralization that has make bitcoin to remain secure and reliable for more than a decade now.
This is some of price that bitcoin had to pay to remain decentralized=
1) THE PRICE OF SCALABILITY>
When person send BTC from one wallet to another, the transaction is broadcast across the network before it is included to the block. And BTC cannot process unlimited transactions that is coming at once from plenty users. The ones with low transaction fee wait longer. And because of decentralization and to make more person to be able to verify their transactions, because cannot scale up it's capacity to process more transactions in a faster way.
2) THE PRICE OF SLOWER INNOVATION>
In centralized system new feature and improvment can be bring by the person that is in charge, but Bitcoin is not like that. Any change that want to be done will need the support of majority in the community and because of how large the community is this can slow down decision making and innovation.
3) THE PRICE OF SOCIAL CONSENSUS>
Rule of BTC cannot be changed with imposing command, to change rules agreement have to be reached and reaching agreement from different parties and because this parties can have different opinions, reaching a consensus can wate plenty time.
4) THE PRICE OF PERSONAL RESPONSIBILITY>
Person cannot be perfect all the time, and when person forget his bank pin or lost his ATM card, that person can just go to the bank and complain to customer care and a solution with come out . That is the way that it is done in centralized system. Bitcoin is not like that, when person loose seedphrase, there is nobody that can help unless that mess, your coin is gone!!
5) THE PRICE OF USER EXPERIENCE>
Using some Bitcoin based wallet can be very hard because off the complex technical feature that is there, and this can be a difficult experience for a beginner. Sometimes person will have to go to YouTube to learn how to use it . But many centralized services offer a smoother experience when person is using the app. For example if you have not used Palmpay or oPay app in their life, person can still use it and send money to someone without making any mistake.
And if you ask me if this sacrifice are worth it, my answer will forever be yes, because without this decentralization, BTC might not be what plenty person trust today.
Well what can I say man, they say freedom does comes at a price right?. You know you can’t always eat your cake and still have it. Since bitcoin has choseen to be free from the shackles of centralized control, and just like every other being that seeks freedom, it must be ready to accept the cost of that freedom, which to me i think is a fair trade because if you think of it well, you’ll realize that the price that bitcoin is paying for being a decentralized asset is what is still making bitcoin to be a sovereign asset and a force to be reckoned with. I’m telling you that without paying that price, bitcoin would just be like any other normal currency with little or no importance attached to it at all
