Bitcoin is not meaningfully decentralised

One of the big dreams of Bitcoin was to avoid placing too much power in the hands of a central bank, since they have a history of breaching users' trust. And in a sense, it's achieved that. There is no central server; the Bitcoin network is distributed across its entire user base.

In practice, however, control over Bitcoin is centralised in all kinds of entities. For example, the vast majority of Bitcoin owners use cloud software to manage their Bitcoin, so they can easily access it across devices and don't need to worry about losing all their money if they lose their laptop. And the makers of that software can directly access users' Bitcoin. They're being given the same level of trust as the central banks – but without the regulatory oversight.

Further, Bitcoin's core developers have the ability to change the Bitcoin protocol. While they frame it as just technical administration and not governance, their 'purely technical' modifications have included changes to transaction fees. That's regulation, but it's being done without any kind of regulatory framework because the governing body won't admit that it is one.