Among the primary motives why cryptocurrency was developed was to provide the freedom of people without central control. Bitcoin and other online currencies were meant to be decentralized, in the sense that, no individual, government, or company could take control of them. But with the progress of time and the appearance of big institutions like banks, governments and big companies adopting cryptocurrencies the dream of complete decentralization is becoming more difficult to hold onto.

Decentralization implies that power is distributed among a large number of people within a network. However, at the point of acquiring and heavily investing in the cryptocurrencies by the large institutions, they become influential in the system. Indicatively, the large financial firms, when they possess a large supply of Bitcoin or Ethereum, can influence the price by merely buying or selling. It causes the crypto market to act like the traditional finance, which was the last thing the process of decentralization was designed to alter.

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The other challenge is that of government regulations. Nigeria and many other nations are starting to develop legislation that will regulate cryptocurrency operations. Although regulation may save visitors of scams, excessive regulation may be a limitation to freedom. When the governments coerce crypto exchanges to adhere to rigid regulations or demand the establishment of identity, it eliminates the privacy and anonymity that make cryptocurrencies unique. I have realized that most Nigerians like decentralized exchanges since they wish to maintain anonymity of their financial operations and ensure government does not control them.

This struggle is also being contributed by technology. Venture capital firms and large investors are currently supporting many decentralized projects. Such communities usually finance blockchain ventures but on the condition that they are given control or profit. Consequently, in its turn, the allegedly decentralized systems turn into the ones, which rely on centralized funding and administration. This poses a ideology versus reality problem.

I believe that the largest problem is balance. To become global, cryptocurrencies should be adopted by the institutions. But at the same time we should make sure that the power will not be moved into the hands of few. The real ethos of cryptocurrency can be described as the ability to provide all people with equal access and control of their money. I am a Nigerian and a believer in the future of digital finance; therefore, I believe that we still need to champion decentralization as large institutions take over the field. It is only in this case that we can maintain the initial purpose of financial freedom to everyone.