When it comes to the a monetary system, consensus is vital for ongoing operations. All parties need to agree on what is taking place.
There also needs to be some form of standardization, meaning all participants are using the same model and is in agreement.
Hence, who controls the ledger is vital.
In cryptocurrency, due to the nature of Distributed Ledger Technology utilized by blockchain, no single entity has control. This differs from the fiat monetary system where the banks are tasked with maintaining and updating the ledger.
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