Understanding the difference between a decentralized and centralized system requires a mindset shift from a tiered hierarchical approach to a consensus approach..

Since the launch of Bitcoin many other cryptocurrencies have been launched - all heavily influenced by the original. Care has to be taken to understand the differences between them.

A Central Bank Digital Currency (CBDC) is the digital form of a country’s fiat currency that is also a claim on the central bank. 

Self-sovereign identities (SSI) are digital identities that are managed in a decentralized manner. Widescale international adoption will be a landmark moment in technology. 

Decentralized Finance (DeFi) is a term used to describe the reimagining of traditional financial services (i.e., payments, lending, trading, investments, insurance, and asset management) using blockchain, digital assets and smart contracts.

Bitcoin is the original and most successful open, permissionless, decentralized, peer-to-peer transaction network. Its influence is readily seen on all cryptocurrencies and digital currencies.

A stablecoin is a digital currency that is pegged to an underlying asset. Currently, the most well-known Stablecoins are pegged to the Dollar and act as a bridge between cryptocurrency and fiat money. 

NFT stands for non-fungible token (a token that is unique in some way). NFTs can relate to anything digital but digital art NFTs are the most well known.

A decentralized autonomous organization (DAO) is a new organisational structure suitable for companies, charities, projects, clubs, etc., enabling them to pursue common goals in a decentralized manner.