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RE: How is Bitshares decentralized?
Bitcoin is decentralized in that the ledger (blockchain) is housed on different computers around the world and all transactions are not located on one company's servers. You buy something with a Visa card, that transaction is on Visa's server. If you sent btc from one wallet to anther, that is housed on computers all over the world and the transaction is public for anyone to see.
Exchanges, on the other hand, are centralized.
I understand that part but that is not the question. The thing is that what is stored in the block chain is a promise of something centralized. As far as I know.