~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.
there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called
full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short
enforcing the rules just as 1 governing body would do in a centralized system.
But it's decentralized right? why will all the sites on the internet say its decentralized when its not? If this true then I have believed a stereotypes all these while. But wouldn't it be cool to be if had people we could hold responsible if a transaction didn't get passed the block chain?