Fiat currencies (of democratic nations) are democratically controlled. That makes them fundamentally different from cryptocurrencies controlled by early adopters, a few engineers, and mining rigs.
serious question, how is the democratic process different between the two? One i.e. democratic nations are a group of people on the same piece of land that. The other is a group of people on the internet.
A few years ago the BTC/BCH split happened. This was a major philosophical decision that creates winners and losers and changes the trajectory of the winning coin forever. It was a fiscal policy decision.
It was made exclusively by software engineers and miners. Miners get to vote based on their wealth. I don't consider that to be "a democratic process". There is no guarantee of enfranchisement. Some people get far far far more votes than others. It is more like a council of aristocrats.
