Banking doesn't rely on a single person's authority either. But it relies on a network of connections and rules. So does bitcoin. No blockchain, no transaction.

Banking doesn't rely on a single person's authority either. But it relies on a network of connections and rules. So does bitcoin. No blockchain, no transaction. Really, cash relies on some sort of approval too. Someone's got to mint money and assure its scarcity (eg: value). I believe in cash for a variety of reasons, but there is no transaction aside from barter that doesn't rely on someone else's authority to buy something.