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Despite all that, people mostly trade crypto on centralized exchanges.

The users really hate the decentralized aspect of crypto, as shown by immediately giving away their wallet to some "trusted" third party if it reduces fees.

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Users neither love nor hate decentralization. Users don’t care how it works. They love features like not having to worry about losing their wallet if a piece of hardware dies or having to manually back it up.

People hate manual IT management. We are nearing the point at which the idea of doing this will be compared to cranking a car engine by hand to start it. If decentralized systems can’t offer this kind of “it just works” experience then the future is 100% centralized.

Decentralization was the whole point of Bitcoin. If people just use centralized exchanges, they might as well be using bank accounts.

Bank accounts don’t grow in value at the rate Bitcoin grows.

Yes, speculation is great. Until it isn’t.

Bank accounts also don’t shrink in value the way Bitcoin does sometimes.

Banks are not immune from failure.

... for now.

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