Bitcoin can though. 51% of users could just outright fork and annul whatever transaction they want, no?
In addition, we’ve learned over and over again that non-reversibility is not necessarily even a desirable property to have in a payment system, which is why so many non-cash payment systems have built those in.
Holding and/or transporting large amounts of cash is extremely fraught, especially across borders. US legal authorities regularly seize cash without due process and without meaningful judicial recourse. Most US banknotes are contaminated with cocaine, so it's prima facie laughable that a narcotic-detection-dog alert on a pile of money is seen as sufficient evidence that the money was obtained via the drug trade (thus allowing its seizure) -- yet this is a very common tactic.
The ability to transact in cash is meaningless if governments (and entities authorised by governments, look up "sewer service" or "gutter service") can seize cash without even a pretence of due process.
Does it achieve any of those words in practice?
“Censorship resistant” - Regulatory authorities are seemingly having as much impact on bitcoin as any other financial instrument.
“Decentralized” - It is not particularly decentralized. The fact that multiple nodes maintain the same log provides very little decentralization of much of anything. Here’s folks representing 90% of the hashing power of bitcoin on a stage: https://mobile.twitter.com/lopp/status/673398201307664384?la... That’s about the same number of people on the board of governors for the US federal reserve, to be fair. But to be fairer, the US dollar is one of 200 or so nation state backed currencies in the world and the federal reserve can’t invalidate transactions that have already occurred using their currency.
“Payment system” - It is not doing very well at that at all. Almost every competing payment system offers more predictable and consumer friendly behavior.