We all know that bitcoin is the king and father of all digital assets. Bitcoin was created for 2 purposes.
1. To be an alternative to fiat currency.
2. Stay free from govt control.
At present some big online marketplaces accept bitcoin but from being an alternative payment to fiat currency I think we are still behind. We also saw many countries are hostile towards bitcoin and china baned everything related to bitcoin. So china's ban on bitcoin shows that it's free from govt control or its the opposite? Bitcoin can really be the alternative to fiat in spite of this extreme volatility?
I think this is more a case of people assigning it's "purpose" long after the fact without understanding the history behind it. A purpose of Bitcoin was to showcase the blockchain technology - a transparent and open ledger,
which displays a chain of transactions that anyone across the world can view which can rival the closed source database driven technology behind big banks. For that purpose it has been a staggering success, which is evident by the continued high price it holds and the amount of people who have faith in it as a store of value, that can be later traded into any fiat currency at a moments notice if required. It is an excellent example of a decentralized model that can take resources from many locations to benefit the majority.