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?
It has not failed in any of those two cases.
1. It's an alternative. An alternative does not mean being as strong as the thing you are alternating from, nor it needs to overcome that specific thing.
2. It has stayed free from governmental control for a long time.
What you are referring to is the current state of BTC, a state that is evolving from its earlier principles in order to surpass its current boundaries and plateaus. So with that in regard, BTC is constantly evolving and with that, it may very well be a 1:1 alternative to FIAT in the future, you are just jumping the gun on that as an evolution of technologies and economic principles as well as social principles does not take a few years that you think it should.