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?
Sorry but your assumptions are wrong mate, it might interest you to know that bitcoin has actually fulfilled all of its purpose plus a lot of others too that the creator never anticipated.
And also, yes, bitcoin is totally free from government control, like the saying goes "people fear what they can't conquer, hate what they can't control", this is clearly the case with China's ban on cryptocurrencies, Chinese government hate the fact they can't control bitcoin and cryptocurrencies so they clearly see it as a threat to their financial system, hence, they ban it out of fear.
Bitcoin is still developing so most likely, it still working on its own real purpose. However, bitcoin has always been free from the government because its decentralized. But if the government will start to regulate it, somehow bitcoin will be less decentralized since the government will be able to control it slowly. But on bitcoin being an alternative payment, El Salvador even makes it as a legal tender. And hopefully bitcoin will be recognized too in most countries in the years to come. Considering that, bitcoin does not really failed.