It has failed because the community has failed. What was supposed to be a modern, decentralized type of money stripped of “systemically significant institutions” and “too large to fail” has devolved into something much worse: a system entirely dominated by a small group of people. Worse, the network is on the verge of technological failure. The processes that should have stopped it from happening
The processes that should have avoided this outcome have broken down, and as a result there’s no longer any reason to believe Bitcoin would potentially be better than the current financial system.
Think about it. Will you be interested in a payments network if you had never heard of Bitcoin?
You were unable to pass your existing funds.
Fees were wildly volatile, high, and rapidly increasing.
Allows customers to reclaim purchases made after leaving stores by simply pressing a button (if you aren’t aware of this “feature,” it is because Bitcoin was only recently updated to enable it).
Is plagued by huge backlogs and erratic payments which is ruled by China and in which the companies and people involved in its construction were engaged in open civil war?