When we ask 'Has Bitcoin succeeded?' what are we really asking? Decentralization implies a demand for de-governmentalization. From this perspective, the emergence and popularity of cryptocurrencies are products of a certain stage of demand. It’s like a gust of wind—if it blows in spring, it’s a spring breeze; if it blows in winter, it’s a cold northwest wind. And if it sweeps across an open plain with no obstacles, it can easily turn into a tornado. Humans initially used shells as currency, not because a shell was worth a cow, but because they believed that if they sold a cow and got shells in return, they could exchange those shells for two sheep a few days later. Precious metals eventually replaced all kinds of accounting tools worldwide for the following reasons: 1. Low depreciation: Their physical and chemical properties are stable, so they won’t rust or decay even after 100 years. 2. Malleability: They can be infinitely divided, eliminating the need for complex calculations when making change. 3. Scarcity: Not everyone can easily obtain them, which prevents inflation. 4. Low industrial value: They don’t easily leave the circulation system, avoiding deflation. Paper money (banknotes) replaced precious metals because it was more convenient for transactions. Later, electronic payments took this convenience to the next level. Cryptocurrencies, however, have overwhelming advantages in every aspect and have achieved significant success in practical use cases (like bypassing regulations). Note: Bypassing regulations is a disadvantage for regulators, but from the perspective of the currency itself, it’s an advantage. After all, the fundamental nature of currency is to serve as an accounting tool. Deflationary currency is a disaster for societal development. One day in the future, your son might ask you, 'Why is my hourly wage only one-third of what yours was back in the day, even though my productivity is three times yours? Measured in Bitcoin, of course.' And at that moment, your son might just refuse to keep grinding, call you an old geezer, and walk away.