at least bitcoin produces some type of mechanism for faith in it to even exist at all
What mechanism would that be? Do you refer to the notion that because it is not a fiat currency that it must be better? There's also a fixed quantity of helium in the world, why not use that as currency? That means gold must have tracked the average cost of things pretty closely... no wait, it hasn't. Well at least gold has always gone up lately so it's predictable in the deflationary effect, well except the rather sharp decline since the beginning of 2012. Or do you think that because it has the potential for anonymity roughly equivalent to cash that it has value? The two problems there are that, in practice, people would rather have a very clear claim to ownership than anonymity, and the transactions are actually more traceable than most cash transactions.
all other currency's faith is derived through "well everyone else is doing it."
I hate to break it to you, but that's true of *EVERY* currency that has ever existed, bitcoin included. Ever since growing beyond the feasibility of straight barter systems, our economies have relied on consensus agreement upon an arbitrary assignment of value to some 'thing', whether it be gold, silver, bitcoin or some made up but explicitly managed thing backed by a stable organization like most modern currencies in the developed world.. If walmart started accepting bitcoins exclusively, then bitcoins 'value' would increase, that's precisely because 'everyone else is doing' is the *singular* important thing in any 'currency'. If 90% of the people willing to accept bitcoin as 'payment' lost their faith, it would crash (and in fact enter a death spiral landing in zero).