I think the transaction time is an issue. I also think the solution is tech on the 2nd layer of Bitcoin. There’s some pretty cool stuff people are coming up with. If Bitcoin is to be adopted globally it still has a ways to go because it’s not easy for people to understand or store right now. But it’s only been around 12 years.
I don't know enough about the banking system to evaluate this, but the idea that blockchain is an efficient technology is crazy. I do not know how wire transfers work on the backend, so you may be correct, but yikes. Doing a wire transfer or an ACH, as an end user, is a lot easier and usually cheaper than sending Bitcoin or Eth or whatever.
I have to admit I do not know a lot about any of the tech built on top of bitcoin. I'm sure it's not unsolvable but my understanding is it's really hard to do vs. building on a more recent chain. Which is why all the good scams are on Eth these days.
Likes pretty much everything in every caliber.
Likes pretty much everything in every caliber.