Bitcoin consumes 4,000,000,000 W of power to process four transactions per second. A single Raspberry Pi with a database can do an order of magnitude more on 5W. Think about that next time you wonder if it's a good design.
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Pi is unfair analogy. Traditional banking system uses more power, higher fees and slower (weeks for a global transfer), and centralization is almost always objectively bad. Bitcoin also represents the absolute worst tech of any coin available.
Traditional banking wastes *nowhere near* the amount of power per transaction that Bitcoin does - that's obvious to anyone. At normal eletricity prices (i.e. what banks would have), a transaction would cost $33 with Bitcoin level overhead. Which they don't.
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I was referring to the overall power usage of each system. Traditional banking is extremely inefficient and not an engineering feat. Cryptocurrency solves a number of real problems, it's opinion if they are relevant or not.
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My point is that traditional banking, as huge and bloated and unoptimized as it is, is still *much* more efficient than Bitcoin, per transaction. Of course we can and should design a system that can actually implement distributed transactions efficiently.
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