Bitcoin can never and will never be a fraction of the efficiency of the modern world banking system, and it can never and will never be able to handle the number of transactions. While you could argue that updates and changes over the years might be able to mould Bitcoin into an efficient transaction network, at that point it would not be Bitcoin anymore.

VISA is capable of handling 56,000 transactions per second [1] while Bitcoin is capable of handing a measly 2.5 [2]. Bitcoin would need to scale by 224,000% to match VISA, and VISA is one of my different global networks. I don't know how much energy VISA uses but as of today, the bitcoin network is estimated to be using 16TWh [3], that's the same as all of Jordan or Lebanon or 5.2% of the energy consumption of the United Kingdom [4].

Assuming no energy consumption improvements, to scale to VISA levels Bitcoin would need to consume 224,000% more energy. That's 35,840TWh, which is nearly twice as much energy as the entire planet uses (21,776TWh)!!!

So, if Bitcoin is able to become 90% more efficient, it would only require as much energy as nearly two European Unions. If Bitcoin is able to become 99% more efficient, it would only require as much energy more energy than the entire United Kingdom. If Bitcoin is able to become 99.9% more efficient, it would only require as much energy as Qatar. I can keep going but I won't. I might have made a mistake and been a factor out, but even then it doesn't even matter, that's how ridiculous the numbers are.

I don't know about you but I find it rather unlikely that Bitcoin will every be a viable replacement for the world banking system. Maybe in a universe where Nuclear fusion is easy and ASICs never wear out, and the cost of cooling them is free but unfortunately for Bitcoin we don't live in that universe.

Bitcoin and crypocurrancys are horrible inventions if you care about the planet, if you think a massive decentralised network where value is created from ever increasing difficulty proof of work could be more efficient than VISA you are frankly deluded. Granted, this is someone who does not own any Bitcoins, so maybe I just haven't drunk the kool aid.

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1. https://usa.visa.com/dam/VCOM/download/corporate/media/visa-...

2. https://blockchain.info/charts/transactions-per-second

3. https://digiconomist.net/bitcoin-energy-consumption

4. https://en.wikipedia.org/wiki/List_of_countries_by_electrici...