The bar that the current financial system meets is a 3,400x increase in transaction speed. The current way bitcoin works just won’t help. Currently, about 146 million transactions are made through bitcoin every year. Our current financial system, which includes bank transfers, credit card transactions, PayPal transfers and more, amounts to a whopping 500 billion transactions per year. Thus, we get a magnification figure of 3400 times. If bitcoin were to replace all 500 billion annual transactions and its need for power increased, as it has so far, the whole world would need to generate 18 times more electricity than today just to power this financial system. This is madness.
It is also important not to try to compare bitcoin energy consumption with the total energy consumed by banks, such as the energy used for office lighting, employee travel expenses, and other services provided by a traditional bank, such as loans and mortgages. There are a few new international banks like Revolut and N26 that operate much the same as traditional banks but don’t have offices you can visit where everything is processed online, including registration, which simply requires you to take a picture of your ID cards/passports and then a selfie.