[hwayne]

> How much does the existing financial system cost to operate? How much do ATMs, Private financial networks, money security, transportation, staff, legal, etc, etc. Comparing per transaction cost does not even begin to account for the energy costs of the current financial system.

The current financial system does things besides verify transactions.

- Need to get a loan, a line of credit, or just a safe third party to hold your bitcoin so that you're not carrying around your life savings in your pocket? Banks.

- Want to buy cats with your bitcoin but your cat dealer only accepts bitcoin cash? Exchanges.

- Want to do any kind of business in commodities? Now you've got derivatives, and you'll definitely want lawyers.

- Want to make any kind of investment? Now you've got everything.

The actual transferring of money only makes up a tiny fraction of the services in our financial system, and none of the rest of the stuff goes away just because you changed the type of money.