&gt;Transparency (institutions that wish to do so could use the blockchain to be transparent about their finance)<p>This doesn&#x27;t apply if many of the transactions happen &quot;off chain&quot;  to offer the reversibility benefits you mentioned before.<p>Basically, to get all of the trust benefits of the banking system, you are saying we have to essentially not actually use bitcoin, which makes me wonder what the point is. At that stage, why not have gold denominated credit cards? Less technology to depend on and the government still doesn&#x27;t control supply.