&gt; This doesn&#x27;t apply if many of the transactions happen &quot;off chain&quot; to offer the reversibility benefits you mentioned before.<p>Large institutions as in banks for example who do make &quot;on chain&quot; transactions but I agree this was not the strongest argument. It is correct that transparency goes out the window as soon as your transactions are &quot;off chain&quot;.<p>&gt; 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.<p>Yes, in the same way that you are not using &quot;federal reserve notes&quot; when using any of those services (Paypal, credit cards, wire transfers, etc.). Yet you seem to still see the point in USD, the currency.<p>&gt; At that stage, why not have gold denominated credit cards? Less technology to depend on and the government still doesn&#x27;t control supply.<p>It was the case for a long time that fiat currencies were backed by gold. To be honest, I&#x27;d be somewhat happy with that but I believe Bitcoin has several properties that make it superior to gold (e.g. it&#x27;s digital).