The append-only ledger is surprisingly efficient, to the point where you can process the entire thing on a decent laptop in a couple days. And judging the cost

The append-only ledger is surprisingly efficient, to the point where you can process the entire thing on a decent laptop in a couple days. And judging the costs bank are able to charge for international wires, even when comparing them to the horrendous fees for Bitcoin (Core, BTC) on-chain transactions, I'm not convinced Bitcoin is that much less efficient.