It is not. Bitcoin gives you an option of transacting irreversibly which you can use as-is, or with a mediator (e.g. PayPal). Traditional banking does not give

It is not. Bitcoin gives you an option of transacting irreversibly which you can use as-is, or with a mediator (e.g. PayPal). Traditional banking does not give you such option. All transactions are mediated and always reversible (even wire transfers, see my reply in a parallel thread). As a side effect of irreversibility, anyone may build their own "PayPal" or "eBay" on Bitcoin in any jurisdiction and compete freely. Customers will have much more options than with traditional highly controlled and restricted banking system.