Until now we have been using banks as a medium for exchange. All our transactions are governed by banks, acting as mediators and a necessary authority in order to make any transaction possible.

That was until currencies like Bitcoin came into existence and completely transformed our belief about money and how it functions. Banks which were considered as an efficient way of exchanging money. How amazing would it be, if we could just transfer some money from our pockets to any individual or stranger in any part of the world, that too without any mediator to perform the task for us? That's exactly what bitcoin does. You can transfer the money you have to any person on the planet without both of you having to open a bank account and put some money on it.

One of the biggest benefits of transferring money via bitcoin is that there isn't any mediator to control the transactions, you can willfully do whatever you want to do, transfer any amount of money you want without having an authority telling you what you can and cannot do. Also, there are no added charges with bitcoin as there are with banks.
The benefits of using bitcoin far outweigh the reasons why you should still use banks. And that is why we say that bitcoin can be more efficient than banks.