Also, does bitcoin provide financial solutions and services like loans, financial consulting, insurance...like banks? How can it challenge the banking industry just because it has one advantage of faster and cheaper international money transfers? while it can barely provide any of the critical financial services, which play an essential role in a country's economy.
What was the goal of Bitcoin? Bitcoin works for financial solutions, definitely, like cross-border transactions without any third party. It's a big revolution for the financial industry; Bitcoin won't replace the traditional banking system overnight anyway. Bitcoin helps to rebuild the foundation of those providing financial solutions, like banks and other financial organisations, in a more open and decentralised way.
Yes, banks provide you loans and insurance, but Bitcoin gives you the opportunity to be your own bank. You can claim ownership of your Bitcoin when it has been held in your noncustodial wallet. Bitcoin is rebuilding financial solutions without third-party involvement. Recently even some DeFi are offering loans and insurance as well, though they aren't very popular or trusted. It will really take time, because the traditional banking system has existed for a long time; it can't be replaced too quickly.