Some dude asked me if Bitcoin could eliminate local banks, I thought of it,
I told him that no
From my own point of view, banks have alot to give more than just money transfers, they offer loans and mortgage, business banking services, costumer service and dispute resolution. So this banks are really doing a good job and I don't think they can be eliminated soon. Bitcoin is not widely used for dally payments yet, so volatile prices makes it difficult to use as a stable currency
I hope I made a good point there
In my opinion, Bitcoin is a very worthy alternative to commercial banks. For example, let's ask ourselves, why do we need commercial banks at all? One of the popular functions of a commercial bank is to store funds. At the same time, such storage of funds should not be accompanied by their depreciation due to inflation. Commercial banks offer clients deposit accounts with interest payments on the deposit. However, in most cases, the interest paid by the client does not cover the inflation rate in the country (at present, in my own country, this is not quite true - but that's not the point).
I will note one more circumstance ... Most countries are now planning to introduce central bank digital currencies, and they do not provide for deposits with interest accrual. Therefore, in my opinion, now is the time to remember Bitcoin. When you store Bitcoin yourself, your capital is constantly growing over time, though not due to interest payments, but due to the growth in the price of the first cryptocurrency.
The second, also very important function of commercial banks is cross-border transfers. And, at present, this is a big problem for most banks. Just remember the compliance procedure. Or the blocking of funds. Or international economic sanctions, and so on...
With Bitcoin, everything is much simpler! Transactions in the Bitcoin network are not censored. You can make transnational transactions by paying small commission amounts. It is easy and convenient!