One advantage of Bitcoin that's always touted is that transfers are inexpensive and fast. Much of the world already has free and instant bank transfers, though, so where is the advantage?

To be clear, I'm a huge believer in Bitcoin. I just want to talk about something that's always confused me.

I'm based in the UK. If I want to send money to someone also in the UK, I can log into my bank account with their sort code and account number, and they can have the money instantly. There are no fees. Free and instant. Simple.

I know it's not this easy for Americans. I'm putting you aside for a moment. Other parts of the world do have this simple system in place already.

My question: If Bitcoin is to truly take off, wouldn't payments have to be on par or better with day to day free and instant bank transfers that we currently have with fiat currency? Why would I want to pay a fee - any fee - if I can transfer for free?