No, each transaction costs at most $5.50 USD. You haven't established any lower bound in your calculations. A better approach would be to calculate the average number of hashes required to mine a block and the power efficiency of the latest generation ASIC miners.
Also, for what it's worth, $5 is much cheaper than a Western Union or SWIFT wire transfer so even this upper bound doesn't mean Bitcoin is uneconomical compared to modern banking.
No, each transaction costs at most $5.50 USD. You haven't established any lower bound in your calculations. A better approach would be to calculate the average number of hashes required to mine a block and the power efficiency of the latest generation ASIC miners.
Also, for what it's worth, $5 is much cheaper than a Western Union or SWIFT wire transfer so even this upper bound doesn't mean Bitcoin is uneconomical compared to modern banking.