I think the settlement story for bitcoin is actually superior than with USD/EUR. Yes you have to wait 10min x a few blocks, but that is final, irreversible settlement.
I mean, so is FedNow and RTP and SEPA - the list goes on and on - none of which are blockchain powered. They settle instantly and finally. In the case of international transfers, the delay is intentional for regulatory and risk management purposes. Not technical reasons. So the advantage of crypto isn't technology but regulatory arbitrage.
These work if you either have a master fed account or have credit with some bank that does. You can't settle instantly with an entity that is not already known in the system.
Do you think a bearer asset like cash has zero use cases? Bitcoin allows settlement much like this with a party that doesn't need to be identified and already trusted by a central clearing house. Of course this can be dangerous and might not be desirable for every transaction, but there clearly a technological achievement to make it possible.
Proposing opening an LLC is a pretty involved workaround that again requires more supervision and gatekeeping (e.g, for many people and many countries this is not even possible). Cash like settlement with any person on the planet without any intermediary is a pretty big technical achievement that absolutely was not possible before blockchain.
Except for the possibility of unconfirmed transactions if the network is under load right? With both centrally registered clients and counterparts what’s the case for decentralisation here again?
If the network is under load you can prioritize by paying a higher fee. If mining slows down it can take more time for a block, but difficultly will adjust to get back to 10mim cadence.
I'm not sure what you mean by centrally registered clients. You can still use bitcoin peer to peer. Also the idea that banning peer to peer bitcoin would be what would make decentralization not worthwhile feels rather circular.
Surge pricing to settle stock trades? Obviously this is worse than the existing tech
To trade you need to be registered by regulated entity, it’s already a centralised environment. You’re also purchasing shares issued by a centralised issuer, the corporation. Your suggestion that bitcoin offers any solution to settlement (much less a superior solution), just escapes me
I'm not sure why you are talking about stock trading. Settlement is a general, non stock specific thing. I'm talking about settlement in regular transactions, e.g. paying rent or buying groceries.