In fact, among the interesting properties of Bitcoin, I'd rate transaction speeds as the least relevant - chiefly because network throughput and transaction speed is actually pretty poor if you compare it to what is achievable with classical tech.
This is one of the reasons crypto is a great solution though. You don't have to rely on institutions for the infrastructure.
I agree that there's no technical reason. For example, "crappy infrastructure" is an economic reason why fast bank transfers wouldn't work. I'm evaluating bitcoin as a political/economic tool.
Honestly, how much money one needs to move that the cost of the operation actually matters?
> Banks can and do move billions instantly
We're not just talking about banks, and if I open my own bank tomorrow I can't use SWIFT the same day (the way I can with Ripple), I have no relationships with correspondent banks.
This is the added value to existing infrastructure.
1) Regulate crypto such that it isn't an issue anymore and is in line with existing systems.
2) Improve the regulation such that the existing monetary systems move money more quickly/easily/whatever.
Crypto has an edge in neither of these situations.
Yes, there are quite a few where crypto has an undeniable advantage, I listed a couple.
> has allowed us to achieve this for the first time
That is wrong, we have never been able to use the improvements to the 45+ y/o SWIFT network (Ripple creates) that we can today.
> Regulate crypto such that it isn't an issue anymore
How will you require correspondent banking when 200+ banks are already side-stepping it?
> make the existing monetary systems move money more quickly
How would you make SWIFT settle accounts more quickly?
How would you remove the incredibly high prices on traditional wire transfers?
I spent some time working in a relatively-unknown but high volume clearing bank.
Banks can and do move billions instantly, and have done so for years through SWIFT and ACH. It takes literal seconds for a confirmation to pass through different clearing networks around the world.
Even today, we're seeing banks improve their correspondence networks with each other.
For example, you could have a Transferwise Account where you receive USD and convert to GBP.
If you wanted to move that to a Monzo account, you can do so instantly as Transferwise and Monzo have accounts either with each other or in the same institution.
The bank debits and credits each counterparty immediately.
At the end of the day, it nets its position, then sends its report to the central bank, netting positions between other participants.
Looking at crypto from the outside, I really don't see the added value based on existing infrastructure.
It seems more like a proof of concept rather than a viable long-term asset.