Earlier quoted context omitted.
This is exactly the problem with all cryptocurrency currently. It’s a massive user experience issue, in the sense that users have to experience the technical bullshit of how the currencies work, completely missing the brilliant part of real money: it just works. I hand people money, they give me things. I swipe my credit card, I get things. I can’t remember who aid it originally, but there’s a great test you can give…
It has been a few years, and despite a few attempts, I still don't really understand bitcoin. Yes yes ledgers and proof of work and yada yada, but I still don't know what I would need to do to buy something with bitcoin right now. As I understand I need to do something that's pretty much exactly like opening a bank account, but transactions take forever, they cost money, and the currency is not accepted by any busine…
That said, unfortunately, short of a large nation state, or collection of banks also allowing exchange/transactions, I don't think it will ever take off. Even then, transaction times as you mention are not fast, and often are controlled by a limited number of organizations.
What the technology does offer, is a means for multiple parties that don't trust each other to proceed with a transaction. This is often where "smart contracts" come into play, and also why banks are considering a cryptocurrency system(s) for inter-bank exchanges.
In the end, those that win will largely be the incumbents imho.
I setup bitcoin on a few machines really early on... and had a couple coins... but I had no way to "use" them and it was just costing electricity at the time... I deleted it all and didn't look back until they cleared $20k a coin. Kind of wish I at least saved a zip file of the wallets somewhere. Though if I'd kept mining, may have been worth something.