I would think op is talking about both the latency of any eventual transfer to fiat (and maybe some delay in doing so because humans are lazy).

But the delay is after the bitcoins are converted to fiat, so even if it takes one day is not influenced by the price of bitcoin.

> But the delay is after the bitcoins are converted to fiat (...)

If you're trying to discuss aspects of the transaction then either you focus specifically on the crypto-to-crypto part of the transaction, or the fiat-to-fiat. The crypto-to-crypto part of the transaction is arguably fast but you are forced to address Bitcoin's volatility, which makes it unsuited as a store of value. The fiat-to-fiat aspect of the transaction on the other hand is arguably slower than simple bank transactions, and often with higher cost.

Every crypto proponent is doing a colossal disservice to crypto by portraying a romanticized and intensely rose-tainted view of crypto. In truth you're just setting up everyone around you to be disappointed. Between magical schemes where crypto transactions are magically instant and cost-free and pretending that crypto is not highly volatile (see the last Bitcoin 50% crash a couple months ago, or yesterday's flash crash) you're unwittingly pulling a bait-and-switch and in the process turning everyone away from it.

If it takes the converting entity 24 hours to perform KYC checks (& perform whatever other settlements they need to do to convert), do they give you the conversion rate at the time you asked for it or at the time they did the conversion? Or do you get the worst of the two?

KYC is only done once, at account creation.

I think they are using the Lightning network. It takes a few seconds for the transaction to clean off chain.