> I think what you are missing is that in all transactions in the current financial system there is an additional source of counterparty risk in the bank itself.

This is not a risk I have really worried about. I much much larger problems dealing with bad faith actors dealing meatspace goods than I have with my bank.

Plus, you gloss over the fact that my money in the bank is actually federally insured. If both the bank and the federal insurance fails, I will have much larger problems than my bank account - there is unlikely a scenario where that happens and my basic livelihood is not threatened, and doubly unlikely that I'll have access to a reliable network for engaging with a blockchain.

You're describing things that are very unlikely.

Perhaps you're right about digital contracts? Maybe goods that can be encrypted are able to be effective traded without risk - though I have a hard time envisioning completely removing the risk of a bad actor. There will always need to be some kind of trusted third party to arbitrate, and block chains do not provide that.

Not to mention, I can't think of a single digital good that I've needed where the transaction would have been improved by using a blockchain cryptocurrency.