10 minutes isn't really the drop of a hat. But why do you need your first confirmation in approximately the next 10 minutes so badly anyway, especially when it shows up in the mempool pretty much immediately? I paid around 20 cents on an approximately $200 transaction a couple weekends ago, it got verified after about 4 hours but I was expecting longer, it would have been fine. In the last 24 hours, 36,332 transactions were verified with at most 30 cents in fees. (https://bitcoinfees.earn.com/) The estimated time bounds for a transaction in that pool are 25 minutes to 14 hours.

We've mostly had this for years, in the form of PayPal. Your ID even is your email.

The issues with PayPal have mostly been interfacing with fiat currency, which any system will have to deal with, and transaction fees, which any system will have.

The real problem IMO is the lack of a de-facto service that everyone all around the world has, and we're kind of in this position: https://xkcd.com/927/

You can create a scarce token with all the qualities you desire in like 5 minutes. Creating 'internet money' with a stable value and network of potential transactees probably looks exactly like Bitcoin's development though.