it's true that DEXs are where BTC is going to become a UoA first. in exactly the way you suggest 👍
and other p2p markets denominated in BTC will help
but CEXs are still mostly the way I describe it. and your bid/ask etc still basically follows the USD price of the other asset.
in almost ALL cases.
I highly doubt CEXs do those unnecessary conversions, when the order book already has the data they need to execute teades. Simply a bunch of offers and a bunch of takers, with different sizes and different price points, neither side having any interest in USD here, constantly matching their order lots between eg BTC & XMR or whatever..
Even shitty engineers would need to put in legitimate effort to be that wastefu & it presents a big risk of slippage if the conversions aren't 100% realtime. (It's certainly not impossible)
