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this post was submitted on 25 Jun 2023
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Asklemmy
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How are you going to exchange cash for crypto in one hour?
You're not doing much spending because it would take more than an hour to count a million dollars.
A money counter can run though 100 bills in about 5 seconds. 100 bundles of $100 bills would be less than 10 minutes.
Lets say they do count 100 in five seconds. We don't know what bills are in this million, and not many places are going to have money counters like that. It's going to near impossible to have a million counted in that time. If someone shows up to buy something with a million in cash, it's not going to be a quick process. You'll need to fill out a form for the IRS for anything over 10k. You're going to want to be damn sure they aren't counterfeit, so you're going to test each bill. That million will go poof way before it's done being counted, if they don't tell you to take it to the bank and bring them a cashiers check. Which brings up an interesting point, can we just take this money to the bank and turn it into a cashiers check? That could be a game changer.