So I live in the U.S and I have family in Korea. Obviously there is a great opportunity for arbitrage but was wondering if there were any downsides to it. I would buy bch/btc/eth here then send it to my cousin in Korea and she sells right away for 50-60 percent more. Is there anything wrong with this plan??
A lot of things might go wrong. First you have to check with both laws. As cryptocurrency laws gets stricter and stricter in every country. You should also check for taxes, for sure you will have to pay taxes at some point. Next is the financial institution you will use to store your fiat, if you buy from the US that means you need a bank account to buy if not you can do cash but that's too burdensome. Then you need to sell the crypto in Korea, how do you propose to send the fiat from Korea to the US? Then that means you need an intermediary. That could eat up profits and also get unnecessarily attention from the government.