viktorvsk on Nostr: Would be great to read a comprehensive write up on how it works legally in the very ...

Would be great to read a comprehensive write up on how it works legally in the very detailed way. Much more interesting than how it works technically tbh

For now it seems like in the veery simplified form you have money in the US bank and in the EU bank and once I come to you in the US and give you $100 you immediately buy bitcoin for $100 in the US, send it to someone in EU, the person in EU converts bitcoin to money in EU bank and sends it to my friend in EUR

Does it really work like this? How many gotchas in the process? What risks are managed and what are not? Extremely interesting!