A step-by-step guide to exiting and entering the smartBCH chain using the Gocrypto bridge

For over three days now, the smartBCH community has been in a tense state since the announcement by Coinflex to suspend the withdrawal of their major asset FLEXUSD which also put a suspension on the use of the only bridge for accessing and exiting the smartBCH network.

This situation has led to tension and panic in the community as users' funds are held hostage by Coinflex with the locking of the bridge. No one knows when the bridge will be reopened, and hence everyone is looking for an alternative route to move their BCH out of the smartBCH chain for the time being until the issue that led to the bridge lock is resolved. If you are looking for a safer way to move your funds, here is an easy way to exit and enter smartBCH.

As a smartBCH user and investor, I was curious to find a safe and less costly way to remove the BCH I still have in my sBCH wallet. After some research, I found the GOC-bridge, a safe, easy, and cheap bridge connecting the SmartBCH network to Binance smart chain provided by the GOcrypto project, a multi-chain token project on smartBCH's network.

What is the GOC-bridge

The Gocrypto project has a built-in bridge, which allows users to connect and exit from multiple chains and transfer GOC tokens from the smartBCH chain to other chains like Binance smart chain and trade their tokens on any dex, without having to worry about the steep fees associated with the use of a custodial bridge.

How does the GoC-bridge work

I tried the GOC-bridge today and was successful in transferring GOC tokens from my sBCH wallet to a Binance smart contract wallet from the goc-bridge, making it easy to transfer and receive GOC tokens on Binance. To use this bridge here is a step-by-step guide.

Firstly, go to MIstswap or any other dex on smartBCH and swap the amount of sBCH you want to bridge for GOC tokens. This is easy to do, go to trade on the dex and search for GOC token and pair it with sBCH to make your swap. You will immediately receive your GOC tokens in your wallet after the swap confirmation is completed.

Next, on your Metamask wallet, change the network to Binance smart chain and create a wallet. For convenience sake, I would advise you to use a different Metamask app or any other Ethereum wallet. In my case, I used Imtoken wallet for the bridge trial. After setting up the wallet to Binance smart chain, go to your Metamask wallet, and on your smartBCH network browser type or paste the GOC-bridge link as seen here https://bridge.gocrypto.com/#/ and load to open. You are now ready to bridge your tokens.

On the bridge page, click to connect your wallet, and approve the connection on your Metamask wallet. Choose the chain you want to send your GoC tokens from in the "From" drop-down menu, and then choose the chain you want them to go to in the "To" drop-down menu. In this case, choose "From SmartBCH" and "To Binance smart chain".

The next thing is to input the destination address. This is the address you are sending your GOC tokens to on the Binance chain. Just copy your BNB address and paste it. Input the amount of GOC tokens you want to bridge and click to approve the transaction on your Metamask wallet.

You will do this twice, the first is to give permission to the bridge to access your GOC tokens, and the second is to approve the transaction with a fee. Once you have the transaction has been confirmed you will see a pop-up message that says your transaction has been received and that the funds are being sent to your address on Binance smart chain. In another minute you will receive a notification in your GOC Binance smart chain wallet of the arrival of your GOC tokens with a message asking you to add GOC to your wallet. Just click on the message and your GOC tokens will be added to your GOC wallet.

The next thing is for you to swap your GOC tokens for USDT. To do that, on your Binance smart chain wallet go to the dapp's browser and search for Pancakeswap. Once it opens, connect to your BNB wallet, and your GOC tokens will be seen on the dex. On the exchange search for GOC and paired it with tether USDT. Click on approve to give access permission to the dex, and click swap next. Confirm the swap on your wallet, once the USDT exchange is complete your USDT will appear in your wallet. You can then exchange your USDT to the main chain BCH on any CEX.

Importantly. you need to have a minimum of $1 worth of BNB in your Binance smart chain wallet t cover the fees for trading your GOC tokens on Pancakeswap.

From my experience, the GOC bridge is simple, quick, straightforward to use, and also cheap. As with the bridge, the minimum GOC tokens for bridging is only 100 GOC which is around $1.5, and there are only the normal smartBCH fees and the fees involved in swapping GOC tokens for tether USDT tokens. If you want to take the road less traveled, please try it out. It is worth your while.

In a nutshell, the GOC tokens created are similar to the asset tokens created on Ethereum, which is a token exchange where you can exchange tokens between Ethereum and SmartBCH chain.

I hope you found this guide useful. If you have any questions or requests please do not hesitate to ask me.