Transferring our BCH to SmartBCH requires a certain procedure to create an account with Coinflex, move our BCH there first and then transfer out to SmartBCH.
However, as a centralized exchange, registered and regulated as a financial entity, Coinflex doesn’t serve some regions.
Also, the procedure is lengthy, having to log in to the website, transfer Bitcoin Cash, wait for one confirmation and then transfer out again to a SmartBCH wallet, our tokenized version (SEP20) of BCH.
Time is money though, and this action takes 15-20 minutes, maybe longer. Coinflex is a top exchange offering futures and other trading options, but I think the procedure of transferring funds is better with a fast bridge that takes seconds to swap the BCH in token form.
Currently, we have two more options:
prompt.cash (bridge)
Wagon.cash supports 0-confirmation so the transactions should take only a couple of seconds, while prompt.cash requires one block confirmation, so it can take 10 minutes or a little longer.
Wagon.cash Bridge
UatX has released an Web3 Dapp to transfer our BCH into the SmartBCH ecosystem.
This is wagon.cash.
I tested this yesterday, as I wanted to send some BCH into SmartBCH. I have now more than 2BCH locked in SmartBCH contracts and will try to increase it soon.
Wagon.cash took seconds to send the BCH. It is reliable and as always it is better to perform a small test transaction first to check if everything is ready at the time you want to use it.
The design is minimalistic since its sole purpose is to be a bridge. Currently, it only offers the option to send funds to SmartBCH, so it is a one-way method. The same is with prompt.cash, so, for those that want to withdraw their Bitcoin Cash from the SmartBCH network, Coinflex provides the only available bridge for the time being. Although, I don’t suggest withdrawing when more BCH are locked each day in SmartBCH for DeFi and NFT purposes.
After connecting our Metamask SmartBCH wallet to the Dapp, we read the terms and tick the boxes:
Read the requirements and remember not to send more than 50BCH in each transfer.
Wagon.cash takes 0.1% of each transaction for the service it provides.
After checking all boxes and pressing "Generate Payment Address" a QR code appears.
It took me less than one minute to transfer the BCH and didn't face any problem. However, for any questions Wagon.Cash offers support through its telegram service at: t.me./wagoncash .
Prompt.Cash Bridge
Prompt.Cash is a popular, instant, and non-custodial payment gateway for Bitcoin Cash. It supports SLP tokens too and lately added this bridge to SmartBCH.
The procedure is easy as we can observe from the bridge page:
From the prompt.cash team we get the average time required:
amount ≤ 1 bch , in 3 minutes
1 bch< amount ≤ 50，after 1 confirmation of BCH blockchain
special:
1 if the system has detected there is some risk , then a transaction (≤ 1 bch) must wait for 1 confirmation
2 if the BCH is from multiple signature wallet, then a transaction (≤ 1 bch) must wait for 1 confirmation
3 if amount > 50BCH , the order will be handled manually ,it will be slow.
Source: telegram
I have often used prompt.cash and found it to be instant and reliable service. The 1 confirmation requirement means it may take some minutes before the funds are transfered.
Link: prompt.cash/ bridge
This bridge is a service that has just been released and currently has just 1BCH in liquidity.
In Conclusion
Bitcoin Cash is about the convenience of transactions. Developers are listening to the user's demands and taking action to facilitate the ease of transactions. This user-oriented behavior is a feature most other blockchain networks are missing.
Bitcoin Cash is about speed, security, and low fees and SmartBCH was also created to enhance this robust network with smart contract capability, running on a sidechain.
We have already plenty of developments inside SmartBCH and the future looks bright for the network and for Bitcoin Cash, which is the native coin used by SmartBCH in a tokenized form.
These two options will help us to instantly swap BCH into SmartBCH token form and enjoy DeFi, NFTs, and Dapps created within this network.
Images:
Lead Image from: Unsplash
Related Material (previously published on read.cash):
SmartBCH Metamask Tutorial - Connect to Network, Transfer BCH, Add Tokens and Trade on DEXs
How to Set Up Metamask and Add Networks: Binance (BSC), Polygon (Matic), OKEx, SmartBCH - Tutorial
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For me, it's like wagon.cash look faster in transaction.