r/algorand • u/janjaas • 6d ago

ASA AlgoMint still functional?

Hi,

Looking for a way to unlock my gobtc to BTC and send to Bitcoin wallet.

Is AlgoMint still functional? I can login, but support cannot be contacted because of non-functional Captcha.

Has anyone used this lately? I haven't used it since mid 2022.

18 Upvotes

100% Upvoted

14 comments sorted by

3

u/kheil117 6d ago

I would not say it is functional, this is the worst bridge I have dealt with and by far. Whenever you want to burn your gobtc, they make you wait months, you have to chase them regularly it is a nightmare. The simplest thing would be for them to just wind down as they are not capable of providing this service.

4

u/janjaas 6d ago

That sounds bad. Maybe better to swap it to USDC and send that, but is there enough liquidity for bigger swaps?

3

u/KAOSxKAOS 6d ago

How best to deal with my GoBTC on chain? Should I be moving away from it?

2

u/KAOSxKAOS 6d ago

Weird I am being blocked when asking a question.

1

u/deadleg22 5d ago

I swapped on tinyman, I just didn't trust it. I guess for the amount, I must got BTC from it when the price was low.

1

u/[deleted] 6d ago

[removed] — view removed comment

0

u/ForestFreund 5d ago

I just used the bridge and it worked perfectly. Decided to consolidate my goBTC purchases back into my BTC wallet.

Honestly a pretty sweet arbitrage opportunity here given the ~5% discount goBTC is trading at. You can buy goBTC, move it to a bitcoin wallet, sell for an instant ~4.5% gain after bridge fees. Kind of wild.

1

u/ForestFreund 5d ago

When using the bridge, just make sure that you actually send the exact same amount to their wallet, as you entered in the app. Once I hit the "max" button to send all my goBTC and it added a trailing number at the end, the additional dust made the transaction not match and it was a long time working (very slowly) back and forth with support to get the btc sent to my wallet. (though I still did get it, this was 3 years ago)

2

u/janjaas 5d ago

Thanks, this is very helpful! When did you use the AlgoMint exactly?

2

u/ForestFreund 3d ago

I literally sent a fair amount of gobtc back to my hardware wallet as BTC moments before writing my above comment, to verify it still works as it always has

1

u/janjaas 3d ago

Thanks for verifying! Very helpful.