Freebitco.in as a wallet? - page 2. | Bitcointalksearch.org

coynedterm

hero member

Activity: 882

Merit: 500

Quote from: Soylent on May 17, 2017, 01:25:09 PM

This is the newest announcement on their site:

For a long time they have been offering bitcoin faucet and some time ago new features were added like daily interest as you may already know. Do you think they are trusted enough to hold bitcoins on their website?

I know about this site from mid of the 2014 year and also it was the my first site to make earning of the Bitcoin in Satoshi

.
And also this was the first site where I lost my first earning of 0.001btc just for gambling .
But still here I can't believe that we can get best feature in the freebitco.in then in any other because in the block chain we can pay the manual fee for the transaction and also we can use the recommended fee for the transaction ( low , normal , high ) and this proves also best according to its quality of the confirmation timing according to the fee they we pay which is recommended by the wallet .
So instead of the freebitco , I will use bloclchain only or even if I need then I will deposit my Bitcoin in yobit exchange because I can use to it code Thier for the direct transfer without fee ( yobit to yobit ) .

Myfe

sr. member

Activity: 476

Merit: 255

I love the diversity of opinion on this thread and the forum...it's what makes this forum a good place to spend time!

And I want respond briefly, as the FreeBitco.in Community Manager, to the two comments quoted below.

If you keep any balance with a faucet, gambling site, or online wallet, you should demand that you receive interest in exchange for the risk you take in trusting them with your hard earned Bitcoin.

FreeBitco.in realizes the risk you take leaving your funds with us in an online wallet and that's why we believe you deserve the 4% interest paid to you (and the 25% commission on interest earned by your referrals).

Quote from: Decoded on May 27, 2017, 09:13:46 AM

Oh god. I wouldn't trust them, and this is very fishy. Does this mean that they might perform and exit scam? It's hard to tell, but I'd be extremely wary. There's a reason no other site provides interest, because it simply doesn't make sense. The interest is either so little it will never make a difference to you, or they are trying to amass as much Bitcoin as possible in their hot wallet, which you assume you have control of. You don't.

They have no incentive for you to keep money on their site, besides you having to log on and check your wallet balance and looking at their ads.

Quote from: stomachgrowls on May 27, 2017, 09:31:57 AM

We can definitely say that its a win win situation for them and no site would really give their free service without any in exchange. Its really very risky to think off on using their wallet instead of ours and we dont really have the full control of our funds which means if they would plan to exit scam then the thing we can do is only cry and regret why we did trust them.They might be reputable but the chances or risk of losing our coins is there always.

PS: "Win Win" means that people on both sides of the transaction are winning, in this scenario that would mean us (FreeBitco.in) and you. We appreciate each and every one of you.

Cherylstar86

sr. member

Activity: 1484

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Quote from: Decoded on May 27, 2017, 09:13:46 AM

Oh god. I wouldn't trust them, and this is very fishy. Does this mean that they might perform and exit scam? It's hard to tell, but I'd be extremely wary. There's a reason no other site provides interest, because it simply doesn't make sense. The interest is either so little it will never make a difference to you, or they are trying to amass as much Bitcoin as possible in their hot wallet, which you assume you have control of. You don't.

They have no incentive for you to keep money on their site, besides you having to log on and check your wallet balance and looking at their ads.

If we kept our money in a site its much better to have a better profit gains behind saving funds and yet you don't benefit within a long time like holding it in a wallet site. You have no proper assurance of your funds if you use and stack your btc balances with the sites custody, possibility of getting scammed is always there and you have no control over it.

vrm86

hero member

Activity: 676

Merit: 500

Quote from: Ludwig Von on May 27, 2017, 10:24:30 AM

Did someone already make a withdrawal to check the fee they charge?

Fee is already provided when you are choosing an option:
- Slow
- Instant
I used both and it's been always as mentioned before transaction.

Ludwig Von

sr. member

Activity: 854

Merit: 307

Did someone already make a withdrawal to check the fee they charge?

BitHodler

legendary

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It's all about the risk to reward ratio. In this case, for me personally, the benefits do not outweigh the potential risks, but for others things might be completely different.

It states that people can freely withdraw their funds at any time, but this is nothing more a relative term/statement. It will start to form a problem once everyone starts cashing out at the same time.

That directly raises an important question for me ~ how does freebitcoin plan to act in such a situation? Does freebitcoin at all times have enough liquid reserves to allow an all-cash-out scenario?

stomachgrowls

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Quote from: Decoded on May 27, 2017, 09:13:46 AM

Oh god. I wouldn't trust them, and this is very fishy. Does this mean that they might perform and exit scam? It's hard to tell, but I'd be extremely wary. There's a reason no other site provides interest, because it simply doesn't make sense. The interest is either so little it will never make a difference to you, or they are trying to amass as much Bitcoin as possible in their hot wallet, which you assume you have control of. You don't.

They have no incentive for you to keep money on their site, besides you having to log on and check your wallet balance and looking at their ads.

We can definitely say that its a win win situation for them and no site would really give their free service without any in exchange.Its really very risky to think off on using their wallet instead of ours and we dont really have the full control of our funds which means if they would plan to exit scam then the thing we can do is only cry and regret why we did trust them.They might be reputable but the chances or risk of losing our coins is there always.

Decoded

legendary

Activity: 1232

Merit: 1030

give me your cryptos

Oh god. I wouldn't trust them, and this is very fishy. Does this mean that they might perform and exit scam? It's hard to tell, but I'd be extremely wary. There's a reason no other site provides interest, because it simply doesn't make sense. The interest is either so little it will never make a difference to you, or they are trying to amass as much Bitcoin as possible in their hot wallet, which you assume you have control of. You don't.

They have no incentive for you to keep money on their site, besides you having to log on and check your wallet balance and looking at their ads.

BitcoinzB

full member

Activity: 210

Merit: 100

💰💰💰💰

I've been holding some bitcoin with them for some years now, I even forgot about having them there.. Logged in a few months back to discover the referrals and interest got me around 10x what I had left in there Cheesy

They can definitely be trusted (for now), even though I'm pretty sure their HI-LO is a bit rigged, I managed to lose 35 times in a row at their HI-LO (2 payout, alternating hi-lo bets).. I wonder how many more users noticed that too

amaral1977

sr. member

Activity: 686

Merit: 250

They are trusted s long as any unregulated on line business can be.play with the site, take advantage of the interest , gamble a bit but always be aware that the only trusted wallet is the one you control your private keys! Exchanges are not wallets, third party online wallets are not 100% safe and a gambling site isn either.

gabbie2010

sr. member

Activity: 2590

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SOL.BIOKRIPT.COM

Although Freebitco.in had been in existences for along time and well trusted site nevertheless that should not mean that bitcoins should be kept in their wallet, beside freebitco.in is faucets sites, If the site crashes then one will loss all his deposit in their wallet. Transactions delays being witnessed presently in blockchain will be surely be sorted out with time It's better to keep our coins I well secured wallet.

Icculus.

newbie

Activity: 34

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Quote from: marlboroza on May 24, 2017, 12:08:08 PM

Bank IS safest ~~way~~ place for keeping your money and you own it. It is your money.

Comments like this one aren't fully thought through.

When you give your money a bank they combine it with all other deposits and then loan most of it out. If those loans aren't repaid your bank doesn't have the money to pay back the deposits.

If you don't have your fiat money in your physical possession. Or if you don't have the keys to the safe within which your money is sitting. You don't own fiat money.

Anyone who says "if you don't have the private keys you don't own bitcoin" AND doesn't see the same reality in the fiat banking system is either naive or intentionally ignoring reality.

When your money to your bank it is no longer your money. It becomes numbers on an account record as an amount owed to you by the bank. Same applies to all online bitcoin wallets.

Noctis Connor

hero member

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Better that they already think about it this is why im asking them a when i was about to visit them and sees my balance how if this faucet with gambling became a wallet and they will pay for the interest for every people will deposit there bitcoin there but i think it will be risky. Take full responsibility on every move you made its hard to regret at the end.

spngebob

sr. member

Activity: 770

Merit: 254

@Myfe, community manager:

May I suggest you to add this to FAQ:

Q: Can I choose how much fee I would like to pay?
A: NO, but you can choose between very high and very low fee.

Q: Do I have access to private keys?
A: NO

Q: In case of choosing low fee, does freebitcoin send coins immediately?
A: NO, you have to wait some time.

With all this said, how is freebitcoin a wallet?

Dudeperfect

hero member

Activity: 1190

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I have not tried it but I would not keep my funds with any site unless I need it for day to day transactions. We have already experienced hacking major incidents in last few years so maintaining a cold storage is my first priority to hold funds for the long term (which I am not likely to spend at least in next in few months). I generally use blockchain with 2FA enabled on it for regular low valued transactions, I am not sure if this site has that option or not.

Oilacris

hero member

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Merit: 609

Quote from: marlboroza on May 23, 2017, 10:33:02 AM

To be honest you can use any bitcoin gambling site or any exchange as wallet but it's not really smart thing to do. You don't have access to private keys, and one day you could wake up and see site is down, your bitcoins are gone and than you will come here to cry about your money.
Would you keep your paper money in other peoples wallet? I don't think so.

Very well said and a very nice comparison. Even on web wallets itself i dont any have trust on using and storing large amounts of bitcoin thats why i decided to always put most of my bitcoin on cold wallets because i do feel much safer in this state but entrusting my bitcoin on Freebit.co would not be possible and i would rather choose up blockchain than on this one and i dont care if theres interest on storing it,doesnt matter at all.

Myfe

sr. member

Activity: 476

Merit: 255

It's out! It exists! The user interface is exactly as it was before!

FreeBitco.in as been functional as a wallet for a few weeks/months now! However we just recently added functionality on the withdrawal side to allow two different outbound transaction "speeds" with appropriate fee levels to match.

The transactions are engaged through clicking on "Deposit" or "Withdraw".

And obviously we're paying you interest on your balance and commissions on the interest earned by your referral network.

What other features were you expecting to see? Changing the UX takes time.

Quote from: darthmaul on May 25, 2017, 10:27:30 PM

Is it out yet? Why aren't they making nay progress in the wallet thing. Last time I posted was like a week ago that it would be immensely great to look my exchanger, my gambling site, and my free bitcoin giver turns into a straight wallet. Gambling straight from my wallet and putting wining back to my wallet on the same node would be easy. It will be less time consuming as well no more fees I guess.

darthmaul

sr. member

Activity: 714

Merit: 252

Is it out yet? Why aren't they making nay progress in the wallet thing. Last time I posted was like a week ago that it would be immensely great to look my exchanger, my gambling site, and my free bitcoin giver turns into a straight wallet. Gambling straight from my wallet and putting wining back to my wallet on the same node would be easy. It will be less time consuming as well no more fees I guess.

richardsNY

legendary

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Quote from: johnwest on May 24, 2017, 12:21:31 PM

Its not a good thing to store your BTC in these exchanges regardless of how much interest they are going to give. Its just not worth it

For you and me it's not worth it, but there are enough people that aren't looking at things from our point of view. If you browse through the forum, then the far majority of the lower ranked members are constantly looking for ways to increase the number of coins that they have. One person tries it through cloud mining, the other tries it through ponzi and hyip schemes, and others just go for services offering interest over their coins. They discard all possible risks because their greed is blinding them.

smartbitcoininvestor

sr. member

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Banks are only safe when the economy is decent or better. Good luck getting your money out of a bank during a crisis.

Overall, if you have plenty of BTC and diversify appropriately (meaning you don't put all your eggs in one basket) then I don't see a reason why not to earn interest from FreeBitco.in, considering they have a neat faucet and referral system going on as well.

Don't forget, if holding and storing BTC isn't your thing you can also earn interest from giving out loans to other people with BitBond.

Topic: Freebitco.in as a wallet? - page 2. (Read 5855 times)