Freebitco.in as a wallet? - page 5. | Bitcointalksearch.org

klf

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Quote from: rozee on May 17, 2017, 07:14:31 PM

i will not trust that site as my wallet, we don't have any access to their wallet they only third party who can stole our money without any announcement lol, freebitco.in is only faucet to get small bitcoin so i don't think it will good to be a wallet

That is correct. They are started to investing money in mining business so all these stored coins they may move to that business and we all know how risky mining business. Even though we are not directly involved in mining but if site losses big amount then surely it will impact on all the users. Also, it is gambling site so not recommended to keep your coins on any gambling site. Don't fall on those small interest they offer on your coins, just keep your coins with you safely.

LTU_btc

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Hm, Bitcoin wallet which pays interest on users ballances. At first look, it sounds interesting. It's smart move made by Freebitco.in owner. If more users will hold funds here, Freebitco.in will be able to expand their mining operations and earn more profit (and share part of profit with users). It's win-win situation for website owner and their users.
I deposited some bitcoins to earn interest, but I don't think that I will use Freebitco.in as a wallet. Freebitco.in is my favourite bitcoin website, but their primary function isn't a wallet. Also, it's not good thing that website sometimes goes down.
But I like that Freebitco.in always adding more interesting features to their service to get more users. Lottery, reward points, daily interest, web wallet function. It's interesting what they will add next.

senyorito123

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Quote from: rickadone on May 18, 2017, 03:30:41 PM

Quote from: marcuslong on May 18, 2017, 01:43:39 PM

This is my first ever faucet and still the best on for me and yet they open other services for us who kee using freebitco.in and i will say say i can trust them by my bitcoins if they will lay us for holding coins there by percent much better it is like were going to invest.

That is the point I am also thinking about investing with them, because I am already holding some balances in my freebitco.in account and earning daily interests. Now I why not I just move funds from my other web wallet so that I can earn some interests at the same time I will be availing all the benefits of using a web wallet.

By looking through the reputations, they are maintaining till date I believe they may grow as another popular web wallet provider along with inbuilt faucets and gambling facility, sounds great, right?

That would be nicer to see at them if they would provide a web wallet version for themselves but aslong as they remain as fauce-gambling site well i think lets do some proper precaution upon deciding it to become our alternative wallet since even those reputable site can turn down as scam. So we should not put our 100% trust on them so that we will not end up horrible here.

rickadone

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Quote from: marcuslong on May 18, 2017, 01:43:39 PM

This is my first ever faucet and still the best on for me and yet they open other services for us who kee using freebitco.in and i will say say i can trust them by my bitcoins if they will lay us for holding coins there by percent much better it is like were going to invest.

That is the point I am also thinking about investing with them, because I am already holding some balances in my freebitco.in account and earning daily interests. Now I why not I just move funds from my other web wallet so that I can earn some interests at the same time I will be availing all the benefits of using a web wallet.

By looking through the reputations, they are maintaining till date I believe they may grow as another popular web wallet provider along with inbuilt faucets and gambling facility, sounds great, right?

chaser15

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Quote from: Myfe on May 18, 2017, 12:05:12 PM

Quote from: LuanX3 on May 18, 2017, 09:33:47 AM

Generally I wouldn't trust any online wallet with my bitcoins. That's really irresponsible and you can totally get burned by doing so. Always, always secure your wallet, that means creating your own hardware wallets that yo are the only one that has control over. Exercise this, and you'll be safe all the way.

Do you have a checking account with a bank? An online bitcoin wallet is no different. If you go to your fiat bank your money isn't sitting in a safe somewhere, it's just an online record of what the bank owes you and a promise to pay you back.

I realize that fiat banks have insurance and government intervention and such, but it's still just based on the trust you place in that bank that if something bad were to happen they'd honor the insurance they promise.

Online wallets have great uses...and obviously each person has a different threshold with the trust they need to use bitcoin, use an exchange, use an online wallet, and so on.

Whatever your threshold is, know that we're the only online wallet option paying you interest for the trust you place in us.

No it's different.

In the first place I will choose a bank that already built a strong foundation throughout the year. Banking industry here is strong. In case of an irregularity, I can sue them and surely I can get back some of my funds because of their sold assets. If ever there will be an irregularity in your part, can we sue you? We didn't know your identity too. What is the assurance? Only trust? If that is point then I will put my trust instead in those popular web wallets today.

Apology for critisicm but it's part of the business. I just state my side. Still up to the person if they will use this site as a wallet but for me, a big NO. But still using their faucet because I have some active referrals there. Just this wallet thing is my concern.

marcuslong

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This is my first ever faucet and still the best on for me and yet they open other services for us who kee using freebitco.in and i will say say i can trust them by my bitcoins if they will lay us for holding coins there by percent much better it is like were going to invest.

BitHodler

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BTER has also something similar running for a while. It's by far not as popular as freebitco.in, but the option is there for those intereted.

In both cases people can withdraw their funds at any time. BTER only relies on one source to provide people the promised interest, while freebitco.in has its gambling platform, plus mining aspect.

I am fairly sure that there are a few more options, but in both cases it's a matter of trust.

Myfe

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Quote from: LuanX3 on May 18, 2017, 09:33:47 AM

Generally I wouldn't trust any online wallet with my bitcoins. That's really irresponsible and you can totally get burned by doing so. Always, always secure your wallet, that means creating your own hardware wallets that yo are the only one that has control over. Exercise this, and you'll be safe all the way.

Do you have a checking account with a bank? An online bitcoin wallet is no different. If you go to your fiat bank your money isn't sitting in a safe somewhere, it's just an online record of what the bank owes you and a promise to pay you back.

I realize that fiat banks have insurance and government intervention and such, but it's still just based on the trust you place in that bank that if something bad were to happen they'd honor the insurance they promise.

Online wallets have great uses...and obviously each person has a different threshold with the trust they need to use bitcoin, use an exchange, use an online wallet, and so on.

Whatever your threshold is, know that we're the only online wallet option paying you interest for the trust you place in us.

carlfebz2

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Theres no sense at all because what the heck on using faucet site wallet rather than on traditional web wallets? We cant be still sure that those funds would not be stolen by the site even they are known on the market.Its just the same because you will still need to pay up the fees depending on how fast it would confirm.Its just the same because it will still pass on blockchain.

LuanX3

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Generally I wouldn't trust any online wallet with my bitcoins. That's really irresponsible and you can totally get burned by doing so. Always, always secure your wallet, that means creating your own hardware wallets that yo are the only one that has control over. Exercise this, and you'll be safe all the way.

wetsuit

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Quote from: phr0stbyt3 on May 17, 2017, 06:56:05 PM

There were many accusations in the starting but they now claim that they have been mining bitcoin and stuff and also gace proof of the address were all coins were being mined. It looked legit but when i added some funds in my account in the next 2 hours i received more than 10 emails for a password reset. I knew something can happen so i withdrew everything.

Your email has probably been exposed in some hacked database elsewhere. You can verify it at https://haveibeenpwned.com/. If it is, it's probably a good idea to start using a different email address for everything.

bitcoinstress

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Which i know the freebitco.in site is a faucet site. I'm just telling you to never use an online wallet that is not recommended by the official bitcoin site.

btccashacc

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Freebitcoin is the trusted and oldest faucet site in cryptoworld. I'm suprised that they expanding their site to be a wallet service however i'm just wondering how do they make profit since we all know that to get faster confirmation you must provide higher fee, from advertiser or... ? On the other hand The famous free wallet coinbase now charged the fee yeah it's kind of a big chance for them to attract coinbase costumers. Well whatever they do i always support them but if you ask me would you like to stored your bitcoin out there and trusting them, no thanks.

crazyivan

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That fee s simply not enough to justify the risk of funds being stolen. They d have to more then double that rate for people to consider using them seriously as a wallet.

Even then, it would be a big IF.

cheezcarls

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I do respect Freebitco.in as one of the most reliable BTC sites I've ever joined. However, I don't see myself using them as a wallet. I would stick to my own wallets like Coinbase and Blockchain. Just sayin' only. Wink

Myfe

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Hi all, I thought I should introduce myself. I'm the Community Manager for FreeBitco.in.

Great thread topic here! And I like the variety of opinion in the discussion.

A few comments for you to consider:

(1) Offering interest on your a balance and referring to ourselves as an online wallet are really no different, as soon as you start to hold bitcoin in a single place you're using it as a wallet

(2) The reason we put up the notice about transaction confirmation times is because we want to recognize the latency that exists on the blockchain with some transactions - we offer TWO transaction options:

Normal: fast as possible confirmation, with appropriate fee for the speed
Slow: longer duration confirmation, with extremely low transaction fees

(3) We're a business and we need to grow and adapt with the market like every other successful business does

We're paying 4% APR interest - that's 4% on your balance each year and we pay a portion of that every single day. There's no minimum time frame, no contract, and the minimum balance is 30,000 satoshi.

No other bitcoin faucet or wallet is paying interest on your bitcoin holdings. So keep us in mind for the bitcoin you keep online!

Cheers!

xuan87

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Actually it is better to safe inside your wallet rather than put in in other places even though freebitco.in is one of the most popular site, but recently the sites offered investment and then now wallet, so I doubt what is the intention from this site, if the intention is to make easier transaction then it is good, but I feel a bit strange

krishnapramod

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Quote from: Soylent on May 17, 2017, 12:25:09 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?

First of all, freebitco is a faucet cum gambling site and recently they introduced daily interest feature and now trying to boost the interest feature by recommending users to use freebitco as a wallet. They have a good track record, but still IMO not good enough to be used as a regular wallet because using a gambling site as a wallet wouldn't make much sense to many users. Their transactions are not fee less, be it Xapo or Coinbase or any other wallet appropriate fee is needed for fast confirmations so I do not see any difference.

Their daily interest rate cannot be compared to HYIP sites because it is sustainable. So I think users who are already using this feature might use freebitco as a wallet, but I doubt others would opt for it.

Right now with the ever increasing bitcoin price, the best practice is to avoid web wallets.

rozee

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i will not trust that site as my wallet, we don't have any access to their wallet they only third party who can stole our money without any announcement lol, freebitco.in is only faucet to get small bitcoin so i don't think it will good to be a wallet

phr0stbyt3

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There were many accusations in the starting but they now claim that they have been mining bitcoin and stuff and also gace proof of the address were all coins were being mined. It looked legit but when i added some funds in my account in the next 2 hours i received more than 10 emails for a password reset. I knew something can happen so i withdrew everything.

Topic: Freebitco.in as a wallet? - page 5. (Read 5900 times)