Bitcoin Forum

Supposedly you can connect your Coinbase account and start earning interest (currently 3.6%) on your stagnant bitcoins... I'm scared like hell to even attempt it. If anybody uses them already post your experience please.

https://i.imgur.com/PlCMrQU.png

Should be moved to Service Discussion.

I have never heard of this site. Did a Google search and found this two presses, https://www.cryptocoinsnews.com/bsave-io-gains-400000-investment-announces-coinbase-linked-bitcoin-savings-account/ and http://www.prnewswire.com/news-releases/bsave-to-launch-next-generation-of-bitcoin-savings-after-400000-seed-investment-300163142.html. If it is a news from CryptoCoinNews, it can be somewhat real. Having 400 000 (USD ?) fund raised, I believe that this is going to be a big thing.

However, I cannot find any other information. Hence, I would suggest you to wait for a few days and hear from other people before investing in them.

Personally I am not interested in letting others to hold my coins for long term, even if there is a significant amount of interest in return.

I use bitcoin because I believe I might not need a "banking" service in future.

3.6% over what time frame? Anything shorter than annually and it's a ponzi scheme. SO my suggestion is to stay away from it. It's  even scary that Coinbase would welcome or partner with their service (if that return is for anything shorter than a year).

So how exactly are you connecting your coinbase account? Anybody can write a script to connect public keys to their service, so I suppose you are handing them over control of your coins?

Who in their right mind would even consider that for 3,6% interest? Atleast this is a realistic value, compared to people expecting 10% on their coins.

It is difficult to determine just how safe your BTC would be on Bsave.io although you most likely would be able to earn significantly more interest on bitfinex by lending out your btc there, which I would personally consider to be safe, at least among the various exchanges

Bitcoin is trustless and Bsave.io seems to require tons of trust. Not going to work well.

3.6% on BTC savings deposit is nothing. You can make much more using other services like Pacmic or HalleyBTC.

one is a contract mining, the other is a scam site, since none is giving you 15% for 30 day out of nothing

and the usual "we are trading with your coins to make more coins" it's the worst bullshit out there

"Service is Temporary down ..."  I guess they were overwhelmed by the 5 visitors to their site at the same time.  ::) .... Something I have learned from my time in

Bitcoin and other speculative investments is this... If it sounds to good to be true, it probably is a Ponzi.  ::) The partnership with Coinbase gives it a bit more legitimacy, but

the risk is that Coinbase is not fully aware or sure what it is too and they have not had any complaints or reasons to doubt them. 

Try to learn the relations they have with Coinbase asking to their support. If are partners or something like that (so not simple users of Coinbase to do their business) may be something interesting and to be taken in consideration. If Coinbase serve to them like do with every other merchant then I would be think twice before join their site without having some proofs. You can ask Coinbase even what them thought about this kind of service and if them can cover your bitcoins if are lost in this kind of business which use Coinbase to have the coins of its clients in order to do their business. Coinbase is responsible in some way for this probable loss because give its name to a business which use the coins hold by this wallet. Than judge after having this answer.

im sure that coinbase has terms and conditions that it wont insure any funds if you hand the trading keys or passwords to someone else
otherwise we should all raid our accounts and then claim a third party stole them and thus double our money :D

Well you can get also a double :D but you send money to a ponzi or a scam site!

Could be a reasonable interest for deposit, I will check again (when I got at least 0.50 BTC) :D

Thanks guys... I guess it's NO GO for now, until I know more.

Well,the website is coming soon and once has to enter the email address to receive early access.Don't mind,but are you trying to promote the website here ? As far as the website is concerned they haven't mentioned anything yet so very shady for now.The interest they're providing as mentioned in the OP I think if you lend your stagnant bitcoins in this forums Lending section ,you could get more interest .

3.6% annual interest but unknown sources? guess what? i would believe that kind of site is a form of scam as well.
although it isn't the so-called HYIP, it still seems to be risky to join; bitcoin supply is limited so they cannot provide compounded annual interest.

Hi there!

My name is Jonathan Azeroual, I am the CEO and co-founder of BSave Limited, a UK company.
I graduated in Financial and Statistical Engineering from Paris Dauphine University and holds an MBA in Finance from ESCP Europe. I worked as a quantitative analyst, fund manager and trader in France, United States and United Kingdom. Frustrated by the limitations of the existing financial institutions I decided to co-found BSave.

We think the bitcoin ecosystem has great products. Wallets on a side, trading platforms on the other side.
BSave aims to make the bridge between the two to provide a simple, easy and hassle free saving solution, yet is the result of an extremely sophisticated automated transaction platform that tracks, reports and calculates interest earned, with up to the minute accuracy. We put hard work to create an intuitive product accessible to most with great features.

Because it is a private beta for now, here is more concrete informations about the service:

1. The interest comes from the loan margin market and paid by traders for borrowing saved bitcoin.

2. BSave is integrated to Coinbase via Coinbase APIs as a result BSave never access your password. Neither BSave will be able to debit your account without your authorization because of double factor authentication. The whole wallet architecture of BSave is provided by BitGo. We are currently working on a co-branded page with Bitgo to validate our reserve of bitcoin. Plus, we received the green light from Coinbase after testing before launching invitations.

3. Features:

-Ease of Use: BSave is the first integrated saving solution for the consumer.
-Rate: Average of 3.3% APR (so far)
-Frequency: Daily Floating Interest Payment
-Financial Penalty: none (paid the exact time you saved, each minute is taken into account)
-Fair rewarding system: Daily interest paid are calculated using sophisticated mathematical models and reflect both your time weighted average balance and the floating rate paid by the market

We decided to start with a private Beta on invitations because:

1) You have only one chance to make a first good impression.

2) We care about user experience, because there are no explanation or FAQ, our beta testers are focused on the product, we want to perceive their first impression and feelings.

Some beta testers are using BSave since 2 month and we have received positive feedback so far.

The BSave will attend two major conferences in January. The CES in Vegas and the North American Bitcoin Conference in Miami as a sponsor (btcmiami.com).

We would love to get in touch with you. To organize a meeting, please contact us at hello@bsave.io.

Best regards

Interest on my Bitcoins? Well, if they're on an exchange they're not really mine :D

No way... Very skeptical with all of this.

Is it private lending or you are working with known exchange?

in this last weeks I see a lot of "interest payed" btc sites. From magnr.com to ore mine, cloud mining and so on.
This site is correlate to coinbase? or they use only the name without any connection?
I think could be trustable, otherwise the % of interest is not to high

Question for Bsave.io

You are in UK, so can you publicy you company registration number at the house of company in UK ?

Hi, I have an account at bsave since end of November and want to share my experience:

their support is very responsive, I have contacted them a few times and they always answered quickly, very friendly and gave detailed answers to my questions.

The user account has a simple, very clear and not too detailed interface, which I like a lot. Other options  than deposit and withdraw do not exist.

You can deposit funds directly from your coinbase account or to a Bitcoin address.
Withdrawing is only possible to your Coinbase wallet .

Since I opened my account I've never seen the interface showing a higher  "expected yearly return" than 2.5 %, most of the times a lower rate is shown. Like the CEO here, their support is mentioning yearly interest rates above 3 %, so far I cannot confirm this.


My average daily return
0.006 %
My expected yearly return
2.26 %
Yesterday BSAVE Daily return
0.005 %


Payouts are paid regularly   as promised every day.

What is missing is the option to accumulate payouts into the bsave savings account so one can benefit from compounded interest. It struggles me why this option is still not available.


Here's an answer from bsave that I received when asking about the low interest rate and compared bsave with Magnr.com:




Cheers
Netpeak

think im going to check this out . and around 3% a year seems realistic and something they can handle in the long run, seems legit.

I'm going to try this.  Sure I can get more interest with bitlendingclub if I'm ok with a 10% default rate.   ::)

Hope you guys can keep the rest of us updated... Good-luck!

So this is very risky, and 3,6% is very low ?

It would be very risky if it were high interest indicating a scam. Plus I don't think coinbase would associate with them without doing their research.  I made a small deposit.  Will keep updated.

The risk factor is the same. The issue with big interest rates is the fact that the risk is more obvious...

Their twitter account says they are working on the issue.

3.6% per year isn't much but it makes you wonder how do they even generate those returns in bitcoin.  They cant make sure 100% of those returns, i mean what if bitcoin because 1 million per coin next week, they wont pay?

Somebody has mentioned on this thread they lend to traders to generate returns if I read it correctly... However, whole thing is unregulated and uninsured and it comes down to people who run the firm at the end. If SHTF will they become Bitstamp or Cryptsy?

What i read it is a daily interest (which is great), but i am not sure if it's a legit company.
Would be interested to know which company is backing them.

Yes, i've asked a few post above, the company registration number, in UK, as they have address there, but no answer for the moment..... not a good sign....

I plonked a few dollars in with them to see how it works. It seems as though they can now deposit interest into the BSave acct, as my earned Bits are showing up in BSave acct (so compounding should be happening)

MY AVERAGE DAILY RETURN
0.008 %
MY EXPECTED YEARLY RETURN
2.90 %
YESTERDAY BSAVE DAILY RETURN
0.012 %


Seems legit (so far)

I've noticed that too yesterday. It seems they implemented compounding in the last two days, which is great.
Though without notifying users, which in my opinion is not so great.

I am also missing the link to my coinbase account. Has this partnership ended ?

My average daily return
0.007 %
My expected yearly return
2.39 %
Yesterday BSAVE Daily return
0.012 %

I dont think it has ended, i seem to recall using the "Login from Coinbase" method of login.
I do wish they would properly link their "Terms and Conditions | Privacy Policy" links. (currently both loop back to bsave.io/index.php)

Well, as I wrote before inside my account all traces of the link to my Coinbase wallet have disappeared, in addition to an unannounced change of destination wallet for the interest payouts.

As a consequence I withdrew all my funds, and am honestly very relieved that transaction has been confirmed.

The partnership with Coinbase was the only reason I trusted Bsave. Even if it may be a bit childish, I thought the link with CB would be some kind of endorsement of the legitimacy of their business. The above mentioned changes without any notification
to users is reason enough for me to worry about the safety of my bitcoins and to send them back to cold storage.

Better bsafe than sorry.

I did the same

BSave has said that it'll be attending the Bitcoin Miami conference to discuss more about its service, but honestly I feel very insecure to be linking my Coinbase account to their website and transferring the funds to their saving account. They have total control over all our funds. I also know of a similar service called magnr which pays a bit more annually. I would love to know how is the interest rate compounded, is it monthly or annually?

10% i would be happy with. so happens i had second and third loans with some that were bigger go bad so it turned into 13% default rate taking 30% of my money. i got screwed. made it the break even
 and now i let the autoinvest do the risk for me.

tried it - not worth the risk in my opinion. would stay away

Seems like it will be hard for any legit company to get their foot in the door.  Anybody that pays interest is automatically accused of being a scam because of bitcoins shady past.  Unfortunate...

I would like to know more about how they make money on our bitcoins to pay us interest.  And how they calculate the interest rate.

I would also feel more comfortable if I knew who is backing them and how they raised there seed money.

Their site has several mentions of "loan margin market" and their "rates"  ... but I am not sure of what exactly what that means

partnership between Coinbase and Bsave ended

http://bitcoinwarrior.net/2016/02/talk-jonathan-azeroual-bsave/

Thank you for posting this N... I'm staying away for now.

May I ask; what was the fee they charged you to withdraw ?

no withdrawl fee has been charged

No problems for me so far.  They send a email every day saying how much interest I earned which is now compounded.  14 cents so far for a small amount deposited.  Hopefully they developed some name brand partners in the future to restore confidence.

I decided to try them, so far no complaints in this topic, that's good, hehe

BSave Upgrades Customer Account Security with Clef
BSave, the world’s first Bitcoin savings account bearing interest by the minute, integrates Clef, a replacement for usernames and passwords and the most secure 2FA available.

April 5, 2016 - Today, BSave, creators of a new generation of Bitcoin savings account, announced an integration with Clef, a simple and secure login that replaces usernames and passwords. Starting today, Bsave partnered with Clef as its primary method and preferred choice for user login. BSave is the latest in a growing number of Bitcoin related ventures to add Clef to their features set. Many Bitcoin services deal with the transfer of currency and thus require high-level security. Clef is a highly visible way to demonstrate security and earn invaluable user trust.

BSave is a London based start-up which has created the world’s first cryptocurrency savings account bearing interest by the minute. The platform allows individuals to create an account, transfer their bitcoin into the new account, and start earning competitive interest rates immediately. Interest is credited to customer accounts on a daily basis, and presently BSave sites a 2.89% APR for customer accounts. BSave also guarantees full liquidity on all accounts. Customers can withdraw funds at any time without financial penalties. The company has taken implemented a suite of security measures, the latest of which is the Clef integration, to assure the maximum level of customer account security.

On top of the basic cryptographic login that Clef offers, BSave has also integrated Clef’s advanced protections through a feature called, “Distributed Authentication.”  Normally, when you log in with Clef, all of the cryptography happens on the Clef server, and then your information is passed to whatever site you are logging in to. With Distributed Authentication, the site gets a copy of your public key from the Clef server to verify the login. The site then sends a challenge to the Clef app on your phone, where you confirm and sign it. This lets the partner site verify the login independently of the Clef server, so that even in extreme cases of compromise, your account is still protected.


About BSave
BSave is delivering products and infrastructure to facilitate the adoption of Bitcoin. The Company is focused on delivering accessible, transparent, safe and easy to use products for the consumers and is uniquely positioned to do so based on the experience and background of the founding team which combine skills in:
Capital markets, algorithms and financial structures
Easy to use applications and interfaces
Transactional platforms
Digital currency security and blockchain know-how
BSave, will continue to expand its market reach and product offering through a pipeline of innovative products and partnerships and plans to become a significant player in the emerging digital currency market. For more information, follow us on twitter at @bsave_io or visit us at: www.bsave.io

About Clef
Clef has built a replacement for usernames and passwords that makes it easy for businesses to provide customer accounts with maximum security. Clef powers logins for more than 150,000 sites and The New York Times described Clef as “magical.” Additionally, the company has received accolades from, Techcrunch, and The Economist. Clef is based in Oakland, California and is funded by Morado Ventures and angels from a broad variety of product and security backgrounds. For more information on Clef, visit getclef.com or check out their press kit.

MY AVERAGE DAILY RETURN
0.011 %
MY EXPECTED YEARLY RETURN
4.14 %
YESTERDAY BSAVE DAILY RETURN
0.012 %

get better and better. keep going!

I wonder if it's worth risking your money for a centralized service. who are the owners? is there any team site/legit diligence?

team:
https://www.bsave.io/about-us/ (https://www.bsave.io/about-us/)

seems legit: 
2015: https://www.cryptocoinsnews.com/bsave-io-gains-400000-investment-announces-coinbase-linked-bitcoin-savings-account/ (https://www.cryptocoinsnews.com/bsave-io-gains-400000-investment-announces-coinbase-linked-bitcoin-savings-account/)
2016: https://bnktothefuture.com/pitches/2755/_bsave-savings-account-making-digital-currency-work-for-you.html (https://bnktothefuture.com/pitches/2755/_bsave-savings-account-making-digital-currency-work-for-you.html) (MINIMUM INVESTMENT GOAL reached)

 
First, if you would lend me your BTC I could give you much more than 4% per year. It's not hard to make between 10 to 25 % with low risk.
IMO 4% is too low to be worth it.

Secondly, these guys are totally unknown in the crypto world. I've seen they displayed some names but it's still not enough. Why don't they come here to talk and build a reputation before taking your BTC ?

My advice : Don't put any money yet or just learn to make a profit yourself.

literally the dumbest sentence I read all year regarding bitcoin

lending bot
arbitrage bot

I dont no i signed up for bsave when they where in beta and any time i had a problem or question they took care of it or responded wright away I have some btc there and have been paid interest on it daily right now they also have a fund raiser on bnktothefuture.com with 45 days to go and 80% there I would back them but unfortunately its not in my finances wright now   

I should worry about joining here unless I get a concent from Coinbase themselves here in this thread or on my email response. I have already send them an email regarding that matter. Hopefully they will get back here to show the green/red signal soon.
Till then beware!

my question is where do they make a profit to pay interest. if i knew that i may put more than .05 in which is still earning by the way. course i have lost more on other sites. lol

Hey I deposited 300 bits (30,000 satoshis / 0.14$) a month ago in Bsave.io and got no profit at all...

It is showing the exact same amount, which means I lost more in transaction fees to deposit than what you returned (nothing).

If you do not answer me, I'm going to withdraw next week.

From the BSave site - https://www.bsave.io/help-center/

“There is no minimum amount or maximum amount set.
Please note that you will likely not see interest accruing until your account balance is 0.1 BTC”

Their site has several mentions of "loan margin market" and their "rates"  ... but I am not sure of what exactly what that means

So this is a risk "investment" with zero profit, nice!

Another lie in their help center: "You may withdraw your funds at any time."
I just tried to withdraw my money and got this message: The Amount must to be greater than 0.01 BTC...

well so far it is showing 2 bits per day on 0.05xxxxxxx or so  i'm game for 20 bucks wtf

I will second this. I put CDN$20 in way back when they started ...
What the heck, free money from a class action vs Toshiba battery price thing ...

I'm looking at CDN$25.11 now.

yeah, it's not really worth it to trust a 3rd party over literally nothing

They are play money game of course they will say something sweet to make investor interested to invest at there but you will not get a profit when you invest your money in many ways they do in order to withstand the withdraw request one by increasing the minimum withdraw request.

Hello there!

As any saving account, bsave is not designed to pay interest on cents and requires a minimum in the account to be able to pay the minimum of one bit of interest on a daily basis. As the bsave rate fluctuates, the minimum balance required to accrue interest range between 0.05 BTC and 0.1BTC.

The reason why there is a minimum amount required that may be withdrawn is because we are paying the mining fees on behalf of our customers. As a consequence, there is no fees paid by our customers to withdraw btc. It would not make sense economically if we had to pay 400 bits to miners each time a client withdraws 300 bits.

We understand a lot of scams undermine businesses trying to add value to the bitcoin ecosystem and there is no such a thing that getting paid interest without trust involved. We also understand building trust takes time. And ultimately this is our biggest challenge.

As bitcoin is deflationary by design, earning deflationary interest on deflationary money is something amazing on a long-term basis in our opinion and we are proud to have built a system that paid interest to our customers on a daily basis since November.

To learn more about bsave and how it works, please check the videos below:

https://vimeo.com/165899373 (https://vimeo.com/165899373)
https://vimeo.com/165846495 (https://vimeo.com/165846495)

Best regards
The Bsave team

Aug 02    Extraordinary Loss Adjustment to your BSave Account   0.0128 BTC   $7.48

Deductions like this happening without warning don't help the trust situation very much.
This is supposed to be a SAVINGS ACCOUNT !

lol, what happened?

Looks like they are lying just to attract people deposit anytime.. this is just like other site are saying that you can withdraw anytime but after youve got your earnings you will try to withdraw but you can not withdraw because your outstanding balance still low.

It appears bsave.io was affected by Bitfinex hack and had 36% shaved off the balance in exchange for BFX.

Any news concering BSave?

Here's a new one:::

>Error 1015 Ray ID: xxxxxxxxxxxx • 2017-09-04 05:49:13 UTC
>You are being rate limited
>What happened?
>The owner of this website (bsave.io) has banned you temporarily from accessing this website.
>Cloudflare Ray ID: xxxxxxxxxxx • Your IP: xxxxxxxxx • Performance & security by Cloudflare


The hell is this?

Today I've got a message from allegedly BSave pushing some referral giveaway program through a suspicious link. I've checked on their website and there is no any news about such activity.

Here is image: https://prnt.sc/i4rmkr

Take care.
Check always every link received in email.

BSave is closing today.
Cash out your BTC quickly from the platform

https://bitcointalk.org/index.php?topic=5112701

https://www.reddit.com/r/Bitcoin/comments/at2x94/popular_bitcoin_saving_solution_bsaveio_is/

yup, checkout https://compound.finance/ - it's based on smartcontracts and you get interest for adding supply