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Author Topic: Freebitco.in as a wallet?  (Read 4598 times)
Soylent
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May 17, 2017, 05:25:09 PM
#1

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?

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May 17, 2017, 05:38:48 PM
#2

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?

They are trusted until now and operating since February 2014 but this doesn't mean it is a good idea to give your bitcoins to someone else and you not holding the private keys to this bitcoin. Remember that anyone with the private key can spend your bitcoin. It is not a good idea to keep your funds in bitcoin on web wallets that is why Electrum and many other better wallets are created.




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BitcoinFutureCoin
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May 17, 2017, 05:42:37 PM
#3

Better not do that.You should not to use some website like a wallet because it is not.It is only a faucet site so better use a real bitcoin wallet for keeping your money because it is more safe than any other method.
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May 17, 2017, 05:53:40 PM
#4

This is the newest announcement on their site:
[im g]https://vgy.me/lErcB7.png[/img]

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?

They are trusted until now and operating since February 2014 but this doesn't mean it is a good idea to give your bitcoins to someone else and you not holding the private keys to this bitcoin. Remember that anyone with the private key can spend your bitcoin. It is not a good idea to keep your funds in bitcoin on web wallets that is why Electrum and many other better wallets are created.
Neither coinbase nor xapo allows you to access private keys. There are few significant benefits on using web wallets that is the reasons I am still sticking with xapo even I am fully aware of how risky to keep my bitcoins with someone's wallet.

I would have planned to use freebitco.in as my wallet if they themselves will be paying network fees for ourselves. But I understand we need to pay fees with options to chose from high priority fee or normal or low.

Still freebitco.in as wallet comes with one benefits of gaining daily interests but I am not getting attracted to that.


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May 17, 2017, 05:58:31 PM
#5

If they say they can do it, yes they can. This website is one of the few faucet sites that have stand the test of time by relying on truthfulness and consistency. So far when they started their interest on balance programme, I have not read where they were accused of duping any one but if you are not sure, then you are not forced. Its better to be safe than sorry.

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BTCLovingDude
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May 17, 2017, 06:39:14 PM
#6

they have stopped being a faucet a long time ago when google blocked their account because they were violating its ToS. and from that time until today they have been struggling to come up with new ways of making money, with the dice games with 5% house edge to lottery and the final thing, the investment! i just hope they can manage to stay above water.

with that said it is a terrible idea to use a web service ran by a third party as your bitcoin wallet. because you don't have control and even if they don't run away you can still get hacked.

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May 17, 2017, 07:36:40 PM
#7

Freebitco is pretty known around us, it was first and great bitcoin faucet if I amn't wrong. Their last activities are a little suspect for me. They offered hold balance and get profit, now we see wallet service. BTW they were good and are good nowdays but personally I avoid using them for huge amount of btc, I mean more than 10btc because as everyone has heard, even known and trustful online wallets aren't perfectly secure and freebitco can't offer us premium security.

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May 17, 2017, 07:52:39 PM
#8

I wouldn't use freebitco.in as my bitcoin wallet neither should you or anyone else. most of the well-known wallets set appropriate fees.

This is the newest announcement on their site:
[im g]https://vgy.me/lErcB7.png[/img]

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?

They are trusted until now and operating since February 2014 but this doesn't mean it is a good idea to give your bitcoins to someone else and you not holding the private keys to this bitcoin. Remember that anyone with the private key can spend your bitcoin. It is not a good idea to keep your funds in bitcoin on web wallets that is why Electrum and many other better wallets are created.
Neither coinbase nor xapo allows you to access private keys. There are few significant benefits on using web wallets that is the reasons I am still sticking with xapo even I am fully aware of how risky to keep my bitcoins with someone's wallet.

I would have planned to use freebitco.in as my wallet if they themselves will be paying network fees for ourselves. But I understand we need to pay fees with options to chose from high priority fee or normal or low.

Still freebitco.in as wallet comes with one benefits of gaining daily interests but I am not getting attracted to that.
Xapo will stop paying fees for withdrawals. i think it's time for you to move on to the wallets where you have full control.  Wink

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May 17, 2017, 07:56:56 PM
#9

Freebitco is pretty known around us, it was first and great bitcoin faucet if I amn't wrong. Their last activities are a little suspect for me. They offered hold balance and get profit, now we see wallet service. BTW they were good and are good nowdays but personally I avoid using them for huge amount of btc, I mean more than 10btc because as everyone has heard, even known and trustful online wallets aren't perfectly secure and freebitco can't offer us premium security.
Yes that's what I thought at first. If they want to go further in this direction they should consider separating faucet and other games from well done wallet (maybe another website?) with basic features and decent security. I mean it would be a long term process but now they are on a good start for that.

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May 17, 2017, 08:09:24 PM
#10

After their recent profit feature wherein your balance will increase for some percentage over a year, and now offering a wallet? There are lots of reputable online wallet compare to them. I don't care how much trust they build from faucet feature but using this as bitcoin wallet sounds not making sense to me.

Id rather used Coinbase or XAPO here compare to them in terms of security and assets. Freebitco is still for faucet purposes only and not as a bitcoin wallet.

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Cxinbolen
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May 17, 2017, 08:27:20 PM
#11

After their recent profit feature wherein your balance will increase for some percentage over a year, and now offering a wallet? There are lots of reputable online wallet compare to them. I don't care how much trust they build from faucet feature but using this as bitcoin wallet sounds not making sense to me.

Id rather used Coinbase or XAPO here compare to them in terms of security and assets. Freebitco is still for faucet purposes only and not as a bitcoin wallet.

The popularity of FreeBitco.in is what lets them pull this off. Tons of people are first introduced to bitcoin through it, so it's not a total lack of logic that they're offering this. Plus, they want more funds in the wallets hosted by them so that they can have more in the reserves for claims.

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May 17, 2017, 09:07:05 PM
#12

I wouldn't use freebitco.in as my bitcoin wallet neither should you or anyone else. most of the well-known wallets set appropriate fees.

This is the newest announcement on their site:
[im g]https://vgy.me/lErcB7.png[/img]

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?

They are trusted until now and operating since February 2014 but this doesn't mean it is a good idea to give your bitcoins to someone else and you not holding the private keys to this bitcoin. Remember that anyone with the private key can spend your bitcoin. It is not a good idea to keep your funds in bitcoin on web wallets that is why Electrum and many other better wallets are created.
Neither coinbase nor xapo allows you to access private keys. There are few significant benefits on using web wallets that is the reasons I am still sticking with xapo even I am fully aware of how risky to keep my bitcoins with someone's wallet.

I would have planned to use freebitco.in as my wallet if they themselves will be paying network fees for ourselves. But I understand we need to pay fees with options to chose from high priority fee or normal or low.

Still freebitco.in as wallet comes with one benefits of gaining daily interests but I am not getting attracted to that.
Xapo will stop paying fees for withdrawals. i think it's time for you to move on to the wallets where you have full control.  Wink

Many online bitcoin wallets have bad fee calculation as it's completely outdated (120 satoshi/byte in comparison to 390 satoshi/byte which is average now) and not every bitcoin user knows how high fee should use for their transactions.
Furthermore I think as for now choice from only 'slow' and 'instant' fee on freebitco.in doesn't seem to be a big deal for 'casual' users who've never been changing default fee calculated by most popular wallets.

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May 17, 2017, 11:56:05 PM
#13

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.

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May 18, 2017, 12:14:31 AM
#14

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



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May 18, 2017, 03:36:39 AM
#15

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.


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May 18, 2017, 05:23:05 AM
#16

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

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May 18, 2017, 05:40:47 AM
#17

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!

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May 18, 2017, 05:51:20 AM
#18

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

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May 18, 2017, 06:15:19 AM
#19

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.

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May 18, 2017, 07:27:39 AM
#20

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.

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