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Author Topic: Freebitco.in as a wallet?  (Read 4674 times)
bitcoinstress
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May 18, 2017, 09:43:42 AM
 #21

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.

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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin-Qt, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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May 18, 2017, 01:10:03 PM
 #22

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.

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May 18, 2017, 02:33:47 PM
 #23

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.

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May 18, 2017, 02:44:07 PM
 #24

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.



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May 18, 2017, 05:05:12 PM
 #25

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.

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May 18, 2017, 05:28:49 PM
 #26

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.

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May 18, 2017, 06:43:39 PM
 #27

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.

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May 18, 2017, 06:56:46 PM
 #28

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.


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rickadone
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May 18, 2017, 08:30:41 PM
 #29

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?

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senyorito123
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May 18, 2017, 10:40:40 PM
 #30

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.

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May 18, 2017, 10:59:29 PM
 #31

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.

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May 19, 2017, 07:59:46 AM
 #32

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.

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betlord90
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May 19, 2017, 09:08:14 AM
 #33

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.

For those people who already made it then better they must think the risk they are facing of since as far as we know freebitco.in is just a faucet/gambling site and not a wallet! And how could people think that they can make it as alternative one while in reality we have so many trusted wallets who existed right now so its useless to think on why we would trust them for handling our main balance.


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May 19, 2017, 03:43:55 PM
 #34

I can say that i will not store my bitcoin here because they are third party so they can still close enought o send our bitcoin. Well as of now they our trusted since 2014 and not having some bad feedbacks as of now. Much better to use Electrum or any trusted here enough of many users



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Snorek
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May 19, 2017, 11:36:31 PM
 #35

There is literally no need to use freebitco.in as a wallet, they advertise as good wallet because their transaction fee will be higher than other wallets use.
Which is totally bullshit, because you can use your own custom transaction fee with most other wallets, even other online wallets  i.e blockchain.info  allow you to set your own fee.
If I had to pick one online wallet and use it, feebitco.io would be way down on my list of good wallets.
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May 20, 2017, 03:09:45 AM
 #36

There is literally no need to use freebitco.in as a wallet, they advertise as good wallet because their transaction fee will be higher than other wallets use.
Which is totally bullshit, because you can use your own custom transaction fee with most other wallets, even other online wallets  i.e blockchain.info  allow you to set your own fee.
If I had to pick one online wallet and use it, feebitco.io would be way down on my list of good wallets.

But you receive passive income just by letting your money laid there. Small income, but better than another online wallets which doesn't provide any daily income... Online services always present risk, but Freebitco.in is alive since 2013 and there aren't complaiments about their service. I believe the risk you take by using another online wallets is the same risk you take by using Freebitco.in as wallet.

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May 20, 2017, 03:26:25 AM
 #37

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.

A very valid concern.

If you're concerned about solvency, about us having enough funds to cover deposits you can check the balance of FreeBitco.in's wallet. Here's just a little something to prove that we don't really "need" the investments: http://www.coinig.com/?adr=12Q18uwjHJo13UCws46xKyyeuZomZwdywB&msg=Bitcoin+address+owned+by+bitcointalk+user+wetsuit&sig=G0MOX5pavwdw260GHWeOfiL14on8%2FwF6A8gcFTxyPCxbBJMzT5aN%2Fya%2BFLAhwE9y1f6HitkmqOeDaLWdYZZpCt0%3D

Take the verified bitcoin address in the link above to https://blockchain.info/ to check the balance, and therefore FreeBitco.in's solvency.


There is literally no need to use freebitco.in as a wallet, they advertise as good wallet because their transaction fee will be higher than other wallets use.

Please don't make accusations in the absence of facts. This claim just ins't true.

Our transaction fees are competitive, in fact we offer two different withdrawal transaction types. I think I mentioned them in a previous post on this thread, but I'll explain them again:
  • Normal: transactions are always sent with an appropriate fee for fast confirmations
  • Slow: a very low transaction fee with a longer confirmation time, for the transactions where speed isn't a priority

Keep the questions coming, i'm here!

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May 20, 2017, 03:49:38 AM
 #38

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 think you made some misunderstanding with yobiy.net exchange because here I am looking that the yobit.net is giving more interest then freebitco.in and also we can use the code system for the transfer of Bitcoin from one yobit account to another yobit account without any charge so here I would like to use yobit where I can trade with my Bitcoin and also can make transfer from one yobit  account to another without any transaction charge .
So here I can't give priority for the use of frerbitco.in , and also if we can pay the fee 200+ sat/ byte then we can easily get confirmation within the 15 minutes to 1 hours .


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May 20, 2017, 06:57:50 AM
 #39

There is literally no need to use freebitco.in as a wallet, they advertise as good wallet because their transaction fee will be higher than other wallets use.

Please don't make accusations in the absence of facts. This claim just ins't true.

Our transaction fees are competitive, in fact we offer two different withdrawal transaction types. I think I mentioned them in a previous post on this thread, but I'll explain them again:
  • Normal: transactions are always sent with an appropriate fee for fast confirmations
  • Slow: a very low transaction fee with a longer confirmation time, for the transactions where speed isn't a priority
Yes, I can understand. As per current bitcoin tx fee trends, we cannot blame any wallet service providers for letting us to pay higher fees. Because yesterday's optimum priority fee becomes today's low priority fee and to make sure to get quick confirmation wallet providers need to be in average of low and high priority fees.

I read blockchain.info is not loading any of wallet information into their server without encrypting. All wallet related sensitive information are encrypted within client-side browser itself. Do you maintain any similar protection for better security so that we can be sure further to think about using freebitco.in as another web wallet.


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May 20, 2017, 07:03:10 AM
 #40

Freebitco.in has SSL and 2 factor authentications also maintains 99% up time.
What else you need to consider them as a safe web wallet ? Do not compare it with other existing wallets. All the existing wallets are not providing same set of security features.

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