Freebitco.in as a wallet?

[Myfe]

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

How much interest in yobit.net giving you and account holders?

Can you share a link please? Thanks!

[1715141340]

1715141340

[mrcash02]

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

How much interest in yobit.net giving you and account holders?

Can you share a link please? Thanks!

Hi, I'm not sure, but probably he is saying about this new option Yobit launched. I opened a thread days ago about it, you can check here, there is a picture too, so you can see how much they are offering:

https://bitcointalk.org/index.php?topic=1922048.0

[Myfe]

Thanks for that link.

Ok, their thread was only created this month so I can only assume that they've copied FreeBitco.in with their plan to pay interest.

Simply put, i'm glad they did. All bitcoin wallets should be paying interest to compensate us all for the trust (and therefore risk) we place with them!

Yobit's rate paid on BTC is higher than FreeBitco.in, but their rate isn't sustainable.

Here are the differences:

• They pay 0.2% per day, which equals 73% PER YEAR. This isn't possible, friends, this is absolutely an HYIP. Someone check my math. A daily rate multiplied by 365 days in a year calculates the annual rate, yes?
• Their minimum investment is much higher than FreeBitco.in; They require 0.01BTC, we only require 30,000 satoshi

FreeBitco.in's daily rate is 0.0109589% x 365 = 4%. It's lower, but it's realistic. There is zero risk that we won't be able to pay you for the long term.

That said, make the choice that best works for you! Whatever you do...make sure you're getting paid interest from your online wallet!

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

How much interest in yobit.net giving you and account holders?

Can you share a link please? Thanks!

Hi, I'm not sure, but probably he is saying about this new option Yobit launched. I opened a thread days ago about it, you can check here, there is a picture too, so you can see how much they are offering:

https://bitcointalk.org/index.php?topic=1922048.0

[mrcash02]

Thanks for that link.

Ok, their thread was only created this month so I can only assume that they've copied FreeBitco.in with their plan to pay interest.

Simply put, i'm glad they did. All bitcoin wallets should be paying interest to compensate us all for the trust (and therefore risk) we place with them!

Yobit's rate paid on BTC is higher than FreeBitco.in, but their rate isn't sustainable.

Here are the differences:

• They pay 0.2% per day, which equals 73% PER YEAR. This isn't possible, friends, this is absolutely an HYIP. Someone check my math. A daily rate multiplied by 365 days in a year calculates the annual rate, yes?
• Their minimum investment is much higher than FreeBitco.in; They require 0.01BTC, we only require 30,000 satoshi

FreeBitco.in's daily rate is 0.0109589% x 365 = 4%. It's lower, but it's realistic. There is zero risk that we won't be able to pay you for the long term.

That said, make the choice that best works for you! Whatever you do...make sure you're getting paid interest from your online wallet!

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

How much interest in yobit.net giving you and account holders?

Can you share a link please? Thanks!

Hi, I'm not sure, but probably he is saying about this new option Yobit launched. I opened a thread days ago about it, you can check here, there is a picture too, so you can see how much they are offering:

https://bitcointalk.org/index.php?topic=1922048.0

I must agree those rates are high, I have my doubts about it as well, that is why I created the thread asking for more opinions about the investment... It was introduced really recently, let's see how that will work and if that will really works.

Anyway, Frebitco.in interest is good too if investor has a good amount to invest and as you are working since 2013 you have already built a positive reputation among the Bitcoin enthusiasts, that is good reason to invest at Freebitco.in.

[ecnalubma]

Not recommended, it feels like putting you're assets without assurance. They have good reputation in faucet but not on online wallet, its just not good to try.

[digaran]

Even web wallets which were designed solely to be a wallet are not entirely safe, this looks like investment, meaning when you deposit Bitcoins there they are free to work with it and earn money then pay you a fraction as interest, if they wanted to let you have access to private keys then why not pay interest on 16.3M bitcoins? because those coins are owned by people having access to their private keys.

They must've some big reserve to be able to act as a interest bearing wallet, but that could only be profitable for us if we were to deposit large amounts and not a few dollars worth of Bitcoin.

[marlboroza]

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.

[ranlo]

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?

What's the fee for withdrawing, though? Or is that free? And keep in mind that there's always a risk here. The only time you truly hold your BTC is when you have the private key and nobody else does (which isn't the case here).

[Myfe]

They must've some big reserve to be able to act as a interest bearing wallet, but that could only be profitable for us if we were to deposit large amounts and not a few dollars worth of Bitcoin.

Deep pockets? Absolutely! See here >>> https://bitcointalk.org/index.php?topic=1922196.msg19104276#msg19104276

Would you keep your paper money in other peoples wallet? I don't think so.

If you keep your "paper money" in a bank, it's sitting in an online wallet. There are no private keys for paper money, only the paper money...so if it's not literally in your possession, you don't own it.

What's the fee for withdrawing, though? Or is that free?

I don't have this information at this moment, but I can get back to you. If you want to test it though, proceed through the process and screenshot what appears, what you experience.

[marlboroza]

Would you keep your paper money in other peoples wallet? I don't think so.

If you keep your "paper money" in a bank, it's sitting in an online wallet. There are no private keys for paper money, only the paper money...so if it's not literally in your possession, you don't own it.

Sir, do you live on Mars?
Bank IS safest way place for keeping your money and you own it. It is your money.

You can compare it like this:

Bank(paper money) - hardware wallet(bitcoin)
Your wallet(paper money) - online wallet(bitcoin)
Other peoples wallet(paper money) - freebitco.in(bitcoin)

It's my opinion about freebitcoin as wallet, i still like faucet and lottery

[johnwest]

Would you keep your paper money in other peoples wallet? I don't think so.

If you keep your "paper money" in a bank, it's sitting in an online wallet. There are no private keys for paper money, only the paper money...so if it's not literally in your possession, you don't own it.

Sir, do you live on Mars?
Bank IS safest way for keeping your money and you own it. It is your money.

You can compare it like this:

Bank(paper money) - hardware wallet(bitcoin)
Your wallet(paper money) - online wallet(bitcoin)
Other peoples wallet(paper money) - freebitco.in(bitcoin)

It's my opinion about freebitcoin as wallet, i still like faucet and lottery

If you read the posts then you will see that it is the opinion of most of the members here. 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, and Banks are the safest place actually to keep your money and get some interest at least.

[ViceOfBTC21]

Would you keep your paper money in other peoples wallet? I don't think so.

If you keep your "paper money" in a bank, it's sitting in an online wallet. There are no private keys for paper money, only the paper money...so if it's not literally in your possession, you don't own it.

Sir, do you live on Mars?
Bank IS safest way for keeping your money and you own it. It is your money.

You can compare it like this:

Bank(paper money) - hardware wallet(bitcoin)
Your wallet(paper money) - online wallet(bitcoin)
Other peoples wallet(paper money) - freebitco.in(bitcoin)

It's my opinion about freebitcoin as wallet, i still like faucet and lottery

If you read the posts then you will see that it is the opinion of most of the members here. 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, and Banks are the safest place actually to keep your money and get some interest at least.

Just storing bitcoin in wallet get any bitcoin interest, but maybe with it's price you can profit from them. Security > interest.

[smartbitcoininvestor]

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.

[richardsNY]

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.

[darthmaul]

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.

[Myfe]

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.

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.

[Oilacris]

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.

[Dudeperfect]

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.

[spngebob]

@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?

[Noctis Connor]

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.