Freebitco.in as a wallet?

[Icculus.]

Bank IS safest way place for keeping your money and you own it. It is your money.

Comments like this one aren't fully thought through.

When you give your money a bank they combine it with all other deposits and then loan most of it out. If those loans aren't repaid your bank doesn't have the money to pay back the deposits.

If you don't have your fiat money in your physical possession. Or if you don't have the keys to the safe within which your money is sitting. You don't own fiat money.

Anyone who says "if you don't have the private keys you don't own bitcoin" AND doesn't see the same reality in the fiat banking system is either naive or intentionally ignoring reality.

When your money to your bank it is no longer your money. It becomes numbers on an account record as an amount owed to you by the bank. Same applies to all online bitcoin wallets.

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[gabbie2010]

Although Freebitco.in had been in existences for along time and well trusted site nevertheless that should not mean that bitcoins should be kept in their wallet, beside freebitco.in is faucets sites, If the site crashes then one will loss all his deposit in their wallet. Transactions delays being witnessed presently in blockchain will be surely be sorted out with time It's better to keep our coins I well secured wallet.

[amaral1977]

They are trusted s long as any unregulated on line business can be.play with the site, take advantage of the interest , gamble a bit but always be aware that the only trusted wallet is the one you control your private keys! Exchanges are not wallets, third party online wallets are not 100% safe and a gambling site isn either.

[BitcoinzB]

I've been holding some bitcoin with them for some years now, I even forgot about having them there.. Logged in a few months back to discover the referrals and interest got me around 10x what I had left in there

They can definitely be trusted (for now), even though I'm pretty sure their HI-LO is a bit rigged, I managed to lose 35 times in a row at their HI-LO (2 payout, alternating hi-lo bets).. I wonder how many more users noticed that too

[Decoded]

Oh god. I wouldn't trust them, and this is very fishy. Does this mean that they might perform and exit scam? It's hard to tell, but I'd be extremely wary. There's a reason no other site provides interest, because it simply doesn't make sense. The interest is either so little it will never make a difference to you, or they are trying to amass as much Bitcoin as possible in their hot wallet, which you assume you have control of. You don't.

They have no incentive for you to keep money on their site, besides you having to log on and check your wallet balance and looking at their ads.

[stomachgrowls]

Oh god. I wouldn't trust them, and this is very fishy. Does this mean that they might perform and exit scam? It's hard to tell, but I'd be extremely wary. There's a reason no other site provides interest, because it simply doesn't make sense. The interest is either so little it will never make a difference to you, or they are trying to amass as much Bitcoin as possible in their hot wallet, which you assume you have control of. You don't.

They have no incentive for you to keep money on their site, besides you having to log on and check your wallet balance and looking at their ads.

We can definitely say that its a win win situation for them and no site would really give their free service without any in exchange.Its really very risky to think off on using their wallet instead of ours and we dont really have the full control of our funds which means if they would plan to exit scam then the thing we can do is only cry and regret why we did trust them.They might be reputable but the chances or risk of losing our coins is there always.

[BitHodler]

It's all about the risk to reward ratio. In this case, for me personally, the benefits do not outweigh the potential risks, but for others things might be completely different.

It states that people can freely withdraw their funds at any time, but this is nothing more a relative term/statement. It will start to form a problem once everyone starts cashing out at the same time.

That directly raises an important question for me ~ how does freebitcoin plan to act in such a situation? Does freebitcoin at all times have enough liquid reserves to allow an all-cash-out scenario?

[Ludwig Von]

Did someone already make a withdrawal to check the fee they charge?

[vrm86]

Did someone already make a withdrawal to check the fee they charge?

Fee is already provided when you are choosing an option:
- Slow
- Instant
I used both and it's been always as mentioned before transaction.

[Cherylstar86]

Oh god. I wouldn't trust them, and this is very fishy. Does this mean that they might perform and exit scam? It's hard to tell, but I'd be extremely wary. There's a reason no other site provides interest, because it simply doesn't make sense. The interest is either so little it will never make a difference to you, or they are trying to amass as much Bitcoin as possible in their hot wallet, which you assume you have control of. You don't.

They have no incentive for you to keep money on their site, besides you having to log on and check your wallet balance and looking at their ads.

If we kept our money in a site its much better to have a better profit gains behind saving funds and yet you don't benefit within a long time like holding it in a wallet site. You have no proper assurance of your funds if you use and stack your btc balances with the sites custody, possibility of getting scammed is always there and you have no control over it.

[Myfe]

I love the diversity of opinion on this thread and the forum...it's what makes this forum a good place to spend time!

And I want respond briefly, as the FreeBitco.in Community Manager, to the two comments quoted below.

If you keep any balance with a faucet, gambling site, or online wallet, you should demand that you receive interest in exchange for the risk you take in trusting them with your hard earned Bitcoin.

FreeBitco.in realizes the risk you take leaving your funds with us in an online wallet and that's why we believe you deserve the 4% interest paid to you (and the 25% commission on interest earned by your referrals).

Oh god. I wouldn't trust them, and this is very fishy. Does this mean that they might perform and exit scam? It's hard to tell, but I'd be extremely wary. There's a reason no other site provides interest, because it simply doesn't make sense. The interest is either so little it will never make a difference to you, or they are trying to amass as much Bitcoin as possible in their hot wallet, which you assume you have control of. You don't.

They have no incentive for you to keep money on their site, besides you having to log on and check your wallet balance and looking at their ads.

We can definitely say that its a win win situation for them and no site would really give their free service without any in exchange. Its really very risky to think off on using their wallet instead of ours and we dont really have the full control of our funds which means if they would plan to exit scam then the thing we can do is only cry and regret why we did trust them.They might be reputable but the chances or risk of losing our coins is there always.

PS: "Win Win" means that people on both sides of the transaction are winning, in this scenario that would mean us (FreeBitco.in) and you. We appreciate each and every one of you.

[coynedterm]

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 know about this site from mid of the 2014 year and also it was the my first site to make earning of the Bitcoin in Satoshi .
And also this was the first site where I lost my first earning of 0.001btc just for gambling .
But still here I can't believe that we can get best feature in the freebitco.in then in any other because in the block chain we can pay the manual fee for the transaction and also we can use the recommended fee for the transaction ( low , normal , high ) and this proves also best according to its quality of the confirmation timing according to the fee they we pay which is recommended by the wallet .
So instead of the freebitco , I will use bloclchain only  or even if I need then I will deposit my Bitcoin in yobit exchange because I can use to it code Thier for the direct transfer without fee ( yobit to yobit ) .

[BitHodler]

@Myfe, why did you take the time to respond to other posts, while you completely ignored mine?

Is it because you know that there aren't any liquid funds to support everyone cashing out at once? Because after all, the funds that people invest/store with freebitcoin, get invested and used to supply the bankroll.

That's why it's an important question.

[Ludwig Von]

@Myfe, why did you take the time to respond to other posts, while you completely ignored mine?

Is it because you know that there aren't any liquid funds to support everyone cashing out at once? Because after all, the funds that people invest/store with freebitcoin, get invested and used to supply the bankroll.

That's why it's an important question.

He 's looking for the answer, seems to take some time... .

[abhinav_thakur01]

Freebitcoin offers around 50 % affiliate share and comes with multiple and automated tools. Its a must have wallet if its true as you can not only store but increase your sum.

[ecnalubma]

Maybe i will give a try in the future freebitco. in as wallet five years from now grow some deposit with fair interest and no withdrawal fees. 

[Termin4tor]

Even though they are a very trusted faucet operator, I still wouldn't store my private key on their online wallet. The operators can easily run away with everyone's money if they wish to do so, so why take the risk when sites like blockchain.info exist ?

[Kprawn]

@Myfe, why did you take the time to respond to other posts, while you completely ignored mine?

Is it because you know that there aren't any liquid funds to support everyone cashing out at once? Because after all, the funds that people invest/store with freebitcoin, get invested and used to supply the bankroll.

That's why it's an important question.

He 's looking for the answer, seems to take some time... .

Have you looked at the bitcoin address linked to their mining operation? How many banks, do you know of that would be able to pay out everyone,

if there are a run to the banks? I can tell you... ZERO. Banks close their doors when that happens.... like it did when it happened in Greece. So

let's be fair... when we make statements like this.... given enough time.. they will pay out everything that was deposited. 

[Myfe]

@Myfe, why did you take the time to respond to other posts, while you completely ignored mine?

Is it because you know that there aren't any liquid funds to support everyone cashing out at once? Because after all, the funds that people invest/store with freebitcoin, get invested and used to supply the bankroll.

That's why it's an important question.

@BitHodler, I didn't see your question until you called it out to me today. Thanks for letting me know that it was hanging out there.

Did you see the proof of bitcoin balance in Wetsuit's FreeBitco.in wallet? (If not I'll reference that post in this thread). That balance demonstrates the "cash on hand" and at this time exceeds 3000BTC. What it doesn't discuss is the total of all balances, the liabilities. I'm not sure that it's appropriate to share that number because it's confidential to the business. But, I'll bring it up with Wetsuit to see if it would be appropriate to share.

Additionally, are any other faucets or online wallets sharing that the amount of their bitcoin reserves and the value of all the account balances held on their platform?


Here's your question for everyone to reference:

That directly raises an important question for me ~ how does freebitcoin plan to act in such a situation [if everyone decides to withdrawal at the same time]? Does freebitcoin at all times have enough liquid reserves to allow an all-cash-out scenario?

[Ludwig Von]

Point is : since there are no rules in this, we only can trust on good intentions. And as in all money questions declared intentions and real behaviour can be a totally different situation... .