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[vella85]

I like the new feature a lot! {Bitcoin savings account} .... I have last seen something like this with AsMoney.   ... What is the maximum amount

that you will pay interest on? It is just a pity that you cannot split your "savings account" from all other activities on the site. I want to use the

savings account, but that amount must be locked in.... I must not configure the "Auto betting" feature and then realize that it has wiped out my

savings. Can you not change this, so that you can divide the features and allocate percentages to the different options or generate a sub-section

for each. eg : 80% - savings / 10% - Multiplier / 10% - lottery for instance    

 

We have already invested 1,000+ bitcoins for mining in 3 months (and we were starting out slowly) and could easily invest another 2,000 in the next 6 months. Would users be interested in higher rate plans but with a lock-in period? We could do about 8%/year but with a 1 year lock-in.

As for controlling your auto-betting, couldn't you do that now by setting a maximum loss limit? By splitting your balance, you would just earn less interest because the balance in your other accounts would not earn anything.

Maybe have some lock in plans, like 1 month, 3 months, 6 months and a year?
But I'd probably leave a little for that plan

I also love this new savings feature and now instead of withdrawing every week like I was doing I'll leave it sit in my account earning interest. I agree that maybe you should have a couple of lock in options for people to choose from say from 1 month 6 months and the 12 month option.

@Wetsuit

Will there also be a feature like this for the Dogecoin faucet?

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[wetsuit]

The new interest feature is a pleasant surprise since it was completely unexpected. I am curious though, what made you fix the APY at 4.08%? I realize the APY is a result of the daily rate which is compounded daily, so I guess a more accurate question is how did you decide what the daily interest rate would be?

Also, this is just out of curiosity as well, but is the time the interest is credited truly random (generated by computer perhaps) or just variable (initiated manually but at no set time)?

We set the interest rate at 4% APR which comes to 4.08% annually if compounded daily. We set the rate at 4% since that is what we can safely give out for a long period of time while also being competitive with similar services.

The interest is credited at a computer generated random time everyday but we have been adjusting the time for the first few days so that we can monitor if everything works properly before we let the script run on its own. It will be fully automated from now onwards.

[wetsuit]

I like the new feature a lot! {Bitcoin savings account} .... I have last seen something like this with AsMoney.   ... What is the maximum amount

that you will pay interest on? It is just a pity that you cannot split your "savings account" from all other activities on the site. I want to use the

savings account, but that amount must be locked in.... I must not configure the "Auto betting" feature and then realize that it has wiped out my

savings. Can you not change this, so that you can divide the features and allocate percentages to the different options or generate a sub-section

for each. eg : 80% - savings / 10% - Multiplier / 10% - lottery for instance    

 

We have already invested 1,000+ bitcoins for mining in 3 months (and we were starting out slowly) and could easily invest another 2,000 in the next 6 months. Would users be interested in higher rate plans but with a lock-in period? We could do about 8%/year but with a 1 year lock-in.

As for controlling your auto-betting, couldn't you do that now by setting a maximum loss limit? By splitting your balance, you would just earn less interest because the balance in your other accounts would not earn anything.

Maybe have some lock in plans, like 1 month, 3 months, 6 months and a year?
But I'd probably leave a little for that plan

I also love this new savings feature and now instead of withdrawing every week like I was doing I'll leave it sit in my account earning interest. I agree that maybe you should have a couple of lock in options for people to choose from say from 1 month 6 months and the 12 month option.

@Wetsuit

Will there also be a feature like this for the Dogecoin faucet?

Sorry, we do not have any plans to implement this on dogecoin since it adds a new layer of complexity (hedging against the DOGE price changing) and cost.

[wetsuit]

If anyone is interested in monitoring (most of) our miners in real-time, they can do so at https://freebitco.in/cgi-bin/monitor_miners.pl. It's updated every 15 mins.

Please do not send us emails or PM's when a miner is down, we already get notified about it.

[vella85]

If anyone is interested in monitoring (most of) our miners in real-time, they can do so at https://freebitco.in/cgi-bin/monitor_miners.pl. It's updated every 15 mins.

Please do not send us emails or PM's when a miner is down, we already get notified about it.

Thanks for sharing this info with us and I'll be sure to check in on this every now and then. Thanks also for letting me know about not adding a savings feature on your Dogecoin faucet but do you think we could have the lottery feature added on FreeDogecoin? I ask this a few months ago and you said you may add it and just like to know if that is still on the table to be added in the future?

[jaysabi]

For the pay to play gambling bonus, I think you recently said that didn't require a deposit to play, that you could use the balance in your account from free to play to claim a gambling bonus... Is that a limited time offer, and is it a one-time offer? (That is, if I claim with a low balance, will that burn my only chance to claim the bonus?)

[Johnny00]

I haven't been on freebitco in a log time. This almost makes me want to do the faucet again and earn the 4%. It's a well respected and old faucet. The main use of funds is for expansion? Can they elaborate or is it secret? I guess it's like taking a loan. They could also stop the interest after a year.

Do you plan to keep this interest indefinately?

[mrcash02]

For the pay to play gambling bonus, I think you recently said that didn't require a deposit to play, that you could use the balance in your account from free to play to claim a gambling bonus... Is that a limited time offer, and is it a one-time offer? (That is, if I claim with a low balance, will that burn my only chance to claim the bonus?)

I think you can do it with your balance without the needed of a deposit, but you will still need to bet your bonus claimed x40 to receive the bonus. This looks to risk for me, with a 0.001 BTC bonus you need to wager 0.08 BTC to be able to receive the bonus.

Did anyone have success doing this?

[isen]

@Wetsuit
This bonus (4.08% annually) is more than welcomed, but I am not sure if it is enough to attract new investors.
Maybe you should start advertising freebitco.in as an online wallet as well, many newcomers are choosing sites like Coinbase or Xapo to store their first Bitcoins and this interest is a big advantage compared to them.

[wetsuit]

If anyone is interested in monitoring (most of) our miners in real-time, they can do so at https://freebitco.in/cgi-bin/monitor_miners.pl. It's updated every 15 mins.

Please do not send us emails or PM's when a miner is down, we already get notified about it.

Thanks for sharing this info with us and I'll be sure to check in on this every now and then. Thanks also for letting me know about not adding a savings feature on your Dogecoin faucet but do you think we could have the lottery feature added on FreeDogecoin? I ask this a few months ago and you said you may add it and just like to know if that is still on the table to be added in the future?

Sorry, it has been put back for now since dogecoins doesn't really get much traffic and I want to focus on making the bitcoin faucet better first.

For the pay to play gambling bonus, I think you recently said that didn't require a deposit to play, that you could use the balance in your account from free to play to claim a gambling bonus... Is that a limited time offer, and is it a one-time offer? (That is, if I claim with a low balance, will that burn my only chance to claim the bonus?)

There is no limit to the bonus. You can claim once, fulfil the wagering requirements and then claim again and again.

I haven't been on freebitco in a log time. This almost makes me want to do the faucet again and earn the 4%. It's a well respected and old faucet. The main use of funds is for expansion? Can they elaborate or is it secret? I guess it's like taking a loan. They could also stop the interest after a year.

Do you plan to keep this interest indefinately?

It's detailed in the FAQ of the savings page but mostly we plan to use the deposited bitcoins for expanding our mining operation.

For the pay to play gambling bonus, I think you recently said that didn't require a deposit to play, that you could use the balance in your account from free to play to claim a gambling bonus... Is that a limited time offer, and is it a one-time offer? (That is, if I claim with a low balance, will that burn my only chance to claim the bonus?)

I think you can do it with your balance without the needed of a deposit, but you will still need to bet your bonus claimed x40 to receive the bonus. This looks to risk for me, with a 0.001 BTC bonus you need to wager 0.08 BTC to be able to receive the bonus.

Did anyone have success doing this?

You know, we have had 2 users - 1 claimed a bonus for 0.77 BTC and turned it into 21.2 BTC and another claimed it for 0.0795 and turned it into 5.79 BTC! I am not recommending anyone to do this, but from what I have seen people who have had success with claiming the bonus and multiplying it many times over all seem to be following a system of somewhat risky martingale ie. double bet on loss but at odds of 3.00 or triple bet on loss but at odds of 2.00 or some variation of these. It's risky but the fastest way to clear the wagering requirements before going bust. Again, I am not recommending anyone to do this, I am simply stating my observations from what I have seen.

@Wetsuit
This bonus (4.08% anually) is more than welcomed but I am not sure if it is enough to attract new investors.
Maybe you should start advertising freebitco.in as an online wallet as well, many newcomers are choosing sites like Coinbase or Xapo to store their first Bitcoins and this interest is a big advantage compared to them.

Actually that is the next step, low fee transfers to other FreeBitco.in users and then after that a system for users to accept bitcoin payments.

[PatsTB12]

I sent a small amount to the deposit address listed by Freebitco.in, to experiment with the savings account. The first deposit stayed in the address listed, however after a second small deposit, the funds were sent to another address. Can you explain why this happened? A cynical mind would say that this is a scam: hook them by making a first deposit look safe, and steal the funds after a second larger deposit.

[wetsuit]

I sent a small amount to the deposit address listed by Freebitco.in, to experiment with the savings account. The first deposit stayed in the address listed, however after a second small deposit, the funds were sent to another address. Can you explain why this happened? A cynical mind would say that this is a scam: hook them by making a first deposit look safe, and steal the funds after a second larger deposit.

lol what?
Was the deposit credited to your account or not? If yes, then what is the problem? How does it matter what happens to the deposit your sent after it was credited to your account?

We use a shared wallet so your deposits might be used for somebody else's payouts and their deposits might be used for your payout. Is your account balance correct and are you able to withdraw it or not?

[HabBear]

We have already invested 1,000+ bitcoins for mining in 3 months (and we were starting out slowly) and could easily invest another 2,000 in the next 6 months. Would users be interested in higher rate plans but with a lock-in period? We could do about 8%/year but with a 1 year lock-in.

Absolutely, a higher interest rate in return for a locked in time period (like a Certificate of Deposit in the US) would be beneficial. The challenge you'll have is ensuring trust that you won't run away with the bitcoin. I presume it's more than obvious to you that you have much more to lose by breaking your trust with customers, account holders, savers, than you do to gain by stealing their money...but this is not inherently obvious to everyone else.

Can you offer a contract that holds you responsible to the safe holding of account holders deposits? Some level of insurance to us? Something like the FDIC in the US?

I think this move to offer interest is an incredible shift in freebitco.in's business model...I don't think people are paying attention yet, but the shift is a really positive move for you. I look forward to hearing about and seeing more.

[Miiike]

A question about freedoge.

After accumulating for quite some time by turning the auto withdraw off, I decide to withdraw the doge into my wallet. I see that there is a 1 doge fee for both automatic and manual withdrawal. Extremely small fee, really, not worth bothering. Still, I can't help but wonder, what is the difference between the automatic and manual, then? Since both have some fee. I mean, the automatic withdrawal for freebit comes with free fee. Purely curiosity here.

[wetsuit]

A question about freedoge.

After accumulating for quite some time by turning the auto withdraw off, I decide to withdraw the doge into my wallet. I see that there is a 1 doge fee for both automatic and manual withdrawal. Extremely small fee, really, not worth bothering. Still, I can't help but wonder, what is the difference between the automatic and manual, then? Since both have some fee. I mean, the automatic withdrawal for freebit comes with free fee. Purely curiosity here.

It is just an old system that was never changed. The only different is that auto-withdraw makes the withdrawal automatically for you every week. It's useful for people who refer but don't want to login to their account to request payment every week.

I have added it to my list for removing the fee for auto-withdraw. Thanks for bringing it to my attention.

[european_guy]

For 2 days the base prize for me has been only half of what it used to be. How come, is it something only I experience?

[wetsuit]

For 2 days the base prize for me has been only half of what it used to be. How come, is it something only I experience?

Please pm me your user id.

[terrate]

Just deposit a small amount to freebitco.
That's great as u got this 4 % interest plan. i hope can be higher but the most important is stable. ^^

I think u are the first faucet to do this one. well done!

[Mahdirakib]

What happened here? Why freebitco.in page not loading?

[jackchun]

I also find this problem