FreeBitcoin deposit interest

[Ultegra134]

I hope that this is the right subforum.

I've stumbled upon FreeBitcoin, and it supposedly offers 4.08% interest for keeping your Bitcoin there. The interest is paid on a daily basis.
Supposing you deposit (1) one Bitcoin, you'd receive the following:
DAILY INTEREST: 0.00010958 BTC
MONTHLY INTEREST (30D)0.00329289 BTC
YEARLY INTEREST (365D)0.04080505 BTC

Considering the rate as we speak ($31.400), that's $3.5/day or $104/month, ~ $1300/year. Not bad at all, Aye?
Supposing you have a decent balance, and you're a holder, would you make a deposit to take advantage of the yearly interest?
Do you trust this specific service? I only know that it has been around for quite a long time, I remember using their faucet many years ago, (it paid around 800-1000 Satoshi each roll. Good ol' times )

P.S. I am not promoting or suggesting this service by any means, this post is purely for discussion purposes.

[aoluain]

Looks like a gambling site!

The general consensus as i'm sure you know is once you dont control the
keys to a wallet you have no control over the coins.

There are a few offering this kind of service, Interest accounts.
Blockfi and Celsius, I am only familiar with Blockfi because I have an interest
account with them, I have Bitcoin, Ethereum and Litecoin on deposit and I
earn from 5% to 6% interest.

As above I understand the risks and I have on deposit only what I am willing
to lose. The deposit is literally a fraction of what I Hodl.

So in the case of FreeBitcoin that you posted, If you had deposited Bitcoin
over a number of years you would have been rewarded [at a risk]

[Yurkov]

I hope that this is the right subforum.

I've stumbled upon FreeBitcoin, and it supposedly offers 4.08% interest for keeping your Bitcoin there. The interest is paid on a daily basis.
Supposing you deposit (1) one Bitcoin, you'd receive the following:
DAILY INTEREST: 0.00010958 BTC
MONTHLY INTEREST (30D)0.00329289 BTC
YEARLY INTEREST (365D)0.04080505 BTC

Considering the rate as we speak ($31.400), that's $3.5/day or $104/month, ~ $1300/year. Not bad at all, Aye?
Supposing you have a decent balance, and you're a holder, would you make a deposit to take advantage of the yearly interest?
Do you trust this specific service? I only know that it has been around for quite a long time, I remember using their faucet many years ago, (it paid around 800-1000 Satoshi each roll. Good ol' times )

P.S. I am not promoting or suggesting this service by any means, this post is purely for discussion purposes.

FreeBitco.in is the oldest working faucet on the market, so we can say that it has built a lot of trust among the community.
In my opinion, 4% per year is not an encouraging interest rate for a deposit.
And most important - remember that if the private keys of the address where you are holding BTC are not yours, the funds are not yours either.

[hosseinimr93]

They claim that they use the money for developing their mining operation system and currently have 0.007% of the total hashrate. They have been running their service since 2013 and I haven't heard of any issue with freebitco.
Whatever they do, it's always so risky to trust a third party with your money and I would never do that.

Note that they have an active thread in gambling board and you can discuss this there. (Visit the link below.)

FreeBitco.in-$200 FreeBTC⭐Win Lambo🔥0.2BTC DailyJackpot🏆$32,500 Wager Contest

[LTU_btc]

I think that this thing isn't new for most of us here. Freebitco.in is paying interest for a long time already. I'm getting interest from the first day they started to pay. Usually I don't have very big ballance there, so interest that I get isn't big.
And 4.08% yearly interest isn't something amazing, but better than most banks are paying. Offcourse, if you keep over 1 BTC there, extra $1300 is quite significant money. But it's not advised to keep big money on services and wallets where you don't have full control of it

They claim that they use the money for developing their mining operation system and currently have 0.007% of the total hashrate.

This thing is a bit out of date. They had stopped their mining operation some time ago, here is more detailed post from @The Quin about it:
https://bitcointalk.org/index.php?topic=320959.msg56123492#msg56123492

[cissrawk]

The site itself is trusted since long time, so its legit. But i don't know about putting a lot of balance in that site.
If you want to try it out, then go for it i think. But personally i won't do it.

[Darker45]

Freebitco.in has got the name and reputation. I think I wouldn't mind trusting them 1 full BTC, but only if I have many. I don't have it, so I'd rather keep what little I have in the safest way possible, and that is to save it in my hardware wallet. They're for the best days of Bitcoin, which are yet to come.

4.08% annual interest is not much but it is certainly better than just having your BTC sleep without growth. If you've got a lot of BTC and you're trying to let them grow in more ways than one, then having a certain amount in Freebitco.in for passive annual interest is not bad at all.

[FinneysTrueVision]

I would not keep a significant amount of BTC on any custodial service for simply 4% yearly interest. Bitcoin price will increase more than that in USD value if you just simply hold it. In all the years I've been using FreeBitco.in I have earned more from referrals than from the interest. If you want to earn passive income then I would suggest trying to refer as many people as you can.

[Jawhead999]

But i don't know about putting a lot of balance in that site.

You only need to create an account and deposit with minimum balance of 30,000 satoshi, so you'll earn the interest daily.

Earn Interest on Your Deposits
If you deposit Bitcoins in your FreeBitco.in wallet, they will give you a 4.08% annual interest on your balance, which will be compounded daily. FreeBitco.in provides you with such an additional advantage of using their wallet.

The wallet of FreeBitco.in is not just a wallet; it can earn you a significant number of Bitcoins as interest on your account balance every day. The only thing you should do is maintain a minimum balance of 30,000 Satoshi (0.0003 BTC) in your account.

I would not keep a significant amount of BTC on any custodial service for simply 4% yearly interest. Bitcoin price will increase more than that in USD value if you just simply hold it. In all the years I've been using FreeBitco.in I have earned more from referrals than from the interest. If you want to earn passive income then I would suggest trying to refer as many people as you can.

The interest you'll earn aren't converted in USD/USDT or stable coins, it's still Bitcoin as stated above by @OP. He/she only explain if those interest you earn are estimate in this rate right now.

[TheUltraElite]

I would not keep a significant amount of BTC on any custodial service for simply 4% yearly interest. Bitcoin price will increase more than that in USD value if you just simply hold it. In all the years I've been using FreeBitco.in I have earned more from referrals than from the interest. If you want to earn passive income then I would suggest trying to refer as many people as you can.

The method by which I prefer to go is not to keep all your Bitcoins in one place. Freebitcoin is a very trusted a d reputed site no doubt. Me being one of the 200$ rare faucet winner. Still in case you are looking to invest, put in 10% of your bankroll for investment.

The amount that you get per year is like a bank deposit which has close but not exact interest rate. This might be a good thing in case you don't want to trade with that amount but don't want it lying in the wallet.

I do trust their method of making money, which is essentially mining with their own rigs. This comes from being the oldest bitcoin faucet in the internet.

[cissrawk]

You only need to create an account and deposit with minimum balance of 30,000 satoshi, so you'll earn the interest daily.

Yes i know that because i still using it until this day. 30k satoshi daily interest is not really good. You need to deposit a lot to get good interest in there.

[Ultegra134]

I would not keep a significant amount of BTC on any custodial service for simply 4% yearly interest. Bitcoin price will increase more than that in USD value if you just simply hold it. In all the years I've been using FreeBitco.in I have earned more from referrals than from the interest. If you want to earn passive income then I would suggest trying to refer as many people as you can.

The method by which I prefer to go is not to keep all your Bitcoins in one place. Freebitcoin is a very trusted a d reputed site no doubt. Me being one of the 200$ rare faucet winner. Still in case you are looking to invest, put in 10% of your bankroll for investment.

The amount that you get per year is like a bank deposit which has close but not exact interest rate. This might be a good thing in case you don't want to trade with that amount but don't want it lying in the wallet.

I do trust their method of making money, which is essentially mining with their own rigs. This comes from being the oldest bitcoin faucet in the internet.

I definitely get why someone wouldn't deposit Bitcoin somewhere that he has no access to. And we're generally speaking here, not only in FreeBitcoin, despite being the oldest and most trusted faucet. However, I don't think that a 4.08% interest is that insignificant. I haven't seen a bank here with that kind of interest lol.

However, most of us that own Bitcoin, have some aside and some in use, (That's my guess, might be wrong). Personally, I have some lying around and some more that I am using for trading purposes. So, why not take advantage of some interest, if that's possible. I'd be mostly concerned about safety issues.

[NeuroticFish]

I definitely get why someone wouldn't deposit Bitcoin somewhere that he has no access to. And we're generally speaking here, not only in FreeBitcoin, despite being the oldest and most trusted faucet. However, I don't think that a 4.08% interest is that insignificant. I haven't seen a bank here with that kind of interest lol.

Bitcoin still has the potential to rise maybe even 10x or more. Compared to that 4.08% is insignificant, especially considering the risks.

I mean that no matter how old and reputed the website is, it's still a 3rd party and ... "not your keys, not your coins" - anything can happen, from theft to inside job and exit scam, no matter who are we talking about. Of course, the chance is usually small, however it makes the 4.08% benefit insignificant.

[Ultegra134]

I definitely get why someone wouldn't deposit Bitcoin somewhere that he has no access to. And we're generally speaking here, not only in FreeBitcoin, despite being the oldest and most trusted faucet. However, I don't think that a 4.08% interest is that insignificant. I haven't seen a bank here with that kind of interest lol.

Bitcoin still has the potential to rise maybe even 10x or more. Compared to that 4.08% is insignificant, especially considering the risks.

I mean that no matter how old and reputed the website is, it's still a 3rd party and ... "not your keys, not your coins" - anything can happen, from theft to inside job and exit scam, no matter who are we talking about. Of course, the chance is usually small, however it makes the 4.08% benefit insignificant.

Definitely, the security issue is the one to keep in mind when dealing with any third party, trusted or not. I just want to show how this could be useful to some holders, who have Bitcoin aside and could profit from such an interest. I've made the same mistake by keeping my Bitcoin on Bitstamp.

[magneto]

I hope that this is the right subforum.

I've stumbled upon FreeBitcoin, and it supposedly offers 4.08% interest for keeping your Bitcoin there. The interest is paid on a daily basis.
Supposing you deposit (1) one Bitcoin, you'd receive the following:
DAILY INTEREST: 0.00010958 BTC
MONTHLY INTEREST (30D)0.00329289 BTC
YEARLY INTEREST (365D)0.04080505 BTC

Considering the rate as we speak ($31.400), that's $3.5/day or $104/month, ~ $1300/year. Not bad at all, Aye?
Supposing you have a decent balance, and you're a holder, would you make a deposit to take advantage of the yearly interest?
Do you trust this specific service? I only know that it has been around for quite a long time, I remember using their faucet many years ago, (it paid around 800-1000 Satoshi each roll. Good ol' times )

P.S. I am not promoting or suggesting this service by any means, this post is purely for discussion purposes.

Nope.

To earn any substantial amount of income from this, you need to entrust it with tens of thousands of dollars.

Even though freebitco.in is undoubtedly one of the longest standing sites in the crypto scene with a great reputation, there is no guarantee that they are going to continue to operate this way. AFAIK they have no formal regulatory oversight as a deposit-taking institution either (correct me if I'm wrong here), which means that they can run a fractional reserve with potentially no capital requirements.

So it's a super big risk of forgoing control over your own private keys for just a tad more money - it's not worth it in my view.

[pooya87]

Supposing you have a decent balance, and you're a holder, would you make a deposit to take advantage of the yearly interest?

It would be an investment in a business that has been around for many years. So it has its own risks including hacks and scams. So the real question is about how much risk you want to take and it is different from person to person.
I would make a small investment with an amount that I could afford to lose. It would definitely be smaller than 1BTC.

This method is also not suitable for gamblers because their balance is not locked, and if they are already gambling there they can go overboard if they still have a bigger balance and lose it all.

[Ultegra134]

I hope that this is the right subforum.

I've stumbled upon FreeBitcoin, and it supposedly offers 4.08% interest for keeping your Bitcoin there. The interest is paid on a daily basis.
Supposing you deposit (1) one Bitcoin, you'd receive the following:
DAILY INTEREST: 0.00010958 BTC
MONTHLY INTEREST (30D)0.00329289 BTC
YEARLY INTEREST (365D)0.04080505 BTC

Considering the rate as we speak ($31.400), that's $3.5/day or $104/month, ~ $1300/year. Not bad at all, Aye?
Supposing you have a decent balance, and you're a holder, would you make a deposit to take advantage of the yearly interest?
Do you trust this specific service? I only know that it has been around for quite a long time, I remember using their faucet many years ago, (it paid around 800-1000 Satoshi each roll. Good ol' times )

P.S. I am not promoting or suggesting this service by any means, this post is purely for discussion purposes.

Nope.

To earn any substantial amount of income from this, you need to entrust it with tens of thousands of dollars.

Even though freebitco.in is undoubtedly one of the longest standing sites in the crypto scene with a great reputation, there is no guarantee that they are going to continue to operate this way. AFAIK they have no formal regulatory oversight as a deposit-taking institution either (correct me if I'm wrong here), which means that they can run a fractional reserve with potentially no capital requirements.

So it's a super big risk of forgoing control over your own private keys for just a tad more money - it's not worth it in my view.

I see where you're coming from, you'll be risking too much for too little, considering the factor risk, it's a big no. You'll be risking more than $30.000 for approximately $1.000 per year, which may not sound that bad at first, but I now agree, that no matter how trusted this website is, the risk is greater than the reward.

[traderethereum]

You can use any bitcoin you can afford to invest in freebitco.in.
But I will not suggest you use 1 bitcoin because the risk will be big.
I use that deposit interest on freebitco, but I only use 0.003 and I still play their faucet every hour to give more rewards.
But I do not expect to make a lot of satoshi quickly because I know that will not work on that site.
After all, that is the only way for us to get a nice reward from a legit gambling site.