BTC Addresses

[id5000]

BTC Addresses - Asking help to understand a real one [included]

[outdated, understood and removed with thanks to every contributor.]

[1714551080]

1714551080

[1714551080]

1714551080

[1714551080]

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[1714551080]

1714551080

[OmegaStarScream]

It mentions six transactions, 3 'deposits', and 3 'withdrawals'. If this is an exchange's address, then it makes sense because whenever you deposit funds to an exchange's address, they later send these funds somewhere else (even if you can still see that amount in your account).

[tbct_mt2]

Exchanges use hot and cold wallets for different service functions.

Hot wallets are used for deposits of customers and withdrawals of customers.

Cold wallets are used for storing the exchange treasury and customer capital.

You see many Bitcoin wallets for Top richest wallets on Bitinfocharts.com. There are many exchange cold wallets in their tables.
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

If you click on Binance cold wallet: https://bitinfocharts.com/bitcoin/wallet/Binance-coldwallet
you see their in and out transactions.

The blockchain.info explorer shows 3 ins, 3 outs transactions with your address.

- In is your deposits
- Out can be your withdrawals or exchange transaction from their hot wallet to cold wallet.
If the out transaction was made immediately (within 1 or 2 blocks) after your deposit, it looks more like a transaction from a hot to a cold wallet of that exchange.

Why? Because that procedure is automated, not manual.

[tbct_mt2]

Thanks,

It is www.freebitco.in which seems to be an Exchange. Can you confirm, please?

It is not an exchange, but a gambling site.

Gambling sites are similar to exchanges in a way they manage their funds, hot and cold wallets.

FreeBitco.in-$200 FreeBTC⭐Win Lambo🔥0.2BTC DailyJackpot🏆$32,500 Wager Contest. It is their announcement thread with representatives of their gambling site.

If you are still worrying about this issue, you can ask more in their announcement thread.

[TheQuin]

It mentions six transactions, 3 'deposits', and 3 'withdrawals'. If this is an exchange's address, then it makes sense because whenever you deposit funds to an exchange's address, they later send these funds somewhere else (even if you can still see that amount in your account).

It's actually a faucet and gambling site but the same principle applies in that customers' account balances change. We consolidate all the deposits into one address and then use that to fund the withdrawal hot wallets and keep most of it in a cold wallet.

[NeuroticFish]

It's simple: if you don't own the private key, most probably the wallet is not yours, meaning it's not a wallet, it's an account and whatever happens in the underlying wallet is not important for you, as long as the account remains correctly funded.
And yes, in such cases, the address they give you it's not your address, it's a deposit address for your account.

[LoyceV]

It is www.freebitco.in which seems to be an Exchange.

Question: why did you deposit close to $1000 in Bitcoin to a website, without knowing what it is? How can you confuse an online casino for an exchange?

[PrivacyG]

- It is a fair alert. Thanks.

Things here are not as beautiful as they seem.  No one will help you make money.  No one will multiply it for you for free.  You are on your own and there are more evil minded users that will try to attach to your wallet than there are good people.  Do not take anything for granted.

And last but not least.  Familiarize yourself with what Know Your Customer is and how legitimate companies can selectively scam their users by using it as an excuse.  Your Bitcoin is only safe in your own hands.  You make it as safe as you want.

-
Regards,
PrivacyG

[tbct_mt2]

"Question: why did you deposit close to $1000 in Bitcoin to a website, without knowing what it is? How can you confuse an online casino for an exchange?"

- It is a fair alert. Thanks.

Is it your confusion?

You can use Coinmarketcap, Coingecko as main resources when you need to check projects, exchanges in cryptocurrency market.
https://coinmarketcap.com/
https://www.coingecko.com/
Type a name in their search boxes and you will see it in Cryptocurrencies or Exchanges drop-down list. If you don't see any result, it can be that project or exchange was not listed on these sites or was listed and delisted by some reasons.

You can search on their exchange pages too
https://coinmarketcap.com/rankings/exchanges/
https://www.coingecko.com/en/exchanges

Were you confused Freebitco.in with this one https://coinmarketcap.com/exchanges/freebitcoins-com/ ?