BITCOIN SAVINGS FAQ
When is the daily interest credited?
We calculate the interest on your account balance daily and credit it at a random time every day. If the interest would be credited at a fixed time everyday, people would be able to game the system by depositing before the credit time and then withdrawing after they receive their interest. To avoid this, the daily interest is calculated and credited at a random time everyday.
How do you make money to pay us interest?
When you hold money in your FreeBitco.in account, we split it into 3 parts - the first part is used to cover user withdrawals, the second part is used to bankroll our MULTIPLY BTC game and the third part is used to expand our bitcoin mining operation (which is currently 9.065 Petahashes or 0.115% of the total hashpower of the bitcoin network). We make a profit and assume the full risks of our businesses and in return for you saving your money with us, we give you a risk-free fixed rate of return.
Below, we have signed a message using our bitcoin address that is used to collect payments from our bitcoin mining operation. This message can be verified on any bitcoin client or here to provide proof that we actually mine bitcoin.
Is there a lock-in period or minimum investment period before I start earning interest?
No! You start earning interest from the first day itself. There is no lock-in period, you can withdraw your bitcoins anytime you wish by using the WITHDRAW button at the top of the page. We always keep enough reserves to satisfy all withdrawals.
Can I earn referral commissions on interest earned by my referrals?
Yes! We pay you a 25% commission on any interest earned by your referrals. If your referral gets 100 satoshi in interest for a day, you will get 25 satoshi credited to your account.
Will the interest rate be fixed forever or can it change?
We may change the interest rate in the future if circumstances change. However, we shall communicate all rate changes at least 30 days in advance via the website and our twitter account (https://twitter.com/freebitco).
How can I trust you with my money?
We have been in business since 2013 and are one of the most popular bitcoin websites (check our Alexa rank here). Our users have deposited thousands of bitcoins and we have paid out tens of thousands of bitcoins over the years. We have also published proof of our mining operation above which can be used to monitor the mining payments we receive. We would recommend that you start saving small amounts first until we have earned your trust after which you can save larger amounts with us if you feel comfortable doing so.
How can I keep my account secure to protect my savings?
It is extremely important that you secure your account if you decide to hold a significant balance with us. Change your account password to a strong random one with atleast 15 characters and never ever share that password with anyone or re-use it with another website or service. Then activate 2-factor authentication and write down the secret key on a piece of paper to back it up since we do not reset 2-factor authentication under any circumstances (you lose your phone, reset it etc.). Both of these can be done by accessing the PROFILE page from the menu above.
How do you store bitcoins securely?
We use a combination of hot wallets, hardware wallets (Trezor) and BIP38 encrypted paper wallets to store bitcoins. At no time do we keep more than 5% of our total bitcoins in the hot wallet which is used for making payouts. The hardware wallet is used as a "warm" wallet and bitcoins are transferred from it to the hot wallet as required. Our paper wallets serve as our "cold" storage with the wallets generated on an air-gapped computer running Tails OS. Our hardware and paper wallets are also secured against physical theft as the hardware wallet requires a pin code and encryption password to access and the private keys in the paper wallet are encrypted which means that the coins in the wallet cannot be accessed without having both the private key and the encryption password. We also keep physical copies of the cold storage wallets at multiple locations.
Can I opt-out from receiving interest on my account balance?
Sure, you can do so under the DISABLE INTEREST option in the PROFILE page.
