End of the Free Bitcoin vs. BTC Pop savings vehicle competition
We are 18 or 19 days into the experiment where I deposited half a Bitcoin into each of two interest bearing Bitcoin savings accounts, Free Bitcoin and BTC Pop.
Today's cumulative BTC Pop profits are 0.00131904 BTC. Cumulative profits from Free Bitcoin are 0.00104239.
So clearly, BTC Pop is inching ahead.
But...
I decided to end the experiment today because I want to invest the Bitcoin into Tradeqwick TQS assets. So I went to both sites to initiate a withdrawal.
Free Bitcoin has two withdrawal options: a near instant withdrawal with a steep transaction fee (0.001 BTC--basically eating up all the profits), and a slow withdrawal that costs less than 0.0001 BTC. I have used both options in the past and know they both work. Today I initiated the slow withdrawal and fully expect the funds to land in my Tradeqwik account sometime in the middle of the night.
BTC Pop only has one withdraw option, and that one costs 0.0009 BTC. That one too will basically eat up all my profits. But no matter, I thought, I really want to get in on buying as many TQS as I can get my hands on. After entering the amount and correct Bitcoin address, I hit the withdraw button...
...only to be informed my account is locked and I need to contact support.
So both the high transaction fee and the risk of locking up your account are points against BTC Pop. Who really cares if the savings vehicle pays a few more thousand satoshis of interest if it's all going to be eaten up in the next withdraw which won't work anyway because the account got locked.
I'm assuming the best of intentions on the part of BTC Pop and have every confidence that I will get it sorted out.
However, the reason I keep Bitcoin around in savings vehicles such as what Free Bitcoin and BTC Pop offer is because I want to have that Bitcoin available to me to use to fund whatever it is I decide to invest in next. Since I fully expect the TQS assets to sell out quickly, I need that Bitcoin to go where I want it to go with no fuss and quickly. If I'm going to have issues with withdrawing it in the first place, then I might as well just find some coins to sell off to come up with those funds, like I used to have to do before I squirreled away a Bitcoin into a couple of savings vehicles that are supposed to be liquid.
On the bright side, the half Bitcoin that I won't be able to spend on TQS assets tomorrow morning is back in the pool savings account earning interest.
My plan is to pay myself back the Bitcoin (or half Bitcoin) I invest in TQS as soon as I reach ROI on dividends so that I can keep it parked and ready for the next thing I want to jump on. We'll see how that works out.
I'm just dipping my toe into the alt coin and BTC realm. There is so much to learn and so many different coins to research before I put any investment into them. I did jump on TQS though and I want more! :D
Yeah, I liquidated my BTC holdings in this experiment to get TQS. I started playing around with cryptos in March of 2013. It would be a completely different experience to be just getting into it now. Steemit had a bit of a predecessor, called the Devtome, which is how I raised all my crypto play money in my early days. Steemit is a lot more fun and interactive, though.
Hello, your account would only ever be locked if it was involved in malicious activity or there were indicators of attempt at theft of your funds. We take security very seriously and I hope it has been sorted out :-)
As for our savings account might I add that it is now referred to as "Instant Account" and is risk free from defaults and can be withdrawn at anytime and for the last 6 months has returned 5-15% APR
As for fees we offer lowest fee possible for withdraws ....but transaction fees have gotten unnecessarily high because of core not raising block size limit.