A Freebitco.in review: it is more than a faucet!

in #tipu4 months ago

I did start using freebitco.in as a faucet some weeks ago. The more I did look into the platform the more I did like what I was seeing. So it is time to start writing it all down and share my idea with you about freebitco.in.

This post is divided into four chapters:

  • The faucet
  • The gambling
  • The premium member
  • Earn BTC with an interest rate starting at 4.81%!

So it has something for everybody!

I did try out all features to be able to write this article. This goes from using their faucet, trying out the premium member part up to depositing BTC to see how the earning and gambling part works. So this is a first hand review!

Due to the fact that this is a rather long review and post, the next line is the conclusion!

I do like the site and the complete economics behind it. I can recommend it, but you all will have to make your own decision. I for sure will give it some more attention!

The faucet part

Rolling the dice!

Like I did write in the intro, I did get to know freebitco.in as a BTC faucet. So that was my entry point.

Th BTC faucet is fairly simple. Each hour you can roll the dice once for free. With this roll you can win up to the equivalent of $200 in BTC. Hold your horses before you are already spending this money. You only have a chance of 1 out of 10000. But luckily there are more things to be one. In most case you will win 4, 5 or 6 satoshi, depending on the current value of BTC.

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It is up to you what you do with your earned/won BTC. You can accumulate it or gamble it all away. Besides getting small pieces of 1 BTC, you also do get lottery tickets and reward points! More about this later!

Their daily email

This part is often overlooked, but it is where more money can be won, than with the hourly roll of the dice. Once or twice a day they do send out an email. In contrast to for instance, satoshihero, this email isn't spam.

Each mail does come with a ticket for a free spin at their wheel of fortune!
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The ticket looks like this and if most of the time situated at the bottom of their email. In contrast to the free foll of the dice, there is a bigger variance in prices to win. We can win extra BTC (Satoshi), Lottery tickets, reward point, Amazon voucher, an Iphone or a Rolex worth a whopping $15K.

The mechanism is pretty simple. If you do turn the wheel, you will get assigned a number between 1 and 1000000. The higher your number is, the bigger the price.

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So if you do subscribe to freebitco.in, make sure to use the daily free ticket for a spin at their wheel of fortune. The first time I did this, I was very lucky and did win 5000 sats.

The lottery! (LT)

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We all do like raffles and for sure it you can win some free BTC. Well in most cases the top prize of the lottery is 0.1 BTC, which is a considerable amount of money to give away for free.

Each Sunday around 5 o clock, the lottery is drawn. There are 10 tickets who do get declared a winner. 1 ticket could be enough to win, but it will be incredibly hard. Last week 274.806.934 where participating in the draw. The one who did win had a little more than 37K lottery tickets, but the runner-up only had 185 tickets and still got a price of 0.059 BTC! What about that!

So, how can these tickets be won! There are multiple way on this path to richness! For instance each hour when you do roll the dice for free you do get besides the BTC also 2 free lottery tickets! Also with the wheel of fortune you can win tickets, I already won once 5K lottery tickets which the free spin. To bad that this didn't result into a winning lottery tickets!

You also can increase the number of lottery tickets by gambling on their website. For each 500 sats you do wager in the paid dice game or wager on sports, you do get another free lottery ticket!

But hey, there are open for anything and of course they do love BTC, so you can also just purchase lottery tickets. When you do want to purchase a lottery ticket, it does cost 1 sat per ticket!

What I also like is that they are pretty transparent on the chance of winning the lottery. Of course this all depends on the number of tickets you do have!

The reward points! (RP)

This is the last chapter in the faucet part. Lots of people don't see the value of the reward points! But each reward point is the equivalent of 1 satoshi. Just like lottery tickets they can be earned when rolling the dice free of charge once per hour (2 reward points), with a spin at their wheel of fortune (up to 5000 RP). But you can also speed up the process, just like LT you do earn them while rolling the dice or wagering on sports. For each 500 sats wagered you do get 1 RP.
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The reward points can be exchanged into gits or just BTC. The downside is that when converting into BTC you do need at least 100000 of these beauties. If you are able to collect the desired 100K RP, you can convert them into 0.01 BTC. See they do have more value than people do thing.

If you are sure that you will roll the dice at least 13 times in a 24 hour period, you can also sell some of the RP and in return you will get more free RP when have the hourly roll with the dice!

The gambling!

Most crypto faucets websites or apps do want to give you the possibility to turn your small amount of Satoshi into a real fortune. Will this could be true, their main reason they do give you the opportunity is because they want it back! But let it be clear, there is no requirement to do so! You can also just pile up your faucet earning. Trying to increase it, can result in a mental breakdown or giving it all back!

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Freebitco.in does offer 2 different possibilities.

Rolling the dice

They do call it Hi-Lo, but it is just a dice game. Each roll will result into a number between 1 and 10000.
When you don't change anything and press Hi or Lo, you will bet 1 satoshi with odds of 2. Meaning that if you would win you will get an extra Satoshi. Of course you can choose the odds yourself.

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As you can see in the image above, I did set the odds on 2.08. This means that if I do bet Hi, the result should be above 5433 and if I bet Lo the number should be below 4567.

But you also get some rewards for trying to get rich. For each 500 Sats you do wager, you will get an extra lottery ticket and reward point. If you are a big roller, it could more interesting. If you do wager combined (not in one roll) more than 0.005 BTC you will get a Golden Ticket (More about that later).

Betting

Because I am also a sports bettor I do like the addition of betting. On this page they do offer you a number of games to bet on. These aren't only sports but also related to the Value of BTC, FunFair and Ethereum.

You aren't betting against the house but against other Freebitco.in users.

Let's take the past Champions League final as example.

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Pick a side who you think will win the Champions league. The users betting on the correct team will share the Prize Pool, which at the moment is 0.219 BTC. Not to shabby I think. After inserting the amount you are willing to wager, the will give you an estimate winning. But this can be different due to the fact that more people can start betting.
Do do also have a time weight multiplier. If you do bet pretty early on the game when it is announced, you will get a bigger part of the prize pool if you bet is on the winning side.

Also in the Betting part of the website you can win Lottery Tickets, Reward points and Golden Tickets.

Win a Lambo Hurican!

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Did I tell you already about the Golden Tickets? Guess not, but here we are. If you every wanted to own a Lamborghini, now is your chance.

Don't worry there is no rush. This competition only ends within 121 days. So time enough to see if you can score a Golden Ticket.
Just like the RP and LT you can earn golden tickets by placing some bets or rolling the dice on their website. But it can also be won via the Wheel of Fortune. The wagering requirement is of course a little but, euhm, astronomically higher. You do need to wager or bet 500000 sats, to score a golden ticket.

What I do like is that they will show you how lucky you will have to be to win the Lambo.

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And of course they do offer you the possibility to buy the tickets directly. It is up to you if you want to take this or not. I am opting out on this one.

At the time of writing this article I am the proud owner of 4 golden tickets. All earn by trying out the paid dice part of the site!

Premium

They did introduce a premium membership powered by Funfair (Fun) tokens.
Depending on the stake you do have there, you do get extra benefits.

These benefits vary from cashback on your bets, a specified free spins at the Wheel of Fortune and an increased interest rate and the BTC you are holding there.

The Fun token did get some blows in the past weeks, just like most crypto around. Due to it being a gambling related token, it could just fit fine into my portfolio. So why not pull the trigger and enjoy some benefits while holding the Fun token.

I decided to invest 12.5K Fun, this would give me the next benefits.

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I am mostly interested in the Free spins at the wheel of Fortune, which you do already get the first day!

The route of investment

There are 2 ways to stake Fun at the the platform. You could buy them directly on their website with BTC, or you do buy them at an exchange and deposit them into your account on Freebitco.in.

I decided to follow the exchange route. I did use Binance I did know that it is an Ethereum based token and I was aware of the out of the world fee on Ethereum, but I did not image that these would be so extremely high. To be able to deposit 12500 Fun, I had to sent over just over 14K Fun, around 1500 fun did the transaction cost. The first time I really felt the flaws of Ethereum. I could have stopped at that moment and just kept the coins on Binance, but I did continue.

Shortly after transaction I did get an email from Freebitco.in that the funds did arrive.
Shortly after that I did get my first 5 extra daily spins.

Wheel of Fortune

While I didn't expect too much of these spins, they weren't bad at all.
I did get the following rewards:

  • 5050 Satoshi
  • 5050 lottery tickets for their weekly BTC lottery
  • 50 reward points.

On average I do win around 100 sats per day with my free spins at the wheel of fortune! Besides that around 1000 RP and 2000 lottery tickets per week. Do notice that these are averages, like above I did win on a day 5050 sats, but there are also days that the WOF doesn't give any sat at all!

You don't have to claim there 5 freely spins per day, they do accumulate. I do try to accumulate them, because I like to do 10 to 15 spins after each other, hoping to increase my luck!

Earn BTC

Do you notice the difference between Free BTC and earn BTC? Will the difference is that this is more or less an investment opportunity. For the moment that you do have 30.000 sats on your wallet; you will earn daily interest on your BTC. At the moment the interest rate has been set to 4.08% on a yearly basis.

To test this out I did made the deposit 2 days prior to writing this post. And yes I nicely did receive the daily interest. While only being 74 sats at the moment, this does beat a lot of other site where you do can earn some interest on your BTC holdings.

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I did only deposit 0.005 BTC. While I do trust the site, I do prefer not to stake too much BTC. If and when I can double my initial stake, I will withdraw my deposit. Those are the moments I adore, because from then on it is a free route to richdom :)

  • Celsius does offer 3.51%
  • Binance does offer only 1.2%

The only thing I didn't test out yet is the withdrawal part. While I can't guarantee that this does work, I have no doubts that it will. Otherwise this faucet site wouldn't have been online for already 7 years!

If you do want to try it out, feel free to use my ref link and don't forget to read their daily email!

https://cutt.ly/qnXJzYg

Feel free to engage about this article!

Any questions, just ask.

Is there room for improvement in my writing, just shoot!

Don't you believe in freebitco.in, feel free to let me know and give me your reasoning!

Cheers,
Peter