Is It Worth Your Time? A Closer Look At Freebitco.in

avatar

With Bitcoin doing all kinds of crazy stuff, breaking resistance after resistance and still posting new all time highs, people are looking for ways to get more BTC or at least some more Satoshi into their pockets. Since the game I wanted to start playing this weekend got postponed by a week, I was rather bored and signed up for some random blockchain games and faucets. It's always good to see what the market has to offer and if there's something worthwhile out there I'm not using yet. One of these services was one of the oldest and most well known BTC faucets out there - freebitcoi.in.

In this article I'm going to give you a tour of what the service has to offer, look at the expected return, and finally answer the ever important question. Is it worth your time?

Untitled.png

So what exactly is freebitcoi.in? Well, the name gives it away somewhat. It's a service focused on awarding you free Bitcoins. Or at least that's what they claim. At heart, it's a simple faucet where you can claim some Satoshi each hour. To do so, you need to solve a captcha and afterwards do a roll on their random numbers generator. Depending on what you roll, a corresponding amount of Satoshi is credited to your wallet.

Untitled.png

As you can see above, you also get lottery tickets and reward points with each claim. These reward points can be used for various stuff, like rolling without solving the captcha first. They can only be converted to additional Satoshi at a rate of 1:1 so I guess that's what most people will be doing with them.

The free lottery tickets are (automatically) used to take part in a lottery the site is doing on a regular basis. As you might have already guessed, you can once more win some BTC in the lottery and the top spots actually are paying out a decent amount of crypto:

Untitled.png

To make things complete, there's also a wheel of fortune offering additional prices. You unlock free spins by subscribing to their promotional mail-service. This way, whenever you receive a mail filled to the brim with advertisements from freebitcoi.in you also receive one free spin on the wheel.

That concludes all the ways of earning free Satoshi but there's a lot more to be done on the site. For one, there's a betting system in place where you can bet your BTC on upcoming (sport) events, like football matches or what the Bitcoin price will be at a given time in the future.

Untitled.png

There's also a classic Hi/Lo game where you can gamble your Satoshi on whether the random number generator will roll a high or a low number. On top of that all, there are contests, jackpots, Golden Tickets, and what not. In short - the site offers a lot of options to earn some Satoshi and gamble those away again.

Personally, I don't enjoy gambling and I won't get into any more detail on these options. If you plan to gamble yourself, always keep in mind that, on average, you are loosing money every single spin you make. The odds are against you and no system in the world is able to change that simple fact. For every single person winning a jackpot there are dozens if not hundreds that loose everything. Do not gamble!

With that one out of the way, let's talk earning potential as that's the sole factor to decide whether this whole thing is worth our time or not. Winning the lottery is terribly unlikely so I'm going to ignore that part and only look at what you can expect from the free faucet claims each week. The layered system with higher payouts on higher rolls certainly looks interesting because there's always the chance to get that huge win. Let's talk numbers!

ProbabilityPayout
98.85%0.00000006 BTC
1.00%0.00000058 BTC
0.08%0.00000852 BTC
0.04%0.00005823 BTC
0.02%0.00058234 BTC
0.01%0.00582341 BTC

Alright, so winning anything more than 6 Satoshi is highly unlikely. But it's possible. So lets calculate the average return per roll: If we add up all payouts and factor in their probability we end up with an average reward of 58.2341 Satoshi per roll. That's actually not too shabby compared to what most other faucets pay. Now taking into account the 2 reward points per roll and the ability to convert them to Satoshi as well, that's about 60 Satoshi or 0.00000060 per roll.

Keep in mind though, that this is the average return and you are in no way guaranteed to actually make that amount. With these super low probabilities, you should get one 10,000 with every 10,000th roll you make. So let's say you manage to make 8 rolls a day, that's still 1,250 days or about 3.5 years to roll a single 10,000 on average. Obviously, you can in turn go lucky as well and roll these high numbers several times in a row.

Now that we know the projected returns, let's get back to the initial question. Is It Worth Your Time? Let's see. If you manage these 8 rolls a day, your expected daily return would average out to 480 Satoshi or 0.00000480 BTC. At the current all time high of about 34,500 that's ~0,166$ per day and admittedly, that's not too bad, especially for a faucet. The thing is, you'd have to be able to claim it 8 times a day and with at least 1 hour between each claim. You also have to solve one or two of these abominations each time:

Untitled.png

So ultimately, to decide whether freebitcoi.in is worth your time or not, you have to decide what your time is worth to you and what you could be doing with that time instead:

So to me, no, it certainly is not worth my time. There are so many better options to earn crypto currency out there that you shouldn't waste your time claiming these faucets. Sure, these other options require quite some more effort than just solving a captcha, but they are paying way better and changes are, you might find them to be a lot more entertaining as well.

If you do have the time and are hellbent on earning every Satoshi you can no matter what, freebitcoi.in is probably the best BTC faucet there is right now. Just don't expect it to make you rich any time soon.

And that's all from me for today, thank you all for reading and see you next time!

Posted Using LeoFinance Beta



0
0
0.000
17 comments
avatar

Lol I'm amazed with how you can get money from under the stones. I won't try this one but I should consider another options you mentioned. Torum seems interesting. Cheers captain.

Posted Using LeoFinance Beta

0
0
0.000
avatar

To tell the truth, I'm amazed by it myself Captain. Seems like everyday I find new ways to gather more tokens. Not all are legit, not all pay well, but it's still pretty profitable in the end to just try everything at least once.

Torum is really great btw, ideal tool for cross-platform networking and to promote LeoFinance!

Posted Using LeoFinance Beta

0
0
0.000
avatar

Great time analysis.

One's consciousness is precious - fragmenting it with tasks like this is definitely not good for one's mental health.

Better to stay focussed on longer tasks!

@tipu curate.

0
0
0.000
avatar

Agreed! Longer tasks are more rewarding in terms of monetary return but also a lot more satisfying to complete. I always feel a little proud when I publish a new article, but I'm simply annoyed when I have to solve another captcha for (next to) nothing...

0
0
0.000
avatar

I felt the same when I was doing my repeat postings to many platforms - although it's not so bad when you kind of 'package' micro tasks into a bundle and then just whizz through them all in one go.

0
0
0.000
avatar

It is interesting to know a few words about Torum and noise.cash

Posted Using LeoFinance Beta

0
0
0.000
avatar

I think it is good for the ones who can't write and are coming from countries where 1$ is a lot of money.

Posted Using LeoFinance Beta

0
0
0.000
avatar

That's certainly true. Probably as good as it gets for putting in nothing else but time.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I was thinking in reading the title that your time is better spend leaving comments on Leofinance. You will make more crypto that way.

I did a similar analysis a couple years ago. I too found that the faucets simply werent worth it. For the few scraps that one gets, it is a lot of time. If one is sitting, watching tv, and does it on the phone, why not? But to consciously spend a great deal of time doesnt make much financial sense to me.

Posted Using LeoFinance Beta

0
0
0.000
avatar

That's certainly true about the comments. Even if you are not a (great) writer it's still possible to do that. The blockchain world offers earning opportunities for all kinds for skill sets and interests. Ultimately, I believe time is better spent searching for the right endeavors to follow than on claiming faucets.

Posted Using LeoFinance Beta

0
0
0.000
avatar

thats why you need to spam refs hard XD

Posted Using LeoFinance Beta

0
0
0.000
avatar

On it... It's fun how you write an article explaining why something is not worth the time and you immediately have two people go "of course! I'll sign up with your ref-link right away!" :D

Posted Using LeoFinance Beta

0
0
0.000
avatar

yeah i think the same, it doesn't worth it, except if someone is a total crypto newbie and has no clue about anything else around

Posted Using LeoFinance Beta

0
0
0.000
avatar

Congratulations @khazrakh! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You have been a buzzy bee and published a post every day of the week

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Do not miss the last post from @hivebuzz:

Feedback from the January 1st Hive Power Up Day
Happy New Year - Project Activity Update
0
0
0.000