No, I can still receive emails, but I will be blocked by spam
You originally said you were having problems accessing your email account. If you are having problems with emails getting blocked by Hotmail you will have to contact them about it.
How can I block my account privately
Nothing is blocked or can be blocked on your freebitco.in account.
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Are you going to eat up the money in my account?
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No. It is going to sit there in the balance until you log in again.