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Latisse, the only FDA-cleared product for longer, darker, and fuller eyelashes is available in only one concentration which is 0.03% (pictures below). This is the same concentration as Lumigan, which uses the same active ingredient (bimatoprost.) So other concentrations such as the 0.01% that you mention are not legally available and your source should be reported to authorities. It is not wise to use non-approved products since they are not proven safe and effective.
Counterfeit medications which contain different amounts of the active ingredient or inactive ingredients may pose a problem to people. To my knowledge, the concentration of bimatoprost in Latisse studied in the FDA clinical trials and sold in the U.S. is 0.03%. I am not aware that any other concentrations are available commercially yet. While the lower concentration may be effective, you should make sure that the source of your medication is reputable. Unsuspecting buyers may be fooled by bargains over the internet.
The medication in Latisse that is sold in the United States is bimatoprost ophthalmic solution 0.03%. To my knowledge, all of the studies that prove its effectiveness for growing eyelashes were done using the 0.03% solution so I would recommend not take any chances by using a lower concentration.
Latisse should have an expiration on the box as it is an FDA approved medication. It lasts a long time, but check the expiration date on the box to be sure. And, be careful not to store it under extreme conditions (like heat).
Timolol is a beta-blocker medication and thus is entirely different from Latisse (Bimetaprost). Latisse is a prescription-only solution and is the only FDA approved treatment for growing eyelashes. It has been scientifically proven to stimulate the growth of eyelashes which has not been...
Timolol is an entirely different class of medications with a different mechanism. Thus it will not provide the expected aesthetic benefit that Latisse provides.