What Is Sweatcoin and Does It Give You Real Money?
Reading Time: 5 minutesIf you’re working up a sweat, why not earn some coins while you’re doing it? Sweatcoin isn’t a true currency, but that doesn’t mean it has no value.
It’s often difficult to get yourself outside for a walk or a run. Tiredness, lack of motivation, weather, and many other factors affect how often we work out. Sometimes these factors prevent us from exercising altogether.
But what if there was an app that paid you to get moving? This is what Sweatcoin claims to do, but does it actually work? Is Sweatcoin worth it? To answer this question, let’s discuss how Sweatcoin works and whether you can make money from it.
What Is Sweatcoin?
Sweatcoin is a free-to-install smartphone app available on Android, Windows, and iOS. The app tracks the step you take in a day, just like any other track-stepping app you can install.
Sweatcoin connects to your Google Fit, Apple Fit, or similar default fitness app to log your daily steps. You can use the app while walking or running outside or using a treadmill, so it’s suitable for any occasion.
But this constant tracking of your steps does mean that your battery can drain quicker than it would without the app. This can be a problem when you’re away from home and don’t have a portable charger, so it’s worth keeping in mind.
Before you install the app and get started, it’s also worth noting that you won’t be making big bucks using Sweatcoin. Of course, getting paid to walk or run is great in any respect, but the payout is pretty minimal, nonetheless.
With every step you take, you earn a fraction of one Sweatcoin, a type of cryptocurrency asset available on various exchanges, such as Bitfinex and Tapbit. It takes 1,000 steps to earn one Sweatcoin. If you’re particularly active, you could earn ten or more Sweatcoin daily and a few hundred Sweatcoin monthly. The app offers a marketplace and an auction section. It also lets you donate your Sweatcoin to a fixed list of charities, but we’ll discuss these in more detail a little later. Finally, you can also exchange your Sweatcoin for Bitcoin.
On top of this, you can connect to friends, follow users, and gain your own followers on the app. If you invite a friend to the Sweatcoin, you can earn five additional Sweatcoin and even enter a prize draw to win prizes.
Though the standard version of the app is free, it also has a Premium version which costs $4.99 monthly or $24.99 annually. The Sweatcoin Premium version lets you earn twice as much Sweatcoin per step and gives you access to Premium features. But the regular payment means it’s only really worth it if you walk or run a lot. Otherwise, you may spend more money every month than Sweatcoin you earn. You can also get three months of Sweatcoin Premium for free when you join Revolut.
Sandwiched between the free and premium versions of the Sweatcoin app is the Troublemaker version. The Sweatcoin Troublemaker version cost $1.49 monthly and allows you to multiply every step you take into two, essentially doubling your overall earnings. However, where Sweatcoin Premium has a daily limit of 100 Sweatcoins, you can only earn up to 25 Sweatcoins daily while subscribed to the Troublemaker plan.
But what exactly is Sweatcoin? Is it simply a symbolic currency that represents legal tender or something else entirely?
Is Sweatcoin Worth Anything?
Sweatcoin is a cryptocurrency, meaning it is a virtual asset that exists on a blockchain.
In short, the Sweatcoin app isn’t a scam, and what you earn does have value. But one Sweatcoin is nowhere near as valuable as one US dollar. At the time of writing, one Sweatcoin is worth around $0.013, while Sweatcoin’s all-time high is $0.091 (14 September 2022). We can use the app’s marketplace to understand what exactly you can do with your Sweatcoin.
The items or services you can buy with Sweatcoin will differ based on your location, but you should have a range of different options to choose from. For example, you can get your hands on beauty products, earphones, or snack subscription boxes. If you’re looking for a price slash on services, you can get discounts on fitness memberships or online educational courses.
Sweatcoin also offers vouchers for Amazon and PayPal, allowing you to buy whichever product you’d like at a discounted price. Some deals give you large discounts if you spend a certain amount of money on a given site.
You can use Sweatcoin in the app’s auction to bid on big items, like gift cards worth hundreds of dollars, smartwatches, and gaming consoles. This works like a traditional auction, where you bid your Sweatcoin until you win the auction item or get your Sweatcoin back if you lose. But keep in mind that these big prizes usually have very high bids on them. You’ll want to make sure you have a considerable amount of Sweatcoin in your wallet before entering.
The same goes for buying products using your Sweatcoin. As discussed earlier, you need to walk 1,000 steps to earn one Sweatcoin. A $20 Amazon voucher currently costs 8,000 Sweatcoin, so you’ll need to do a lot of walking to be in the market for this product. But other products are much cheaper, especially the free beauty products and subscription discounts.
In any case, you won’t be able to get much from one or two thousand steps. Offers usually begin at five or so Sweatcoin, but these are often for discounts, not physical products. So get those steps in if you want to expand your options on the app’s marketplace. When it comes to items or gift cards, bids can reach tens of thousands of Sweatcoin or even more. So, if you want to be in with a chance of grabbing a big ticket item, you’ll need to get walking!
Sweatcoin also has a range of deals and coupons up for grabs, such as discounts on retail products and food ordering apps. You can also buy various other kinds of gift cards on top of Amazon with your Sweatcoin funds, including the Apple App Store and Google Play Store.
In Sweatcoin’s donation section, an overall goal is set, and you can contribute to this with as many Sweatcoin as you like. After all, exercising to help those in need is truly a win-win situation!
But what if you’re not interested in Sweatcoin’s marketplace or donation options and simply want to cash out and convert it into legal tender?
Initially, Sweatcoin did not offer a cash-out option, but things have since changed. While you cannot directly cash out, you can use your Sweatcoin funds to buy PayPal gift cards, which you can then use to shop on any platform that supports the vendor.
You can also sell your Sweatcoin on a number of cryptocurrency exchanges if you want to make a direct profit. As previously mentioned, platforms like Bitfinex allow the trade of Sweatcoin, though your choice is far more limited than it would be for more popular and well-established cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.
What Is Sweatcoin’s SWEAT Crypto
But things don’t stop here with Sweatcoin. Sweatcoin launched a cryptocurrency known as SWEAT in September 2022, with over $1 million in SWEAT tokens being sold via the MakerDAO platform before hitting the market.
SWEAT is the native coin of Sweat Economy, a Web3 project created by Sweatcoin. This platform also has a wallet for storing SWEAT, known as Sweat Wallet. With Sweat Economy, Sweatcoin users can access more perks and prizes in exchange for the steps they take.
The Sweatcoins you earn on the app can be converted to SWEAT, which can be bought or sold on various popular exchanges, including Coinbase and Binance.
Sweatcoin Is Legitimate, but It’s Not for Everyone
In short, Sweatcoin is not a scam, and you can get products for free or at a discount by tracking your steps. However, Sweatcoin still has its limitations in terms of what you can buy and where, and the rewards don’t come as easily as you’d want.
If you’re an avid walker or runner or want to encourage yourself to get moving, Sweatcoin is a great option for you. But take note of its current shortcomings to avoid being let down.
Reference: https://www.makeuseof.com/sweatcoin-real-money/
Ref: makeuseof
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