Sweatcoin is an App available both on IOS and Android devices that literally pays you for working out. By allowing the app to use your location and count your steps, you are rewarded by Sweatcoin and paid in Sweatcoin’s digital currency. They pay you for walking.
Sweatcoin is a great way to actually get paid and track your steps. There are many apps available that track your steps and workout activity, but non that actually pay you in a usable, spendable currency like Sweatcoin.
The App that pays you to get fit!
The App has been featured in various news and media outlets including The New York Times, Forbes and The Telegraph. We wrote about it back in January 2018 when they announced they raised around $6 Million in funding to help make the project a success.
What is Sweatcoin? Is it a cryptocurrency?
The founders of the app aim to make anything available to buy on the platform using their currency. Though originally marketed as a cryptocurrency, they now no longer consider it such. They didn’t run an Initial Coin Offering (ICO) where tokens are sold to the public in order to raise funds, and the tokens aren’t listed on CoinMarketCap.
Sweatcoin is technically not a cryptocurrency. It doesn’t run on a blockchain or use any kind of distributed ledger technology. It is a digital currency, but not technically a cryptocurrency, although as there’s no official definition for the word, it could still be classed as one.
Sweatcoin rewards, what can you buy?
What can you buy with Sweatcoin? The App offers users a wide range of products and services in exchange for earned Sweatcoin tokens. The app rewards you for walking Some of the things available to buy with Sweatcoin are holidays, phone cases, TV package deals, Amazon credit, Audiobooks, even extending up to Samsung curved Televisions, the Iphone 8 and $1,000 PayPal balance!
Each product or service available to buy has a fixed price, payable in Sweatcoin. The PayPal cash balance for example will cost you 20,000! There are many other services you can buy for less though, and judging by the announcement at the bottom asking for businesses with products they’d like to feature on the App to get in touch, we can expect the App and product availability to continue growing. Sweatcoin rewards are easily claimed, most often you get a code to enter at the checkout on the website of the product or service you’re being rewarded with.
You’re also able to send and receive the tokens to your friends or family. You can add friends onto the App and view how many steps they’ve done that day too. Your phone acts as a wallet for the tokens just like any other cryptocurrency wallet. Your phone number is used as your private key and secures the wallet unwanted access.
Is Sweatcoin available on an exchange?
Sweatcoin is not yet available to buy or sell on any cryptocurrency exchanges. Most likely because it’s not technically a cryptocurrency. It’s not known whether they will ever be tradeable on any exchanges, but highly unlikely at the moment. The digital currency has a fixed value and is spendable, so the Sweatcoin price won’t fluctuate based on demand from users. The team is centralised and can raise or lower the value at will by changing the amount products and services can be purchased for.
How much Sweatcoin do I earn per step?
Sweatcoin pay you for walking. For very 1,000 steps, you get paid 1 Sweatcoin, minus 5% commission. This 5% commission is their only revenue stream at the moment.
How much is Sweatcoin worth? Sweatcoin Price
Based on the current price of products available to buy on the platform, we can estimate that Sweatcoin is worth around $0.06 each on average. The Sweatcoin price does vary though depending upon which product you want. The $1000 USD PayPal balance reward for example costs the same in Sweatcoin (20,000) as a £1000 GBP holiday voucher reward.
How much will I make from Sweatcoin?
At this rate, for a normal healthy person walking 10,000 steps per day, they could be earning around 10 per day which is 3,650 per year. At the current $0.06 rate, that’s a hefty $219 per year extra you could be making, just for walking.
By referring friends, claiming your daily bonus each day and more, you could make a lot more. It’s never going to replace your regular income, but it does offer a nice rewarding bonus just for keeping active and healthy!
How to Buy & Sell Sweatcoin
Sweatcoin is worth $0.06 each on the official platform. You can buy and sell your Sweatcoin to third parties, but be aware you will get a lot less that $0.06 each if you choose to sell yours. Anything you do earn though is technically free, so whatever you can sell it for is better than nothing.
Get more Sweatcoin
There are as number of things you can do to get more Sweatcoin for free.
- By visiting the app
- Earn by referring friends. Every friend you refer, you get 5!
- Watch video advertisements and earn 1 free each time. Often these videos are live demonstrations of apps trying to tempt you into downloading them. You can only do this once per day.
- Buy Sweatcoin on eBay.
The cons, is Sweatcoin a scam?
There are some downsides to the Sweatcoin app. A big problem for most smartphone users these days are the strains we put on both battery life. There is a battery saving feature which although it reduces the accuracy of your step tracking and therefore maybe the amount of Sweatcoin you get paid, it does extend the life of your battery.
There are some concerns online over the legitimacy of the app, with many asking the question is Sweatcoin a scam? After making purchases on the app personally, I can confirm that it is not a scam. At least in the sense that when you buy something on the App, you actually get it. There are reports that, like most Apps, it harvests your personal information and may potentially use or sell it in the future.