So you’ve been asking yourself: What is Sweatcoin?
Maybe you’ve been hearing a lot about the latest trend called “Move-to-Earn” and now you want to know what all these different apps, including Sweatcoin, are all about?
Well, what if I told you that all the walking and running that you’ve been doing isn’t just good for your health but could be good for your wallet too?
In this guide, you’ll learn what Sweatcoin is, how it works, and why so many people are getting in on the action.
Let’s dive right in!
Key Points (tl;dr)
- Sweatcoin is a fitness tracking app that rewards you for your daily steps.
- You earn rewards in the form of Sweatcoin, a fictional currency that is actually very similar to common loyalty programs.
- Rewards are capped at 10 Sweatcoin per day, no matter how much you walk or run but you cap can be doubled if you are willing to subscribe to their Premium plan (this costs money).
- It should be noted that Sweatcoin cannot be cashed out directly to any real currency. It can only be spent on items on the in-app marketplace, although there are occasional gift cards for PayPal or Amazon.
- Since Sweatcoin isn’t a cryptocurrency yet, it cannot be traded on any public exchanges and therefore there isn’t an official market price for it.
- However, since Sweatcoin can be used to purchase marketplace items, it does has an implied value. Currently, the value of 1 Sweatcoin is estimated to be somewhere between $0.02 and $0.05.
- Earning money should not be your primary motivation for using Sweatcoin. Living a healthier lifestyle is already a good enough reason.
For a detailed answer to the question “What is Sweatcoin?”, PLEASE READ THE FULL ARTICLE.
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The Truth: What Is Sweatcoin and Is It for Real?www.tokenizedhq.com
Here’s the answer. Great article by @ChrisHeidorn from @Tokenized_HQ here: https://tokenizedhq.com/what-is-sweatcoin/
What Is Sweatcoin and How Does It Work?
Sweatcoin is one of the most popular step tracking apps in the world. It allows users to earn rewards in the form of Sweatcoins which can be spent on products and services on the in-app marketplace.
So you’ve caught yourself asking the question: What is Sweatcoin?
Sweatcoin is a free mobile app that tracks all the steps you make during the day.
You can also connect Sweatcoin to your Apple Fit, Google Fit, and other fitness devices, as long as it’s able to track your steps.
What sets Sweatcoin apart from your regular step-tracking apps is the fact that you get rewarded for your steps.
Every single step you take is worth a small amount of Sweatcoin and every time you reach 1,000 steps you’ll earn one whole Sweatcoin.
Even though the amount you can earn per day is capped at 10 Sweatcoin if you’re a very active person you can easily earn a few hundred Sweatcoin per month.
Sweatcoin has an in-app marketplace that offers a number of ways how you can spend your Sweatcoin.
You can either buy products or services outright or spend your Sweatcoin on discounts for those products.
Some people prefer to buy PayPal or Amazon gift cards, however, they are quite rare and usually very limited.
And if you’re not a materialistic person, you can also donate your Sweatcoin to a good cause instead.
Is There a Catch?
Despite what many people initially think, Sweatcoin will not make you rich nor will you be able to make a living by using it. Sweatcoins cannot easily be cashed out and are primarily meant to be spent within the ecosystem, just like many loyalty programs.
Whenever something seems too good to be true, there’s usually a catch.
And that’s no different amongst those searching for “What is Sweatcoin”.
If you think you’ll make big bucks with Sweatcoin, then I’m afraid you’re going to be disappointed.
First of all, as I already mentioned, regular users are capped at 10 Sweatcoin per day.
So even if you run longer distances, you’re never going to make more than the maximum daily amount.
Sweatcoin does offer a Premium subscription with a monthly plan priced at roughly $5 and a yearly plan for $25.
Premium users can earn double the amount of Sweatcoin per day.
However, this really only makes sense if you are a very active person and also use the in-app marketplace a lot.
You also cannot withdraw your Sweatcoin anywhere or directly convert it to another currency such as US-Dollars or Euros.
Some people also falsely believe that Sweatcoin is a cryptocurrency, when in fact it is not.
So, if it’s not a cryptocurrency, then what is Sweatcoin really?
It’s effectively more like a loyalty program where you earn points.
However, it’s important to understand that this will create an entirely new “Sweat Economy” and it’s still unclear how well balanced the tokenomics will be.
Now, that doesn’t mean that there’s absolutely no way of converting your Sweatcoin to USD, Euro or PHP.
It just means that you’ll have to jump through a few hoops to get there.
How Much Are Sweatcoins Worth?
Although Sweatcoins are not traded on any public exchanges, they do have an implied value. Most estimates range between $0.02 and $0.05 per Sweatcoin.
It’s important to remember that Sweatcoin isn’t a cryptocurrency yet and the “Sweatcoins” you earn within the app stay within the app.
They are effectively just points and aren’t traded on any public exchange.
Therefore it’s difficult to determine what the true market value of Sweatcoins is.
Generally, what we tend to do is look at the types of offers that are available on the in-app marketplace and evaluate what their monetary value is.
As a rule of thumb, 1 Sweatcoin generally has a value of somewhere between $0.02 and $0.05, depending on what it’s being spent on.
That doesn’t mean that people will be willing to pay you that much to buy your Sweatcoin but it’s the value you could theoretically extract from them.
We’ve created a number of articles with conversion tables for different currencies:
Is Sweatcoin Worth It?
To be honest, it really depends on what your personal goals are.
Any sort of step tracking app, not just Sweatcoin, is always worth it if it motivates you to be more active.
The science behind the psychology of metrics is clear and many people need to see their progression in numbers in order to motivate themselves.
If that’s all it takes, then that’s absolutely fantastic and I would urge anyone who wants to live healthier to give these sorts of apps a try.
And even if you’re already a very active person, what have you got to lose?
You’re already moving, so why not collect some points while doing it and who knows when those Sweatcoins will eventually pay off.
However, if you searched for “What is Sweatcoin” only because you thought you could earn a living by going for an occasional walk, then I’m afraid Sweatcoin is probably not for you.
Sure, if you live in a developing country with very low purchasing power, then it may be more valuable to you than to someone from the developed world.
But let’s face it: The primary value of using these fitness apps is that they help you stay fit and that should be more than enough value for anyone.
Frequently Asked Questions (FAQ)
Before we wrap up, let’s quickly address a few frequently asked questions that many people who search for “What is Sweatcoin” usually ask.
Can Sweatcoin be trusted?
Based on what we know about the company behind Sweatcoin, there is no particular reason why you should not trust them. It’s a legitimate company.
What are Sweatcoins used for?
Sweatcoins can be spent on the in-app marketplace in order to purchase products, services, discounts, or make donations to charity.
How many Sweatcoins can I earn per day?
Free users of the app can earn up to 10 Sweatcoin per day. You can double your daily cap by subscribing to the paid “Premium” plan.
How much Sweatcoin is a Dollar?
Depending on what you spent your Sweatcoin on, you’ll need between 20 and 50 Sweatcoin to get back $1 in value.
How do you convert Sweatcoins to money?
Currently, there are only a few ways how you can convert your Sweatcoin to real money. Either you sell your points to another user directly or you can purchase a PayPal or Amazon gift card on the in-app marketplace.
Is Sweatcoin a cryptocurrency?
No, Sweatcoin is not a cryptocurrency. However, the company is launching its own $SWEAT token on September 12th, 2022. The Sweat Economy will be a blockchain-based cryptocurrency.
In the past few years, Sweatcoin has become one of the most popular fitness movements in the world.
And in September 2022 Sweatcoin will finally evolve into the new Sweat Economy, a blockchain-based token economy powered by collective physical activity.
We can only urge everyone to at least give Sweatcoin a try.