Is Sweatcoin A Scam?
What is Sweatcoin? It is digital currency you earn by being active. To accumulate it, you first need to download the Sweatcoin app and keep it running on your phone at all times.
Any time you walk or run outside, it tracks your steps and pays you in sweat coins (SWC). For every 1,000 steps you take, you earn just under 1 SWC. Sweatcoin app is available on both smartphones and wearable.
It’s available for iOS and Android, as well as for the Apple Watch.
After accumulating enough SWC, you’re then able to redeem them for items like sports watches, Amazon credits, music downloads, e-Books, airline miles, or gift certificates to various retailers.
Offers constantly changed and are largely based on whatever deals Sweatcoin has made with various retailers.
How Does It Work?
This app gives you the opportunity to work and sweat for your money. Literally. Once you’ve successfully downloaded the free app, you’ll need to take some steps before you can start earning Sweatcoin.
Sweatcoin walks you through the process of creating an username and verifying that it’s fine for the app to know where you’re going and track your movement without your app being open. It’ll also ask for your email address and phone number.
Once you’re fully verified, the app opens, and you’re ready to start walking.
It does allow for upgrades to the base membership but that does require a payment — in sweat coins.
For example, five SWC per month pushes you to the level of Shaker where you’re allowed to earn 10 sweatcoins per day. The next membership level is Quaker which costs 20 SWC per month and permits 15 SWC a day.
Finally, the Breaker membership costs 30SWC per month and allows for up to 20 SWC per day
Sweatcoin currently offers a referral program. For every friend you refer, you can get 5 sweat coins. The more friends you refer, the more rewards you can get!
What Is The Drawbacks?
The downside? It only works if you walk or running. You need to keep the app and GPS turned on to make it work.
So this will have a great impact of your battery life throughout the day. Plus you can only earn 5 SWC each day. For free.
Make Money The More You Walk
When you install the app, you are automatically subscribed (for free) to the Mover Subscription.
This is the free level and it allows you to earn up to 5 sweat coins per day (roughly 5,000 steps a day), and up to 150 sweat coins per month.
If you want to earn more, you need to move up to one of the paid subscriptions.
Cost: 4.75 SWC/month
With the shaker subscription, you can earn up to 10 SWC (10,000 steps) per day and up to 300 SWC per month.
Cost: 20 SWC/month
With the Quaker subscription, you can earn up to 15 SWC (15,000 steps) per day and up to 450 SWC per month.
Cost: 30 SWC/month
With the breaker subscription, you can earn up to 20 SWC (20,000) per day and up to 600 SWC per month.
What Do I Need To Earn SWC?
Sweatcoin is designed to work with iPhones and the Apple Watch on the Apple side, though only the iPhone 5s or newer devices are compatible.
Over on Android, you’ll need to have a handset that has Android 4.4 or newer.
How Much Is SWC Worth?
Think of Sweatcoin as real money you can spend on very specific offers.
Think of it like a Gift Card. You might get a Starbucks Gift Card for Christmas – this Gift Card is as good as real money at any Starbucks, though you cannot spend it anywhere else.
If an offer serves no purpose to you, then simply save your coins for another offer that you would have purchased for real money anyway.
That way you can treat your Sweatcoins as potential real money to spend! You’ll notice that all the options are priced differently based on the cost of the product.
Want $1,000 in cash from PayPal? It’ll cost you 20,000 Sweatcoin. A $50 Nike gift card costs 3,650 Sweatcoin.
How much is a Sweatcoin worth? Since you get 1,000 USD for 20,000 Sweatcoins, a Sweatcoin is worth 0.05 USD.
For example, if an offer costs 150 Sweatcoins and gives you $10 off, that’s about $0.07 per coin value.
Another offer might cost 700 Sweatcoin and give you $185 off a high tech product. Doing the math (185 / 700) you find that those coins are worth $0.25 each – a much better deal!
So What’s The Purpose Of SWC?
Can you trade SWC for cash? According to co-founder Oleg Fomenko, the long-term vision includes plans to develop an “open-source blockchain DLT technology that will allow Sweatcoin to be traded like any other major crypto- or fiat currency.”
For now, however, the currency essentially operates like a rewards program similar to those you find with airlines, credit cards, and various mobile apps.
Scientific studies on whether fitness trackers actually change behavior have been largely inconclusive.
Some studies suggest that for specific populations, like people who have been diagnosed with heart disease or are obese, fitness trackers can motivate them to move more, at least for several months.
Others studies find that while using the devices may be helpful for certain people, they don’t necessarily drive behavior change on their own.
This is something that Sweatcoin co-founders Oleg Fomenko and Anton Derlyatka are aware of. But they believe Sweatcoin will be different.
The whole point of the app is to get moving outside more.
Is It A Scam? If Not, Is It Worth The Sweat?
Its surely not a scam. And in time being 1 SWC is worth $0.05. In time this can change. It could be the next crypto currency worth some decent money.
The thing with this currency is there is no limit on how much you can possible make. And people are buying and selling SWC already. But it’s not on the open market. Yet.
Only time will tell what kind of crypto currency that will provide some value. But what do you have to lose? Other than some calories that is.
Warning: this is a fitness app, so you may be healthy if you decide to use this!
Have you experienced with this app and SWC? Other cryptos you will recommend? Please, let me know below
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