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, so it can log your daily steps. You can use the app while walking or running outside, or while using a treadmill, so it's suitable for any occasion.
But this constant tracking of your steps does mean that your battery can drain a lot 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 pay-out is pretty minimal nonetheless.
With every step you take, you earn a fraction of one Sweatcoin. It takes 1,000 steps to earn one Sweatcoin. If you're a particularly active person, 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. Though the standard version of the app is free, it also has a premium version which costs $4.99 monthly. This version lets you earn twice as many 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.
With all these options, it's easy to assume that you can either convert Sweatcoin to cash, or it is in itself a digital currency. So, what exactly is Sweatcoin? Is it simply a symbolic currency that represents legal tender, or something else entirely?
Is Sweatcoin Worth Anything?
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. Currently, one Sweatcoin is worth around $0.05, though this number is subject to change. We can use the app's marketplace to understand what exactly you can do with your Sweatcoin.
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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.
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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 we 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.
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 convert into legal tender? Unfortunately, Sweatcoin does not currently offer a cash-out option. Of course, you can buy items using the app's Amazon or PayPal vouchers, but you cannot add funds to your bank account.
And because Sweatcoin is not a digital currency like Bitcoin or Ethereum, you cannot use it elsewhere. But the company claims that its eventual goal is to make Sweatcoin a fully-fledged digital currency that you can buy and sell on exchanges. Time will tell whether this ever comes to fruition.
Sweatcoin Is Legitimate, but It's Not for Everyone
In short, Sweatcoin is not a scam, and you can really get products for free, or at a discount, by having your steps tracked. However, the app still has its limitations in terms of what you can buy and where, so it will disappoint you if you're looking for real cash.
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.
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