Your complete guide to Sweatcoin
Sweatcoin is a new popular move-to-earn cryptocurrency app. But is Sweatcoin legit? And how can it make you fitter or wealthier? New Body Plan founder Jon Lipsey has all the answers to your Sweatcoin questions, plus the extra insight you need to know
What is Sweatcoin?
Sweatcoin is an app that harnesses the growing move-to-earn economy. It’s similar to blockchain-based games that use a play-to-earn system. In general terms, these are systems that reward you in the form of native tokens. In this case, the app turns your walking activity into coins.
Can I earn cryptocurrency through Sweatcoin?
Currently you can only earn rewards through Sweatcoin. These rewards can be exchanged for products or discounts or charity donations. However, this is all set to change. It is poised to offer users the chance to have their in-app Sweat coins matched with Sweat tokens in a token generation event. The company has said that this event is going to take place in the summer but no date has been set.
Is Sweatcoin legit?
The simple answer to “is Sweatcoin legit” is yes. It is a legitimate app business. When you sign up you get given a sweat wallet. The plan is for the app to use a suite of DeFi functions, such as the exchange sweat into other crypto assets. The makers have said that it will be built on Ethereum and it will use Near as the blockchain for minting tokens. The company also aims to make minting coins more difficult over time, which is an incentive for getting in early.
How many steps does it take to earn one coin?
Taking 1000 steps will earn you one coin. There is a cap on earning 10 coins per day through walking activity. But the app also gives you the option to earn a few bonus coins a day by watching adverts. Referring friends will also earn you 5 coins. And you can accelerate your coin accumulation by using the daily 2x boost feature, which will double your steps for a chosen 20-minute period.
Is Sweatcoin just about walking?
At the moment the app just tracks your walking activity. The long term plan for the company, however, is to decentralise movement verification. The idea is that you’ll be able to earn sweat tokens via other activities including gym workouts. There’s no set timeline for the introduction of this feature, but it is a logical progression for the move-to-earn economy.
How do I download the Sweatcoin app?
You can download the app for free on iPhone from the Apple App Store or on Android devices from Google Play. It’s popular too. The company reported that they gained 10 million app users in the week beginning 29th April 2022.
How can I create an account?
The registration process for your account is quick and simple. You do need to give some basic personal information such as an email address. You don’t have to log any financial data, such as a credit card, from the outset.
Who is Sweatcoin for?
Sweatcoin looks like a good option for anyone who’s new to the crypto scene. It’s easy to set up and it’s easy to understand the process. It is also useful for anyone who wants to gamify their activity. Knowing that you can get potential rewards can provide an incentive to walk more. The reality is that it’s not going to fundamentally change your life. But it could boost your health. And if you’re taking the steps anyway, why not get rewarded for activity you’re already doing?
Will Sweatcoin make me rich?
It isn’t going to drastically change your financial circumstances. But there is the potential for some level of financial benefit. There’s also the chance that your Sweat tokens could become more valuable over time.
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