Over the years, the currency has come a long way from a simple trade of goods. Before, people used the barter system (an old method of exchange), but as time passed, this method was replaced by “paper”. On hearing the word paper, you may think that’s silly, but that’s what money is made from.
Over time, each country developed its currency, and rates from currency now vary from country to country. For example, the UK has pounds, and the U.S. has dollars. The world that we currently live in includes “digital currency” as well. This type of currency is stored online and can be traded for actual money.
Take BitCoin, for example. Bitcoin is a massive crypto-currency, and a lot of people make their living through BitCoin mining. But bitcoin isn’t the only digital currency out there. SweatCoin is another example of digital currency. To clear things out, it’s a blockchain, meaning it isn’t a “true cryptocurrency”. With that being said, it’s still quite similar to cryptocurrency.
Sweatcoin is an app that allows you to make money simply by running/walking. In a way, the app pays you for every step you take. Just by that, you can tell that it isn’t a reliable source of income, just something to use if you like jogging. But, Is Sweatcoin legit or a scam? In this article, we’ll go through what Sweatcoin is, how it works, and whether it’s legitimate or a scam.
What is Sweatcoin?
As we mentioned above, Sweatcoin is an app (exclusive to mobile) that allows you to earn points for every step you take. The app is available for download on the App Store and Google Play for free, and for every 1,000 steps, you get a single digital coin.
The app allows you to trade those coins for several products (headphones, audiobooks, yoga lessons, e.t.c). It belongs to SweatCo Ltd that’s located in the UK.
How does Sweatcoin work?
The Sweatcoin app registers your steps through GPS signals that only function when you’re outside, so you can’t earn points by just running on a treadmill, you’ll have to go outside. The app does that because its function is to award people who want to stay in shape, and are trying their best to do so.
Like any GPS, Sweatcoin’s built-in one detects your location and counts your steps by measuring the distance from your previous location while keeping an eye on your speed, and your movement’s consistency. The app is free to download, but the number of Sweatcoins you can earn each day is limited to 5, and you can only earn 150 Sweatcoins per month.
To remove the earnings cap, you’ll have to purchase the upgraded version through Sweatcoins. You get .95 Sweatcoins for every 1,000 steps, and there’s a 5 percent commission charge on every purchase. You can’t trade Sweatcoins for actual money, but you can use them to buy products from the company’s brand partners.
The exchange rate of the coins can vary from day to day, so it’s hard to keep track of. The app also includes daily rewards that offer Sweatcoins to those who complete the daily tasks correctly. The app isn’t meant for making “quick-cash”, and that’s quite obvious seeing as it offers money for something that benefits you and not the company.
Even if you use the app consistently for several months, you’ll barely be able to make $40 worth of Sweatcoins. It’s just something to encourage people to exercise more often, so you can’t expect to make huge amounts of money from the app.
That makes you wonder how the company benefits from an app that benefits the user, not the company. Well, the 5 percent commission that you’re charged on every person is indeed their source of income from the app. So, when you use your bitcoins to purchase something from their brand partners, you’re paying SweatCo too. The next question arises is sweatcoin legit?
The app isn’t linked to any type of scam, but since it pays you for running, something that benefits you, several people have made posts about it not being real. According to them, an app that pays you solely for running just can’t exist.
People also despise the fact that it takes ages to earn enough to make a single purchase from the app’s brand partners, and others believe that the app “cheats” while going through the conversion process. Some are concerned about the offers that require credit card details and about is sweatcoin legit
With that being said, the app abides by the terms and services it offers to its users and is completely legitimate. According to Sweatcoin the price fluctuation of certain offers is to make sure every user gets a fair chance to buy the product before it runs out of stock.
So, as for the question “Is Sweatcoin legit or a scam”, the answer is that it’s completely legitimate, and we’ve explained every detail related to the app in detail. We hope this article proves useful to you, and if you have any further queries, or would like to change/add something to this article, feel free to comment down below!