Want to convert your exercise into digital tokens? Sweatcoin wants to help you do that. Find out everything you need to know about Sweatcoin today in our review.
What Is Sweatcoin?
Sweatcoin is a digital currency that has already tracked over 64 million steps, according to the official Sweatco.in website.
You download the Sweatcoin app on the app store for iOS or Android, then the app tracks your steps using your phone’s accelerometer and GPS location. Those steps get converted into the app’s native currency: Sweatcoins.
Every 1,000 steps you take outdoors will earn you 0.95 Sweatcoins.
Why would you want to earn Sweatcoins? You can purchase goods and services online through the official website. Right now, the store has Amazon gift cards, for example, as well as fitness products, gadgets, nutrition, and other offers. You can browse through a wide selection of offers through the Sweatcoin website.
Sweatcoin is made by a London-based company. The app was originally launched in the UK and Ireland. In recent months, however, it has made its way to the United States. The app launched in 2015, and will likely continue rolling out around the world over the coming years.
How Does Sweatcoin Work?
The Sweatcoin app is a fitness tracker. The app tracks your outdoor steps. For every 1,000 steps you take, you earn about 1 Sweatcoin through the app.
When you save up enough coins, you can exchange the coins for real-life products and services – like workout gear, fitness gadgets, or a yoga class.
You can also transfer coins to friends or donate them to charity. Like other digital tokens, it functions similar to money.
The app is free to download and has no advertisements. So how does Sweatcoin make money? The company eventually hopes to make money through deals with insurance companies, healthcare providers, and employers who want to motivate their employees to exercise.
Like other fitness trackers, Sweatcoin uses your phone’s accelerometer and GPS location to track your outdoor steps.
Who Created Sweatcoin?
Sweatcoin is made by a London-based company named SweatCo Ltd. The company was formed in 2015.
Over the past few months, the company has received a lot of media attention from major media outlets – including Forbes, Reuters, CBS, and the Daily Mail.
Sweatcoin Subscription Levels
Sweatcoin is free to use. However, the app does have membership levels you can purchase with Sweatcoins. The higher your membership level, the more coins you’ll earn per day. Here’s how memberships break down:
- Earn up to 5 SWC per day
Shaker (5 SWC Per Month)
- Earn up to 10 SWC per day
Quaker (20 SWC Per Month)
- Earn up to 15 SWC per day
Breaker (30 SWC Per Month)
- Earn up to 20 SWC per day
Trouble Maker (Unavailable for Purchase)
The last package is not currently available for purchase on the official Sweatcoin app, so it’s unknown what kind of limits it has. However, it’s logical to think that it’s priced at 30 to 40 SWC per month and allows you to earn more than 30 SWC per day.
Ultimately, if you plan to run a lot per day, or if you frequently bump against the free limit of 5 SWC per day, then you may want to upgrade your plan.
The only “price” you pay for using Sweatcoin is a 5% conversion fee on all Sweatcoin transactions. So you technically earn 0.95 Sweatcoin (not 1 Sweatcoin) for every 1,000 steps you walk.
Do you need extra motivation to start exercising? Sweatcoin plans to provide that extra motivation by giving you 1 Sweatcoin in exchange for every 1,000 steps you take. The app uses your GPS location and accelerometer to track exercise throughout the day. You can then convert your Sweatcoins into real-world products and services – like fitness gadgets or yoga classes – through the Sweatcoin offers section.
The app is totally free to download and use. There are no advertisements. After launching in the UK and Ireland, the app has made its way to the United States and will seek to continue expanding to other countries over the coming months.