With the demands of modern work often confining us to desks and office chairs, maintaining an active lifestyle can be a challenge. One application that promotes physical activity is called Sweatcoin, a unique app that not only encourages physical activity but also rewards you for your efforts. But, is it actually a legitimate application, or should you be staying away from it?
In this review, I aim to offer a comprehensive evaluation of Sweatcoin, including its recent foray into the world of cryptocurrency. By the end of this review, you should have a clear idea of whether Sweatcoin is the right choice for you or not. Let’s get started!
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Table of Contents
What is Sweatcoin?
Sweatcoin is a digital and cryptocurrency based fitness app that pays you for walking. It tracks and verifies your steps using your smartphone and converts those steps into Sweatcoins. In exchange, those Sweatcoins can be redeemed for products, subscriptions, gift cards and more.
Recently, Sweatcoin also launched its own cryptocurrency, called SWEAT. This token can be earned through the Sweat Wallet application. Currently, you can create SWEAT only with your steps.
How can you start earning with Sweatcoin?
To start earning with Sweatcoin, you will need to download the application separately for your mobile device. The app is available for both iOS and Android operating systems. Due to the nature of how the application works, it is not possible to use Sweatcoin with desktop-based devices.
Once the application has been downloaded and successfully installed on your mobile device, you must then register an account. To sign up for the service you can either use your Google account or your mobile phone number. These are the only options for registering an account as of writing this review.
How do you earn with Sweatcoin?
The primary way of earning rewards with Sweatcoin is by walking. As you engage in physical activity, your steps will be converted into both SWEAT and Sweatcoins, which are two separate currencies.
For SWEAT cryptocurrency, you will mint tokens for the first 5000 steps of your day, and all steps after that will converted into regular Sweatcoins instead. Minting difficulty will increase with time, so in the future the amount of tokens that you can earn this way will decrease. Please note that in order to earn SWEAT you will have to opt-in separately, which can be done in the main dashboard area of Sweatcoin by scrolling to the bottom section of the application.
If you don’t want to deal with cryptocurrencies at all, then you don’t have to opt-in to SWEAT and you can earn regular Sweatcoins for your steps instead. It’s important to note here that as of writing this review, Sweatcoin is available on two different plans: Free and Premium.
With the free plan, you can earn 1 Sweatcoin for every 1,052~ steps, up to 10 Sweatcoins per day. Premium plan earns you 2x Sweatcoins for the same amount of steps and there is no limit as to how many Sweatcoins you can earn per each day. Premium plan does cost money up-front, but if you do walk a lot every day, then it could be potentially worth it. The Premium plan will also allow you to mint more SWEAT tokens if you chose to opt-in.
In addition to walking, you can also do your daily bonuses. Once a day, you can watch 3 ads for which you will be rewarded anywhere from 0 to 1000 Sweatcoins (per each ad). You can also activate a boost for 20 minutes once per day which will double the amount of Sweatcoins that you get for your steps.
You can earn an additional bonus by inviting your friends to join the platform. Sweatcoin will reward you with 5 Sweatcoins as soon as your referral completes the sign up process, meaning that you do not have to wait for your friends to complete any specific actions apart from registering an account.
What rewards can you receive for Sweatcoins?
Sweatcoin offers a dynamic and constantly changing selection of rewards that can be redeemed from its in-app store using the Sweatcoins you’ve earned. These rewards typically include sign-up bonuses, discounts on products or subscriptions, and occasional cash rewards or gift cards. However, it’s important to note that cash rewards and gift cards are usually in limited supply and are quickly claimed, so you have to be vigilant in checking for new offers.
If you happen to have multiple subscription services that you already use, then Sweatcoin provides a great opportunity to enjoy additional free time or receive a substantial discount. In the past, Sweatcoin also offered auctions, where users could bid on valuable items. However, it appears that this feature has been discontinued for the time being, at least for my region.
If you opted into also receiving SWEAT tokens, then you will be able to exchange those into other cryptocurrencies or for real cash. I will explain how you can do exactly that in the next section.
How to exchange SWEAT cryptocurrency?
As mentioned before, Sweatcoin offers you the opportunity to receive SWEAT tokens for your steps. But, to access these tokens after opting in, you will need to download a new app for your mobile device, which is called Sweat Wallet. Sweatcoin and Sweat Wallet are 2 separate applications.
With the Sweat Wallet application installed, you have the option to either withdraw or stake your earned cryptocurrency, SWEAT. The application offers you the ability to “Grow” your tokens, which means that your earned SWEAT will be locked for a set period of time and you will start earning interest on it, also known as “Staking.” For instance, if you lock in 1000 SWEAT cryptocurrency for a 12-month period, you will earn an additional 120 tokens as interest. However, it’s important to note that you cannot unlock the cryptocurrency until the end of the staking duration, meaning that you could potentially lose money in the long run as cryptocurrency values are prone to fluctuation and the value of SWEAT can go up or down at any moment.
If you prefer to withdraw your SWEAT tokens, then you can do that too. Currently, the Sweat Wallet does not allow for the exchange of SWEAT to other cryptocurrencies, but it has been stated by the company that this feature will be available soon. So, for now there are a few additional steps involved in the withdrawal process.
Choosing an external cryptocurrency exchange
Once you have signed up for and logged into OKX, click on “Deposit” in the home page of the application. From there, search for “SWEAT” and select it. You will then be prompted to choose a network – here, you must choose SWEAT-NEAR to be able to transfer your SWEAT cryptocurrency.
How to transfer SWEAT tokens?
After selecting the correct network, simply copy the deposit address and return to the Sweat Wallet. Select “Transfer” and then “Send”, and choose SWEAT token. Enter the deposit address that you copied from OKX before and if everything is correct, it should then say that it has successfully found your external wallet. Click “Continue” and specify how many tokens you want to transfer. You will then be able to preview the transaction itself, keep in mind that there is also a small fee applied that will be automatically deduced from the amount that you are trying to send.
Now, confirm the transfer and you should instantly receive a notification from OKX saying that a deposit is being processed, and it usually takes a couple of minutes for the transaction to be confirmed. On OKX you can further swap your SWEAT tokens to any other cryptocurrency you wish or sell them for cash instead.
Frequently Asked Questions
Is Sweatcoin available on desktop devices?
Can anyone join Sweatcoin?
How can you contact support?
So, is Sweatcoin a legitimate application or a scam?
Sweatcoin is a legitimate mobile application that rewards you for walking. Using the app requires no effort at all and it can be a great motivator to be more physically in your day-to-day life. However, it should not be relied upon as a consistent source of income, since cash-based rewards are rare and the amount of cryptocurrency that you can earn with your steps is not that huge, and it will only decrease with time. With this in mind, if you already do lead an active lifestyle or need a motivator that will help you in this regard, then I do recommend using Sweatcoin.
Many thanks for reading my Sweatcoin review! Should you have any additional questions or concerns please do not hesitate to leave a comment down below.