How to convert sweat coins to real money

What is Sweatcoin？

Sweatcoin is a sports app that tracks your steps and pays you “Sweatcoins” (a quasi-cryptocurrency) every time you take 1000 steps. Unfortunately, you are unable to cash Sweatcoins into your bank account. On the contrary, you can use Sweatpoints to purchase products, services, and experiences from partner companies through the in-app market.

The discounts in this market are constantly changing. The Sweatcoin Guide states that its discounts include discounts on various products from clothing, food, and fitness equipment to iPhones, televisions, and even PayPal and Amazon points. The website warns that popular discounts may soon sell out, so if you want to grab good things, it's best to check the market regularly.

You can trade Sweatcoin with other users, and if you are more willing to contribute to others, you can also donate it to charitable activities. According to the Sweatcoin website, this application is an official partner of Save the Children and collaborates with philanthropic organizations such as the UK Cancer Research Centre, the African Wildlife Fund, and Conservation International.

Initially, Sweatcoin only counted your outdoor steps. This means that any number of steps you take indoors (such as in the gym, workplace, or climbing down the 22nd floor during an office fire drill like me) will not be counted. However, with the application updates, this situation has changed, and now your indoor steps are counted towards your total.

So, how does Sweatcoin work？ Can SWEAT coins be exchanged for real money？ In the following text, we will learn about Sweatcoin and its cryptocurrency $SWEAT, including its features, prospects, and how it can be exchanged for real money.

reference resources:https://www.qkljw.com/app/5742.html#/

Introduction to Sweatcoin (SWEAT)

Sweatcoin was launched in 2014 and is an innovative step-counting application that provides digital currency rewards for users participating in sports activities such as exercise. Based on the P2E (play to Earn; earn while walking) mechanism, Sweatcoin will reward you for walking.

Sweatcoin has a reward system where users who reach a specific number of steps will receive tokens that can be exchanged for various prizes.

According to Crunchbase, Sweatcoin received a total of $13.6 million in financing in four rounds. These investors come from well-known blockchain investors, including Electric Capital, Spartan Capital, Jump, GSR, and NEAR Foundation.

reference resources:

https://help.sweatco.in/hc/en-us/articles/360012672952-Can-I-Cashout-my-Sweatcoins-to-Paypal-Bank-Account#/

How to play Sweatcoin？

Sweatcoin is a free-to-install mobile application suitable for Android, Windows, and iOS. This application will track your daily steps, just like any other tracking step-counting application you can install. Sweatcoin will connect to your Google Fit, Apple Fit, or similar default fitness applications to record your daily steps. You can use this application for outdoor walks, runs, or when using a treadmill, making it suitable for any occasion.

Every step you take earns a small portion of Sweatcoin, which can be used to redeem various benefits such as fitness equipment, gift cards, sneakers, exercise classes, and even devices like Apple watches. The discounts will change regularly and also depend on your geographical location.

Users need to take 1000 steps to earn a Sweatcoin. If you are particularly active, you can earn ten or more Sweatcoins per day and hundreds of Sweatcoins per month. It should be noted that every 1000 steps can be exchanged for 1 Sweatcoin, but the platform will charge a 5% commission, so only 0.95 Sweatcoins will be received.

Sweatcoin offers a market and auction section, and it also allows you to donate your Sweatcoin to a fixed charity organization. In addition, you can also exchange your Sweatcoin for Bitcoin.

In addition, you can also connect with friends, follow users, and gain your followers on the application. If you invite friends to join Sweatcoin, you can earn an additional 5 Sweatcoins and even participate in a lottery to win prizes.

YouTube Link:https://www.youtube.com/watch？v=-7v5qfJYWxA

Is Sweatcoin free？

This is a free fitness app that promises to “pay” to let you walk. Sweatcoin can be downloaded from the App Store and Google Play Store and can be used through smartphones or Apple Watch. After downloading the application, the system will prompt you to enter your name, phone number, and email, and allow the application to access your GPS location. Due to potential threats to your data, some commentators have raised privacy concerns. In response, Sweatcoin promises 100% protection of data privacy and stated on its website that it will never sell user data.

After setting up, Sweatcoin will use your device's accelerometer and GPS position to track your steps. The application currently provides 0.95 Sweatcoins for every 1000 outdoor steps you take (it will automatically deduct a 5% commission from each Sweatcoin you earn). This application has over 110 million users worldwide and aims to motivate healthier lifestyles by rewarding users with daily physical exercise.

The standard version of Sweatcoin is free, but there is also an advanced version that costs $4.99 per month and $24.99 per year. Sweatcoin Advanced Edition allows you to earn twice as much Sweatcoin per step and access advanced features. But regular payments mean that they are only truly worth it when you frequently walk or run. Otherwise, you may spend more money each month than the Sweatcoin you earn. After joining Revolut, you can also receive three months of Sweatcoin Premium for free.

Between the free and premium versions of Sweatcoin is the Troublemaker version. The monthly fee for the Sweatcoin Troublemaker version is $1.49, allowing you to double every step you take, doubling your overall income. However, the daily limit for Sweatcoin Premium is 100 Sweatcoins, and when subscribing to the Troublemaker program, you can only earn a maximum of 25 Sweatcoins per day.

What is a SWEAT coin？

Sweatcoin launched a cryptocurrency called SWEAT in September 2022, and before entering the market, it sold over $1 million worth of SWEAT tokens through the MakerDAO platform.

SWEAT is the native currency of Sweet Economy, a Web3 project created by Sweatcoin. This platform also has a wallet called Sweat Wallet, which is used to store SWEAT. In this wallet, users can transfer money, pledge, purchase SWEAT with fiat currency, or win prizes.

In addition, through the Sweet Economy, Sweatcoin users can receive more benefits and prizes in exchange for the steps they take. The Sweatcoin you earn on the application can be converted into SWEAT and traded on various popular exchanges, including Binance and BTCC.

The SWEAT Token Generation Event (TGE) was held on September 13, 2022. Each Sweat coin accumulated by users in the application will be rewarded with a SWEAT, which can be used by users on a new web3 application called Sweat Wallet, which the team calls the largest airdrop in history

The launch and airdrop of SWEAT led to the largest scale of activity in history, and thereafter, the number of users of the Sweatcoin application continued to grow, reaching over 110 million users. Compared to traditional cryptocurrencies that require users to invest in expensive equipment for mining or staking, Sweatcoin participants only need to participate in physical activities to earn SWEAT tokens.

reference resources:https://www.wikihow.com/Cash-Out-on-Sweatcoin-on-Android#/

Overview of SWEAT Currency Exchange Rate

(The above data has been updated to August 8th, 2023)

After the launch of SWEAT tokens, users can also use Sweatcoin to mint SWEAT tokens on the blockchain. However, the application has a maximum limit for minting SWEAT tokens, and you can only convert up to 5000 steps per day (6000 steps for advanced users) to SWEAT tokens.

Although the rate of creating in-app token Sweatcoins remains constant (1000 steps per Sweatcoin), the rate of creating tokens will increase over time. As time goes on, the difficulty of minting SWEAT tokens increases exponentially. This means that the inflation rate of tokens is decreasing.

For example, on the first day after its launch in September 2022, users will receive 1 SWEAT for every 1000 steps taken. As of May 2023, you need 3623 steps to mint a SWEAT token.

Sweatcoin predicts that by 2028, you will need over 80000 steps to mint a SWEAT token. In addition, the application charges a 5% fee when converting steps to SWEAT. This fee needs to be used to pay bonuses for the application, such as recommendation bonuses. The SWEAT token economy model has no restrictions on the supply of SWEAT tokens. This model aims to encourage unlimited movement. This is offset by a controlled and exponentially decreasing inflation rate.

The difficulty of coin minting at SWEAT has increased exponentially, leading to inflation gradually approaching zero.

At the same time, this token-minting mechanism promotes adoption and exercise, as participating in sports activities today can generate higher returns than participating in sports activities tomorrow.

The Sweat Foundation promises to use 50% of the profits generated through in-app discounts to purchase and destroy SWEAT tokens to reduce inflation. When they implement the roadmap, they will allocate income to the Sweat DAO, which will be managed by veSWEAT (locking in SWEAT for governance).

The token allocation for SWEAT is as follows:

Is Sweatcoin (SWEAT) valuable？

SWEAT is a cryptocurrency, which means it is a virtual asset that exists on the blockchain.

In short, the Sweatcoin application is not a scam, and the money you earn does have value. But the value of a Sweatcoin is far less than one dollar. We can use the market for this application to understand what you can do with your Sweatcoin.

The items or services you can purchase using Sweatcoin may vary depending on your location, but you should have a range of different options to choose from.

For example, you can purchase beauty products, headphones, or snack subscription boxes. If you are seeking service discounts, you can get discounts on fitness membership or online education courses.

Sweatcoin also offers Amazon and PayPal coupons, allowing you to purchase any product you want at a discounted price. If you spend a certain amount on a specific website, certain transactions will give you a significant discount.

You can use Sweatcoin to bid on large items such as gift cards worth hundreds of dollars, smartwatches, and game consoles in app auctions. This is like a traditional auction, where you bid on your Sweatcoin until you win the auction item; If you lose, you can retrieve your Sweatcoin. But please remember, the bids for these awards are usually very high. Before entering, you need to ensure that there is a large amount of Sweatcoins in your wallet.

The same goes for purchasing products using Sweatcoin. As mentioned earlier, you need to walk 1000 steps to earn a Sweatcoin. A $20 Amazon coupon is priced at 8000 sweat coins, so you need to walk a lot to enter the market and purchase the product. But other products are much cheaper, especially free beauty products and subscription discounts.

Anyway, you won't gain much from one or two thousand steps. Discounts usually start with around 5 Sweatcoins, but these are usually discounts rather than physical products.

Regarding the donation section of Sweatcoin, an overall goal has been set, and you can use any number of Sweatcoins to contribute to it. After all, helping people in need through exercise is indeed a win-win situation!

However, what if you are not interested in Sweatcoin's market or donation options and only want to cash them out and convert them into fiat currency？

Initially, Sweatcoin did not provide withdrawal options, but later the situation changed. Although you cannot redeem directly, you can use Sweatcoin funds to purchase a PayPal gift card, which you can then use to shop on any platform that supports suppliers.

If you want to make a direct profit, you can also sell your Sweatcoin on many cryptocurrency exchanges. As mentioned earlier, platforms such as Binance and Bitfinex allow for Sweatcoin trading, although your choices are much more popular and mature cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin.

reference resources:

https://www.reddit.com/r/sweatcoin/comments/16pctcc/anyone_moved_there_sweatcoin_into_cash_yet/#/

How to make money using Sweatcoin？

Firstly, to earn sweat coins, you need to register an account and then earn SWEAT or sweat coins through the following methods.

1. Walking

If you use your mobile device as a tracker, make sure to always keep it in your pocket no matter where you are. This will help track the number of steps you have taken and reward them with SWEAT or sweat coins. As long as Sweatcoin runs in the background, it will track your number of steps. This means that as long as you don't exit the application, it will continue to track your steps.

For every 1000 steps you take, your Sweat wallet will add 1 SWEAT. However, it should be noted that over time, SWEAT tokens have become increasingly difficult to mint. This means it requires more programs to cast another SWEAT the next day. You can only cast SWEAT in the first 5000 steps of each day. The 5000 steps you take afterward will earn you sweat coins. SWEAT tokens can be used for trading, while Sweat Coin can be used to exchange rewards on the Sweat Coin application.

2. Complete daily reward activities

Sweat Coin offers three daily rewards, such as watching advertisements or inviting friends to join. You can try your luck in it and earn up to 1000 sweat coins per claim. Of course, this is not so easy to obtain, as most people claim to typically receive 0.9 to 2 sweat coins. You just need to look at the advertisement and see that your wallet balance increases with Sweatcoin.

3. Join the challenge

What technologies does Fantom have？ What is the working principle of Fantom？

Sweatcoin occasionally challenges its user organization to earn more sweat coins. The latest challenge is the TikTok xSweatcoin challenge, where users must complete the six steps mentioned in the TikTok video. For example, the user must complete the six steps mentioned in the TikTok video. If your video is reproduced on the official page of Sweat Money Tiktok, you will be able to obtain 300 gold coins.

Alternatively, you can also view the available Sweatcoin matches under the Challenge tab of the mobile application. This month, you must reach 250000 steps to earn 25 sweat coins. At the end of the competition, two lucky winners will be selected to receive an Airbnb gift card worth $250. You can also earn more sweat coins by recommending new friends or becoming a sweat coin influencer.

YouTube Link：https://www.youtube.com/watch？v=plsaHHralBk#/

Sweatcoin Roadmap

In 2022, the Sweatcoin team launched a roadmap for the project, which outlines the development phase of the project up to 2024.

Currently, Sweatcoin has taken the first step towards becoming a web3 application. It aims to achieve decentralized governance and turn SWEAT into a multi-chain token.

Currently, Sweat Wallet, SWEAT staking, and staking rewards have been launched. Rewards for launching SWEAT NFTs in the fourth quarter of this year, purchasing SWEAT or other tokens with fiat currency, and joining more pledged SWEAT. In 2023, SWEAT DAO will be launched to practice co-governance and voting schemes, as well as to incentivize the launch of NFT trading platforms, token trading platforms, and token trading platforms. In 2024, it will support the creation of a complete sports economy, sports big data analysis, and support for sports other than walking, such as users earning benefits through cycling and swimming.

In summary, from the perspective of the project and product itself, the Sweatcoin team has rich entrepreneurial experience and a long-term spirit. The product has been launched and put into the market for 8 years, and users can enter without any barriers. It is currently the most popular health and fitness application. Sweatcoin uses advertising revenue from businesses and brands to enable users to gain revenue and benefits. Now, it is gradually transitioning from Web2 to Web3, with a simple and closed-loop business model that changes the current “capital pool” model of similar products.

At the same time, Sweatcoin's subsidiary product, Sweat Wallet, currently has 13 million users. Wallet is the traffic entry point for users to enter Web3, and Sweatcoin can build more scenarios and products through Sweat Wallet, maximizing business.

From an external perspective, as a public chain, Near's data has always been mediocre, and there are very few products on the chain that can attract users. On September 12th, it was announced that the NEAR Foundation has partnered with Caerus Ventures to launch a $100 million venture capital fund, focusing on investing in seed and A-stage startups to drive large-scale adoption of blockchain. Subsequently, Tether announced the launch of USDT on the NEAR network. This is enough to demonstrate the strong demand of Near officials for applications that can truly gather a large number of users and funds. As a product with 110 million users, Sweatcoin is based on the Near chain modification. From both the investor and public chain perspectives, the Near official should provide maximum support to Sweatcoin from all aspects.

From an investment perspective, it is important to note that Sweatcoin's current circulating market value of 100 million US dollars is too high, and further observation and waiting are needed.

Sweatcoin has launched a series of commercializations based on the value of sports and user data, and its development model and philosophy provide reference and learning for projects in the same sector.

The market value of SWEAT coins

The market value of SWEAT coins is certain. The unique properties of SWEAT coins make them highly recognizable in the market.

Market demand:

With the growth of the fitness industry, the demand for fitness-related digital currencies is also increasing. As a cryptocurrency focused on fitness, the SWEAT coin is expected to meet this demand and enhance its value.

Scarcity:

The total supply of SWEAT coins is limited, which means that as demand increases, supply is relatively scarce and may lead to price increases. Scarcity is an important factor in increasing the value of cryptocurrencies.

Technical support:

SWEAT coin's Ethereum-based ERC-20 token technology has received strong ecosystem and technical support from Ethereum. This technical support helps to increase investor confidence in SWEAT coins and enhance their market value.

User engagement:

The incentive mechanism and community building of the SWEAT coin can attract more users to participate, and this user engagement is crucial for enhancing the value of the SWEAT coin. The increase in user engagement may lead to higher market demand and more stable prices.

Is Sweatcoin worth downloading？

Sweatcoin leverages our obsession with quantifying various aspects of life, especially those related to health. Using Sweatcoin

Afterward, users did feel more motivated to go out for activities. There may even be detours back home, attempting to increase Sweatcoin steps and income.

A 2015 study surveyed 200 women wearing Fitbits and found that activity trackers had a profound impact on the decision-making of participants. Research shows that 95% of participants increased their weekly exercise, 91% chose longer routes to increase their steps, and 56% increased their walking speed to achieve their goals faster.

Although all these quantitative indicators can bring momentum, they also have negative impacts. The same study also found that 79% of participants felt pressured to achieve their daily goals, 59% felt Fitbit was controlling their daily lives, and 30% felt guilty about wearing the device.

So does this mean you should completely abandon fitness trackers？ I believe that as someone who needs to do more physical exercise, any form of motivation is priceless, and it's okay to give it a try.

FAQs

What is Sweatcoin？

Sweat coins are digital currencies obtained through walking and exercise, and users can collect sweat coins through mobile applications.

Can sweat coins be directly exchanged for cash？

Sweat coins cannot be directly exchanged for cash, but they can indirectly receive physical rewards or discounts through various methods within the application.

How to use sweat coins to exchange rewards？

Users can view available products and services on the “Market” page of the Sweatcoin application and exchange them using sweat coins.

What types of rewards can sweat coins be exchanged for？

The rewards that can be exchanged for sweat coins include electronic products, fitness products, gift cards, donations to charitable organizations, etc., depending on the products on the market page.

Is there a third-party platform that can help convert sweat coins into cash？

At present, there is no officially recognized third-party platform that can directly convert sweat coins into cash. It is recommended that users use official channels to exchange sweat coins for legitimate goods or services.