Would you like to earn money simply from being more active?
What if you could reach both your fitness goals and your savings goals at the same time? Lucky for you, there is an app that allows you to turn your exercise hobby into cash.
Keep reading to learn more about Sweatcoin and how you can use the app to help you reach your savings goals.
What is Sweatcoin?
Sweatcoin is an app that tracks your steps and rewards you with virtual coins. Once you’ve accumulated enough coins, you can exchange them in the app’s storefront to purchase items and experiences or donate them to some of the causes listed on the website.
The Sweatcoin digital currency can only be earned by walking or running. For every 1,000 steps you take, you can make 1 SWC (Sweatcoin). Sweatcoin is the first digital currency or cryptocurrency that people can earn by walking or running.
Sweatcoin and other cryptocurrencies like Bitcoin (BTC) must be ‘mined.’ Mining means solving equations or performing other tasks to earn the currency. The activity you must do to earn Sweatcoin is to walk or run and have an app on your phone track your steps. This also means that you can buy and sell Sweatcoins on an exchange.
Is Sweatcoin Legit?
You may be skeptical about cryptocurrency. A downside to Sweatcoin is that it can’t be redeemed for cash.
However, Sweatcoin is a legitimate company that does reward its users with SWC in exchange for activity, and they do have an active storefront on which users can purchase items, experiences, and more.
Therefore, it has our stamp of approval.
How to Use Sweatcoin
If walking and running in exchange for cryptocurrency sounds attractive to you, then getting started is easy. In fact, you can begin earning Sweatcoins in as little as 10 minutes, depending on how fast you run.
Getting started with Sweatcoin is straightforward. You simply download the free Sweatcoin app on to your phone and allow it to run in the background. All you need is an email address and password to get started. The app will then track your physical activity and reward you with 0.95 SWC for every 1,000 steps you take.
While Sweatcoin users don’t earn cash in U.S. Dollars or another currency, you can earn SWC to earn items and gift cards or donate your money on the website. To earn SWC, you simply walk and run as you usually would. The more you move, the more you make.
It is important to note that users must log in to the Sweatcoin app to confirm their steps. Therefore, it’s not as easy as downloading the app and forgetting about it. However, if you already use an app to track your walking or running distance, simply login to the Sweatcoin app as a second step each day.
Sweatcoin pays 0.95 SWC for every 1,000 steps taken. The average person walks between 2,000 and 10,000 steps in a day, so it is not uncommon to earn at least five SWC per day.
Additionally, if you have the free app, there is a limit to how many Sweatcoins you can earn in one day. Everyone starts with a ‘Basic’ account. The Basic account allows users to earn up to 5 Sweatcoins per day. If you upgrade to the ‘Shaker’ account for 4.75 Sweatcoins, you can earn up to 10 Sweatcoins per day. This brings your maximum earning to 300 Sweatcoins per month instead of about 150.
You can also refer friends to use Sweatcoins. When you share your unique referral link with friends, you can earn 5 Sweatcoins per friend that signs up to use it. When your friends sign up, you will be able to see them on the leaderboard. While the leaderboard doesn’t earn you any additional Sweatcoins, it can be a fun way to see how many steps your friends are taking and how much they have made.
Get Paid – Redeem Your Sweatcoins
As you continue to walk and run, your Sweatcoin balance will increase. You can choose to cash out on a low ticket offer as soon as you have enough Sweatcoins to do so, or you can continue to accumulate a balance. Fortunately, Sweatcoins never expire, so you can continue to earn them until you find something that you want to purchase.
When you look at the store, you might notice that 1 SWC is not equal to 1 USD. For example, you might see a PayPal gift card for $1,000 listed for 20,000 Sweatcoins. If you earn 300 Sweatcoins per month, it will take 66 months or about five and a half years to earn enough Sweatcoins to purchase the gift card. However, if you are simply tracking each of your daily runs and walks for a year or two, you might be able to purchase something like an Apple watch or other offer.
What Can I Buy with Sweatcoin?
The offers on the Sweatcoin page change often. However, there are typically plenty of low-cost offers that you can purchase after just a couple of days using the app. For example, you might be able to buy an audiobook for 3.99 SWC or a $10 gift card for 10 SWC. You might see larger offers such as a $1,000 PayPal gift card or an option to purchase an iPhone XS.
The offers change often, and there is typically a limited stock, so be sure to check the Sweatcoin marketplace often. You can also choose to donate your Sweatcoin to charity or purchase gift cards. If you want to earn cash, you can purchase the gift cards, then sell them on a third-party website.
How to Maximize Sweatcoin
There are a few ways to ensure that you are getting credit for all your steps. This will help you to earn more each day and to add up your SWC over time.
- Walk outside – Sweatcoin is designed to count the steps that are taken for exercise purposes. Therefore, you should plan to take long walks or runs outside each day to help you earn more SWC.
- Claim daily bonuses – The Sweatcoin app has daily bonuses available to help you earn more SWC. If you watch ads on the app, you can earn up to seven SWC depending on how many days in a row you’ve watched ads. The maximum streak is three days, and you can start over after that. Therefore, if you earn an extra seven SWC every three days, you could make 70 additional SWC each month.
- Turn off your battery saver – Your phone’s battery saver might be blocking your Sweatcoin app from accurately tracking your steps. Since many of your indoor steps and steps not taken for exercise already don’t count, you’ll want to disable your battery saver to help you get more steps to count and therefore earn more SWC.
- Turn on your GPS – If your GPS feature is turned off, your Sweatcoin app might not accurately count your steps. While it might drain your battery faster, you might want to set your GPS to high accuracy when you are outside and taking walks for exercise.
- Upgrade – The Sweatcoin app allows users on the free version to earn a maximum of five SWC per day. If you upgrade to the Shaker plan for 4.75 SWC per month, you can earn up to 10 SWC per day if you upgrade again to the Quaker plan for 20 SWC per month, you can earn up to 15 SWC per day if you upgrade to the Breaker plan for 30 SWC per month you can earn up to 20 SWC per day.
- Refer your friends – Finally, if you invite your friends to try Sweatcoin, you can earn five Sweatcoins if they sign up.
Should I Use Sweatcoin?
The decision to use Sweatcoin is up to you. There are a few things that we love about the app, but also a couple of areas of opportunity.
Overall, Sweatcoin is a legitimate way to earn money. Here’s what we love about the app:
- Sweatcoin is easy to use.
- Sweatcoin is a free way to earn cash.
- The app incentivizes exercise.
- You can transfer SWC between users.
- The upgrade plans only use SWC rather than personal cash.
However, there are a few setbacks to using Sweatcoin.
- The app takes a 5% commission on what you earn, so rather than making 1 SWC per 1,000 steps, you only earn 0.95.
- The step conversion rate is low, so it takes a lot of exercise to earn anything substantial.
- Only tracks steps taken outside, and doesn’t track steps the app doesn’t believe are taken for exercise purposes.
- Doesn’t pay out earnings via cash
- Isn’t currently on the blockchain, but will likely soon be available on other cryptocurrency exchanges
The Bottom Line
Sweatcoin is a legitimate app that allows people to earn cryptocurrency in exchange for exercise. While the app won’t make you rich, it is an easy way to earn extra gift cards or items. If you are an active person, this can be a great way to earn prizes over time.
How Does Sweatcoin Make Money?
Sweatcoin makes money from advertisers that pay to be listed in the marketplace.
What is the Catch With Sweatcoin?
You cannot cash you Sweatcoing for real money or PayPal.
How Many Sweatcoins is $1?
20 Sweatcoins is approximately equivalent to one dollar.
Does Sweatcoin Give You Real Money?
Sweatcoin does not give you real money; rather, you earn credits that can be redeemed for products and services in the market play. You cannot convert your Sweetcoin into cash or PayPal.
For the time being, you can’t transfer your Sweatcoin to PayPal, your bank account, or your prepaid card. It doesn’t have any real market value nor is it listed on any exchange platforms.
Michael launched Wealth of Geeks to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.