Sweatcoin is the fastest growing health app ever and promotes a 20 percent increase in your activity. The more you move, the more Sweatcoin you earn. So how does it work?
How to get paid for your coronavirus daily exercise
The app Sweatcoin’s slogan- ‘it pays to walk- sounds like a scam, but it isn’t.
The app promotes “a healthier you on a healthier planet.”
Sweatcoin converts your steps into a currency to spend on products and services.
Think of Sweatcoins as discount coupons rather than money.
The British Journal of Sports Medicine explained: “Sweatcoin converts the step count recorded on smartphones into a virtual currency.
“Using the app, users generate financial rewards through physical activity, with higher levels of activity creating a higher ‘income’.
“Sweatcoins can subsequently be used to purchase commercially available products from an in-app marketplace.”
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How do I earn Sweatcoins?
How does Sweatcoin work?
According to the founders, entrepreneurs Oleg Fomenko and Anton Derlyatka, the app tracks and verifies your steps using your phones accelerometers and GPS location.
During the COVID-19 crisis, your indoor steps and those done on a treadmill will still earn you Sweatcoin.
When you walk 1,000 steps, you are rewarded around one Sweatcoin rather than one pound.
These coins add up and when you accumulate enough, you can purchase an offer in the marketplace.
Offers are like discount coupons, allowing you to buy products, foods, subscriptions and more for cheaper.
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How do Sweatcoins get their value?
The website explains: “The value of a Sweatcoin is derived from our wide-reaching partnerships.
“From brands that want to connect with health-conscious audiences, insurers wishing to encourage healthier lifestyle choices and governments looking to reduce healthcare costs.”
Insurance companies are also using Sweatcoin as an insurance distribution and policyholder engagement platform.
The Government play a part in the value of Sweatcoins, too.
The website says: “Sweatcoin helps users become +20% more active each day, even after 6 months — this has the potential to transform public health, by using Sweatcoin as a prevention tool for sustained behaviour change.”
What can I buy with my Sweatcoins?
You can buy a range of products with your Sweatcoins.
The website says you can buy “goods, services and experiences ranging from high-tech shoes to iPhones, from anti-gravity yoga classes to Apple Watches” for much less.
Sweatcoins earn you discounts from a range of top brands, or you can even donate your Sweatcoins to charity.
The website adds: “Once our community has crowdfunded enough sweatcoins to reach the target sum, we donate to our NGO partners.
“We support environmental, humanitarian and animal preservation causes.”
Can I turn my Sweatcoins into money?
You don’t earn money directly on Sweatcoin.
There is no direct way to convert Sweatcoins into cash, but you can cash out using rewards.
Some offers let you purchase PayPal or Amazon gift cards, and you can use these to purchase things as normal.
However, these rewards are extremely rare and sell out quickly.
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