Most people have an idea what cryptocurrency is by now and the interest and curiosity show no sign of slowing down. As an investment opportunity it’s not for the faint-hearted and feels closer to gambling than a smart money move.
Anyway, many entrepreneurs are on the bandwagon and looking for a unique way to end cash as a thing and convert us all to Cryptos. This week SWEAT COIN landed in my timeline out of nowhere. Cryptocurrency for banging out a few steps every day? Sounds promising!
The app has ‘gone viral’ and a quick search in the stores you’ll see it hanging around the top ten. The app will pay you ‘Sweat coins’ for getting outside and walking. Steps are recorded on the app via GPS and you are awarded according to your work completed.
Sweat coins can be spent within the apps on goods, vouchers and services. The offers are quite limited at the moment, but the founders promise this will expand rapidly soon.
Eventually the idea is to be listed on the crypto-currency exchange, so your wallet may become quite an asset if the coin performs well. There is a long way to go until that stage, but it is an interesting thought.
The app will only track steps outside so it’s coat and wellies on to rack up the coins. Treadmill support etc. is in development but it’s not ready yet.
You can’t use a Fitbit or Apple Watch either it must be the smartphone that track your steps. It’s quite a drain on the battery I’ve found so far which is a bit annoying and something I’m sure is being addressed as we speak.
There are different member levels that unlock the ability to earn more coins per day if you get through the miles. You pay the subscription out of your sweat coin wallet so there is no cash investment to upgrade.
What are they worth? Well a Fitbit Flex costs about £50 and is available on the app for 375 sweat coins. I have 24 sweat coins so far after walking 19600 steps (2 days).
My pigeon maths tell me that if I carry on walking at this rate I could purchase after about a month. The irony of buying fitness equipment with my sweat coins is not lost!
Give a try - I'd love to hear how you get on!