If you’re anything like me, the idea of sitting down all day drives you absolutely nuts.
However, the stark reality is that many of us work office jobs, and it can be difficult to find the time (or motivation) to stay active. While sedentary lifestyles have been correlated with poor overall health, getting consistent exercise doesn’t always seem top of mind,
I’ve been making a personal effort to get more exercise these days, and I’m making sure I take lunchtime walks, as well as going to the gym/playing soccer about 3 times per week.
One of the things that has helped me get back to a routine of regular walking has been turning once again to several exercise apps that pay. I’ve always loved tracking data and trying to beat my own records, and since I always have my phone on me this has been a natural fit (plus I just personally prefer this to using a FitBit). Plus, the added reward-factor is a nice incentive!
However, since Carrot Rewards has been shut down, I’ve had to turn my attention to other fitness apps.
Recently, I discovered that Sweatcoin has come a long way since I first covered the platform on This Online World, and the app has more ways to earn and some decent reward options available.
So, if you’re looking to make some passive income while staying active, stick around for my official Sweatcoins review!
What Is Sweatcoin?
Sweatcoin is a digital currency based fitness app that tracks and verifies your outdoor steps using you smartphone and converts those steps into Sweatcoins.
Just as you would use computer processing power to mine Bitcoin, your daily activity is what generates Sweatcoins. 1,000 outdoor steps is worth 0.95 SWC, and your coins can be exchanged for a variety of prizes and rewards.
Sweatcoins is not currently using blockchain technology, which is one misconception about the app.
Sweatcoins has plans to introduce blockchain technology to their system, so you will theoretically be able to buy and sell SWC on exchanges in the future and to convert your Sweatcoins to other cryptocurrencies or $USD.
The app is also completely free to use, and is available on Android and IOS devices.
Sweatcoin Rewards – What Can You Earn?
When I was using Carrot Rewards, all of my daily exercise was converted into Drop points, which I could easily convert into gift card rewards every month or two.
Sweatcoin rewards aren’t so straightforward.
The app has a both a set and variable list of rewards you can redeem from the store, but many of the weekly offers are signup bonuses or incentives rather than straight up rewards or gift cards.
For example, I recently redeemed an offer that gave me a free Harry’s razor set for 10SWC. I had to pay $2 in shipping, but the razor I got is quite good and $2 is cheaper than buying an equivalent razor in store.
So, not exactly ‘free money,’ but not bad if you ask me.
There are always offers like this on Sweatcoin. You’ll find plenty of companies partner with the app for free trials or massive discounts to tempt users to try out their products for a month or two.
If you are a fan of subscription services, this might be up your alley. Plus, if you already use some of the services promoted by the app you can score a free month or massive discount for something you already use.
The ‘Marathon Offers’ Sweatcoin always has listed are quite hefty. You’re unlikely to ever afford them in all honesty, but I suppose 2+ years of heavily using this app could get you there:
Yup that’s right, 20,000SWC is equivalent to $1,000USD.
You’d think that this means a Sweatcoin is worth $0.05USD, but that’s not exactly the exchange rate.
So, how much is one Sweatcoin worth?
Well…it sort of depends.
There are monthly buy and sell groups on Reddit where people exchange Sweatcoins, and while some sellers stick to a $0.05 valuation, many people price themselves around $0.02-$0.03/SWC to attract interest.
Plus, with how variable the rewards are in the store, it’s hard to know exactly how valuable your current Sweatcoin wallet is. The $1,000 prize helps keep the value somewhat grounded around $0.05/SWC, but the value of your own coins depends a lot on what you plan to use them for and when you cashout.
How Fast Can You Earn Sweatcoins?
When I first reviewed this app, my biggest problem was that it took an incredibly long time to earn Sweatcoins, and there weren’t many things you could even do with the coins.
However, the app has made some changes that now allow users to earn Sweatcoins at a faster rate, and I think the introduction of a blockchain element and the ability to exchange the coins will also help the platform out immensely in the future.
Currently, I’ve earned roughly 90SWC since I installed the app 3 weeks ago, which is roughly $4.50.
However, Sweatcoins now has a variety of monthly plans you can subscribe to, and each plan allows users to earn at a faster rate.
Here are the current plans:
- Mover: Free, earn up to 5SWC per day.
- Shaker: 4.75SWC/month, earn up to 10SWC per day.
- Quaker: 20SWC/month, earn up to 15SWC per day.
- Breaker: 30SWC/month, earn up to 20SWC per day.
- Trouble Maker: Coming soon.
1,000 outdoor steps is equivalent to 0.95SWC, so if you consistently get 10,000+ outdoor steps a day, you can at least upgrade to the Shaker plan to earn more Sweatcoins every month.
Additionally, you can also watch a daily advertisement to earn 1SWC. Completing this task 3 days in a row grants you a bonus of an extra 4SWC as well. Not exactly my cup of tea, but I suppose it adds up.
Ultimately, the Marathon Offers are quite difficult to obtain, but if you work together with friends and family, perhaps the $1,000 reward is within reach.
How Does Sweatcoin make Money?
It generally helps to understand how an app makes money off of their user base before signing up for it.
Sweatcoin makes money in several ways, including:
- Partnering with brands for sponsored offers (Sweatcoin has 4 slots at any given time).
- Massive rounds of funding from investors.
- In-app advertisements.
Sweatcoins is apparently also ‘teaming up with insurance companies and local governments,‘ with the goal of encouraging activity and decreasing healthcare costs/payouts.
Ultimately, the fact that Sweatcoins has multiple revenue streams is good for the app and users. Apps like Carrot Rewards could only make money through investors and selling user data (theoretically), and they recently shut down.
I’m excited to see what the introduction of blockchain does for Sweatcoin and the ability for everyone to make more money by being active, so we will have to wait and see how that unfolds!
Pros, Cons & Alternatives:
Right off the bat, there’s a few aspects of Sweatcoin that I enjoy, including:
- The app is free to use.
- Weekly offers refresh somewhat regularly so you can keep an eye out for a bonus that interests you.
- I got a sick razor from using this app 😛
However, here are my biggest complaints about the app:
- There is still no exchange, which I believe the app desperately needs if it wants to be a true success.
- Using the battery saving mode with the app reduces tracking accuracy.
- Steps are only recorded if you are outside.
Again, if you want to find other apps like Sweatcoin you can checkout my post on fitness apps that pay, but since Carrot Rewards shut down, I think this app might be the front runner for the app with the most potential.
Is Sweatcoin A Scam?
I think calling this app a scam is a bit harsh, although I can see how users might get frustrated by the app within a couple of days.
A tantalizing $1,000 PayPal reward but the inability to rapidly earn Sweatcoins makes it clear that this app is not a quick money maker.
However, I think this is completely fair.
Sweatcoin is not a gig economy app or side hustle; this app is designed to encourage healthy behavior and to get people moving.
Chances are, most users will never come close to the $1,000 PayPal reward, but there are still plenty of other offers that pop up in the store that have some value.
Besides, once Sweatcoin introduces their blockchain component, I think it will be much easier to gain value from having this app installed on your phone.
While you can get lucky and find a sponsored offer in the app that you can get some use out of, I think the real value will come from being able to actively buy and sell Sweatcoins to other users in exchange for cryptocurrency or cash.
We might be a few months out from this possibility, but until then, I’ll be stashing my Sweatcoins and redeeming the occasional freebie offer where I can!
Catch you guys in the next one!
Signup for Sweatcoin with my link if you want to try out the app and help me out 🙂
Tom is a 22 year old recent college graduate from Canada with a passion for side hustling, passive income, and marketing. This Online World is all about providing people with honest ways to make and save more money by using technology. To learn more about Tom, read his About Page!