Cryptocurrency is seemingly everywhere. Bitcoin was the originator, breaking onto the market a little more than a decade ago. Since then, there have been thousands of cryptocurrencies that have come to the market.
Among those numbers is a currency called Sweatcoin. If you have been considering an investment in Sweatcoin, then knowing how much it is worth in US currency can be helpful before pulling the trigger.
How Much is Sweatcoin Worth?
The way that most cryptocurrencies work is that they have a real-life currency valuation for each coin or token. For instance, at its peak, Bitcoin was priced around $20,000 for a single token. It is obviously the market leader, and there are no others that are even in the ballpark as far as pricing goes.
This brings us to Sweatcoin. Sweatcoin is a form of cryptocurrency that is part of the physical achievement tracker of the same name. The counter and activity tracker counts steps into a currency that can be spent on things like sports and fitness kits, gadgets, services, and experiences.
Despite their being reward tokens of sort, they have the value of any other cryptocurrency. They can be bought, sold, and traded and then redeemed for any of the aforementioned products or services.
This begs the question, “How much is 1 Sweatcoin worth?” As of right now, a single Sweatcoin is worth roughly $0.02 USD. That means for every 50 that you collect, you would have roughly one dollar in American currency.
How Many Sweatcoins Equal a Dollar?
One of the most pressing questions, an offshoot of “How much is 1 Sweatcoin worth?” is how many of them make up a dollar. There are a few key points of which you should be aware before going any further.
The first is that there are conversion charts available that will convert your totals into USD. These Sweatcoins do have a real-life value. Generally speaking, you can expect Sweatcoins to be in the $0.02 to $0.05 neighborhood.
Since it isn’t officially a cryptocurrency just yet, the only way that you will be able to cash out any existing Sweatcoin that you might have into cash is by purchasing Amazon gift cards, PayPal gift cards, or any other qualifying service and then selling that Sweatcoin to another person directly.
Based on current math, roughly 50 Sweatcoins equal a single dollar. That can change as market conditions change and valuations fluctuate. It also takes a substantial amount of Sweatcoins get much of value. If you want to go for the bigger prizes, you have to have in the tens of thousands of Sweatcoins, and even that might not be enough.
Is Sweatcoin Really Worth Anything?
To some, it can sound as though Sweatcoin is a scam. But the simple fact of the matter is that what you do does accumulate value. Of course, those Sweatcoins aren’t nearly as valuable as, say, the US dollar, which is why you have to have so many to make them valuable.
With Sweatcoins topping out at around $0.05 and the valuations changing regularly, you would need to accumulate several hundred to have even a few bucks. That might not make it worth it unless you are a user of their fitness tracker app.
There are a number of services and items that can be bought using the Sweatcoin currency. Of course, that can vary depending on where you are, but there is a pretty good range of options to choose from. There are earphones, snack box subscriptions, beauty products, and so much more. There are also discounts on fitness memberships, educational courses online, and price discounts on any number of online services.
If that weren’t enough, Sweatcoin also has vouchers for online retailers like PayPal and Amazon. This allows customers to buy any product on the site at a discounted rate and even gives larger discounts if you hit certain spending milestones on a particular site.
Can Sweatcoin Used through the App’s?
Sweatcoin can also be used through the app’s own auction to bid on some major items like smartwatches, gaming consoles, and gift cards that have balances in the hundreds of dollars. It works as a traditional auction would, where you use your Sweatcoin to bid on an auction. If you win, the coins go towards the win. If you lose, they are credited back to your account.
Keep in mind that most of the big-time prizes will have a ton of bids on them. So if you plan to win, you’d better have a lot of Sweatcoin before going into it. The same goes for buying the aforementioned products. Earning one Sweatcoin requires roughly 1,000 steps. So to get a $20 voucher from Amazon, you would need to procure roughly 8,000 Sweatcoins. That is a lot of walking that needs to be done before you can see any real results.
Still, for something as simple as getting your steps in, you have the potential to earn some pretty cool discounts and rewards. There are a lot of rewards-based services out there to choose from, but there is a lot to like about Sweatcoin.
Sweatcoin can be kind of confusing, especially when compared to other forms of currency. Technically, it does have a value and can be traded or sold. But it is exclusively a reward token that is given to users of the fitness tracker. Users can rack up coins by simply getting their steps in. Regular walking can add up in the long run, resulting in some awesome prizes.
That said, collecting enough Sweatcoins can lead to some seriously cool rewards, which gives them their current value. It can be a little convoluted and complicated, but Sweatcoin is gaining a little bit of steam as a cryptocurrency variant.