Engaging in physical exercise is beneficial for our health; however, the extent of our activity depends on various elements such as our motivation, fatigue, and the equipment we have access to.
Sweatcoin, the innovative move-to-earn initiative, offers its participants the award-winning cryptocurrency, SWEAT, for their exertions. Since its inception, Sweatcoin has piqued the interest of cryptocurrency enthusiasts.
In this overview, we will elaborate on the workings of this platform and the procedure for acquiring its native asset, SWEAT.
Where to Buy Sweatcoin
This part is dedicated to the best choices for purchasing the Sweatcoin SWEAT crypto token. Our selection considered experience, costs, protection, payment methods, and overall trustworthiness.
- Kucoin: Well-Regarded and User-Friendly for Beginners
- Bitfinex: Well Established & Trusted Exchange
- Gate: Solid Platform With Lots of Coins
Visit The Top Pick
KuCoin: Exchange With Lots of Listings
KuCoin is among the stalwarts and most frequented cryptocurrency exchanges worldwide. With its base in Seychelles, this broker stands out for traders focused on accessing derivatives to engage in market speculation.
KuCoin grants users access to more than 600 different digital currencies. Users can go beyond trading and investing by saving, staking digital currencies, and engaging in Initial Exchange Offerings via the platform. KuCoin serves as a comprehensive exhibit for digital currency investors.
Read: Our Full Kucoin Review Here
KuCoin might be intimidating for newly initiated users, as its complex features cater more to seasoned traders interested in novel financial instruments. Newbies might face challenges in navigating through the platform.
Even though beginners might find it complex, KuCoin offers numerous advantages for participants in its trading environment. Like having only to top up the account with $5 minimum to start, and it accepts several major fiat currencies, P2P transfers, and a limited selection of credit card deposits.
KuCoin applies a minimal trading fee of 0.1%. However, the expense can be lowered based on total trading within a month and KCS token holdings.
KuCoin shines with its robust security measures. Akin to bank-standard encryption, their paramount concern centers on the safety of user data and assets, aided by an exclusive risk management department.
Pros
- Fee Reductions Available When Trading
- Comprehensive Options for Staking
- Quick P2P trading system
- Anonymous trading available
- Low minimum balance
Cons
- No bank deposit option
Bitfinex: A Trusted Exchange
Based in Hong Kong, Bitfinex is managed by iFinex Inc, the same entity behind Tether Limited—issuers of the USDT stablecoin. Widely praised for its liquid market capacity, this broker secures confidence from users eager for seamless transactions.
Standing among premium brokers, Bitfinex presents a diverse ecosystem for those entering crypto realms. Users can trade and buy cryptocurrencies, stake what they own, or contribute their holdings to earn yields.
Read: Our Full Bitfinex Review Here
Bitfinex boasts remarkable ease of use. With user-friendly interface coupled with a low deposit threshold, making it straightforward. Here, you can fund your account via direct transfers of cryptocurrency, wire transfers, or card payments. Be mindful, using cards may attract higher fees due to third-party processing.
Beyond regular trading, Bitfinex simplifies access to margin trades, derivatives, and lending solutions. Their OTC service caters to bulk buys, whereas their staking protocol ropes in risk-averse investors.
Bitfinex employs a maker-taker structure for fees, spanning from 0% to 0.2%. Volume-driven folks might benefit from reduced costs, plus fee-free bulk orders on the OTC section. Also, there’s a 0.1% levy on bank transfers for moving funds in or out—though favors faster recovery costs 1%. Cryptocurrency withdrawals tag on a minor charge, allied to the chosen coin.
Solid safety backs user assets alongside data via 2FA, superior API access, and keeping most funds cool in cold repositories.
Pros
- Easy-to-use interface
- Noteworthy Protocol for Staking PoS Coins
- Highly liquid order book
- Heavy Leverage Capacities for Derivatives Traders
- Unlimited withdrawals
Cons
- Higher costs for card transactions
Gate.io: Solid Platform With Lots of Coins
Gate.io is a digital currency trading platform striving to offer an alternative to existing heavyweight exchanges.
Launching in 2017, this platform envisions capturing shares of the markets offering users a no-trouble avenue to engage with rare altcoins and emerging projects.
This site also targets aiding investors in obtaining precise insights regarding not only their desired coins but wider market patterns as well.
Read: Our Full Gate.io Review Here
Transactions mostly occur on a web-based interface typical to several digital currency exchanges. It integrates various efficient features including a roadmap of orders, trade logs, and chart tools.
Pros
- A wide range of currencies
- A low fee structure
- Simple registration process
- Functional Platform Complemented by an App
Cons
- Unregulated
- The team is not very transparent
- No fiat currency transfers
What is Sweat Coin (SWEAT)?
Sweatcoin is an application on your phone that observes and compensates your activities.
By integrating the user’s default fitness app; such as Google Fit and Apple Fit, the software will accurately records step taken while working out; either on a treadmill, walking, or jogging. Users also get rewarded with SWEAT, the platform’s digital currency, which can be used to purchase products or easily donated to charity.
Sweatcoin caters to numerous major smartphone OS platforms such as iOS, Android, and Windows.
The Project
The inception of the Sweatcoin app can be traced back to 2016, established by the London-stationed trio—tech entrepreneur Oleg Fomenko, VC participant Anton Derlyatka, and tech developer Egor Khmelev.
The app aims to encourage better living by paying users for regular physical activity and has more than 100 million users. The Sweatcoin app is the most downloaded health and fitness app in 58 countries
Sweatcoin's latest offering in the web3 world is Sweat Economy. It encompasses a crypto token dubbed SWEAT and a crypto wallet labeled Sweat Wallet. Within a quarter since its debut, over 13 million wallets were set up.
Originally, Sweatcoin was devoid of crypto elements hence offered collectible vouchers and gift cards post specified step counts. These could be swapped for items from enterprises like Audible or Headspace, or be donated to multiple charitable groups.
Nonetheless, developers aspired for a currency sufficiently spendable and exchangeable into everyday money, paving the way for launch the introduction of SWEAT native token and the linked Sweat Wallet. Additionally, the Sweat Foundation pledges to parallel each Sweatcoin in circulation with an equal SWEAT token allocation.
Subsequent to acquisition, SWEAT holders may opt between cashing out their assets or retaining for rewarding interest from staking activities. Ultimately, Sweatcoin plans to branch into NFTs and new DeFi avenues.
The Sweatcoin currency, often referred to as sweat economy or by its ticker symbol SWEAT, is built on the Ethereum (ETH) and Near Protocol (NEAR) blockchains and is intended to compensate users who register for the system and engage in physical activity.
Having secured $13 million in investment backing, Sweatcoin readies itself for a strategic share of its stakes on the DAO Maker launchpad, coupled with a widespread token unveiling.
Collaborations
Sweatcoins derive value through broad collaborations. Boasting over 600 partnerships with insurance bodies encouraging active lifestyles, enterprises tapping into health-driven clientele, and governments aiming at reducing healthcare financials.
For example, Sweatcoin collaborates in alliance with the National Health Service (NHS) to curate health incentivization initiatives across the UK, employing unique databased, personalized approaches toward achieving impactful behavioral shifts.
Real Money Value
A user’s geographic presence could unlock the chance to procure an assortment of goods or services through Sweatcoin. The thriving marketplace is brimming with notable brands, offering high-tech sneakers, smartphones, and chic wellness classes at superb prices. Enrolling in online academies or fitness subscriptions may entail fee reductions.
Donation
Sweatcoin for Good (S4G) serves as the project’s charitable initiative. S4G has collaborated with over 100 charity organisations worldwide. With this initiative, users can donate to various environmental, humanitarian, and animal preservation causes.
How Does The Sweatcoin Work?
Take simple steps toward wellness while aligning with the 'move-to-earn' objective—just stroll and start amassing rewards with Sweatcoin.
Sweatcoin crypto’s litepaper claims its design revolves around initiating an 'open economy of movement.' Following official launch, it became a market release in September 2022.
A small fraction of Sweatcoin is issued per stride. Accumulating a thousand paces will earn individuals a medal Sweatcoin. Regular fitness could lead to daily tens or monthly hundreds from conscientious efforts.
On the no-cost tier, members can capture a limit of 5 Sweatcoins each day, while opting for advanced tiers unlock bigger gains. Bumping the quota hinges on compensating with existing Sweatcoins, up to desired level heights.
Through the app, users can explore goods and services in its integrated marketplace, inclusive of an auction hub. Additionally, donations can be forwarded to partner charities if so inclined.
Validated motion is vetted by 'movement validators' who authenticate the legitimacy of claimed steps before issuing cryptocurrency stakes of Sweatcoin. The algorithms tactfully scan raw insights to weed out cheats and only reward bona fide activities.
The app, presently equipped with a bespoke crypto wallet—Sweat Wallet, eyes further improvements such as NFT incorporation and direct fiat-to-SWEAT conversions. Additionally, the token will proliferate to decentralized exchanges (DEXs) from 2023 to 2024 in tandem with empowering a DAO to supervise cryptocurrency governance.
Prospective uses for the token entail acquiring NFTs and premier services on Sweatcoin, supplementing trade pursuits. Not stopping at just ambling, by 2025, Sweatcoin aims to incorporate cycling and swimming activities within its crypto minting provisions.
Is SWEAT Crypto a Good Investment?
Sweatcoin's ethos revolves around advocating fitness—enabling folks to become fitter whilst contributing to massive reductions in healthcare expenditure.
Moreover, health enthusiasts can use the platform to earn passive income while carrying out their usual day-to-day activities.
Among the motivations for engaging in SWEAT crypto investment are:
Move to Earn
Many spend lengthy periods walking daily as part of their routine. Now, there’s a chance to translate those movements into an enjoyable and productive outcome. with the advent of “Move to Earn”.
The amount of Sweatcoins you can earn is directly tied to your physical activity. Presently, for every 1,000 steps you take, you're rewarded with one Sweatcoin. Therefore, should you reach the milestone of 10,000 steps daily, you'd amass 9.5 Sweatcoins after the company's 5% cut.
At the moment, 1 SWEAT on Coinmarketcap Each Sweatcoin holds a value of $0.05, suggesting that a routine walk totaling 10,000 steps could approximately net you $0.49. Combining the health benefits of these steps with a cash incentive makes engaging in regular walks a rewarding endeavor.
A Healthier Lifestyle
By pushing the idea of exercising as a route to better living, Sweatcoin's 'move-to-earn' (M2E) initiative is akin to games where you earn while you play. Through daily physical activities, users can receive crypto rewards, intertwining fitness with financial benefits.
Their collaboration with the NHS aims to foster healthier lifestyles and alleviate the strain on global healthcare systems, with the software reportedly bumping up user activity levels on average by 20%.
User’s Autonomy
Ensuring user data remains secure is paramount for Sweatcoin. They believe in empowering individuals with ownership over their data, further motivating them to stay active. Consequently, the Sweat Foundation aspires to launch a platform where users can monetize this data.
Through the Sweat DAO, users are empowered with the governance of their data, providing opportunities to monetize it. Organisations, investors, or medical professionals may purchase SWEAT for data insights.
Take, for instance, a SWEAT holder who may choose to grant a health insurer access to their activity data through this platform, receiving payment in turn. Alternatively, they could contribute to collective data, which fuels global metrics, offering a revenue stream through selling this aggregated data to various entities.
Partnership
The developers have embarked on an ambitious quest. They envision Sweatcoin evolving into a broader wellness movement, influencing public sectors beyond just fitness platforms.
This visionary approach has garnered the attention of many esteemed global entities, bringing them on board as partners. Noteworthy collaborators of Sweatcoin are Spartan, Electric Capital, Sandeep Nailwal, Do Kwon, among others.
Sweatcoin combines forces with the National Health Service (NHS) to propagate health-focused incentive schemes nationwide, using data-driven approaches to instill lasting behavioral transformations.
Sweatcoin has launched the 'Sweatcoin for Good' (S4G) program, aligning with over a hundred nonprofits specializing in varied fields. Renowned organizations such as Save The Children and the African Wildlife Foundation figure among their charity partners.
Staking Rewards
Crypto staking involves temporarily securing a segment of your cryptocurrency to back a blockchain network. Users have the option to stake Sweat tokens, enhancing interactions and offering superior features like reduced fees and higher limits on SWEAT generation each day.
How to Buy Sweatcoin on FTX
For those venturing into purchasing Sweatcoin, the FTX exchange is our recommended platform to begin. The steps are straightforward:
Register
Visit the FTX website Start by clicking 'Register' at the top right. Enter your email and password in the subsequent popup. Check 'I agree,' then proceed. Solve the puzzle, and advance to the next step. Finish by clicking 'Sign Up.'
A 'Fee Status' notification will appear on your screen. Users gain a fee reduction when registering via a referral link. Upon reading, simply hit 'Close.'
Deposit
On FTX, users can deposit in the desired fiat currencies and cryptocurrencies. To deposit, head to the Wallet section. Locate BTC (for example) under Balances, and click “Deposit” next to it to deposit cryptocurrency. The deposit wallet address will be displayed in a pop-up window that appears. Once finished, shut the window.
For fiat deposits, navigate to the Balances area of your Wallet. Find the preferred currency under 'Fiat' and tap 'Deposit' to initiate the transfer.
Buy Sweatcoin
There are numerous ways to buy assets or trade on FTX, but in this stage, we’ll only go through the basics.
Kick things off by visiting the 'Markets' section. Choose 'Spot,' then from the selection, opt for SWEAT/USD, as the goal is to exchange fiat for Sweatcoins. Input the desired quantity in the order form, and it'll calculate the fiat equivalent.
Press 'Place Orders.' Your order's progress is easily tracked in the 'Order History' on your Account page.
Conclusion
Sweatcoin has witnessed booming success, having attracted over 100 million users, establishing itself as the leading global fitness app.
Poised for its next cryptocurrency chapter, Sweatcoin has honed its financial strategies over time. As these efforts converge, and with the surge in 'move-to-earn' popularity, Sweatcoin is poised for tremendous future potential.
Sweatcoin FAQs
How do you buy Sweatcoin?
Investors can purchase Sweatcoins via crypto exchanges. Leading exchanges include FTX, gate.io, KuCoin, Bybit, MEXC, LBank, Bitget, Bilaxy, and OKX. To acquire Sweatcoins, log in to any of these, deposit, and make transactions through crypto or fiat pairings.
How many Sweatcoins is 100 dollars?
With their financial value, Sweatcoins can be spent within the app's marketplace for products, services, or discounts. At present, 1 Sweatcoin is valued at $0.05 on Coinmarketcap, translating to 2,500 Sweatcoins equating to $100.
Is Sweatcoin a crypto?
Indeed, Sweatcoin operates in the crypto world. Once a virtual asset unknown to crypto, it rewarded app users for physical activity. With a recent token rollout, users can now transform Sweatcoin into the cryptocurrency SWEAT for real-world perks.
Is it possible to convert your Sweatcoins into real money?
No direct cashout is possible via Sweatcoin; however, users can convert their balance via PayPal or Amazon gift cards. Such rewards are rare occurrences, inhibiting straightforward monetary payouts.
