What is Sweatcoin?
Russian fitness fanatics Oleg Fomenko and Anton Derlyatka came up with the idea for Sweatcoin in 2015 when Fomenko had lost the motivation to work out after his previous startup went under.
TheLondon-based pair, both in their 40s, realized the problem with getting people to exercise is the human tendency to prioritize immediate pleasure over long-term gain.
Derlyatka said the app aims to overcome our human tendency to choose immediate gratification — like doughnuts or binge-watching videos — over activities like daily exercise that offer long-term benefits. By giving consumers points that can buy goodies, Sweatcoin hopes to incentivize couch potatoes to become more active.
The Sweatcoin app is a free mobile app that tracks your steps each day and then converts them into a digital currency called “Sweatcoin” that can be used to purchase things like a gift card or an iPhone X.
Is The Sweatcoin App Actually Free?
The app is free to use. There is no payment information required either. However, you need to have the app running in the background on your phone and accessing your GPS in order to actually get credit for the steps you take. This does significantly drain your battery. There is a battery saver mode you can activate within the app, but as the app notes, doing so will likely result in you being credited with fewer steps.
Steps are also only counted when you’re outside, so if you are a treadmill fanatic this may not work for you. Many users report their converted steps are not 100% accurate, even without the battery saver on. In my personal experience though, the step counter is fairly accurate, as long as your phone has reception.
How do I Earn Passive Income From Sweatcoin?
Until recently, Sweatcoin could only be redeemed for health accessories or discounted health services. However, you can now trade your Sweatcoins for a actual cash through PayPal!
Whether you go out of your way to exercise more or just go about your usual daily routine, as long as you have your phone with you, you will be making a small amount of money. Will you get rich doing this? No. But getting paid for walking is an interesting way to generate passive income. Just make sure your phone is charged!