Welcome to Kafycrypto, your number one crypto news, and marketing channel. This article is about Sweatcoin as a cryptocurrency.
As the world grows digitally, the crypto industry continues to develop. Almost everyday dawns with the unfolding of a new token in the blockchain industry.
Sweatcoin is one if these new tokens. And in this post we’ll discuss the legitimacy of Sweatcoin as a cryptocurrency.
You’ve probably accumulated a lot of Sweatcoin by using the step tracker App. Or you have downloaded the App to start accumulating Sweatcoin from your steps. But this lingering thought at the back of your mine, and you wonder if it is a cryptocurrency.
Well, you are not alone. And I’m sure you must have guessed so from the title of this article. In this guide, we’ll do our best to improve your understanding of the token.
What is the difference between Sweatcoin and Sweat Economy?
You may have heard about sweat Economy and Sweatcoin. We will answer the question, “is Sweatcoin a cryptocurrency?” But before we do that. let’s observe the difference between Sweatcoin and the sweat economy.
Sweatcoin, launched in 2016, is a step-tracking app that rewards you for walking. It’s vital to understand that the Sweatcoins you’ve earned, or you plan to earn, are loyalty points. Now you are wondering, what’s the point in accumulating coins that can’t be of good use?
Well, Sweatcoin is not useless. It operates the same way as the reward system in gaming apps. The system where you get rewarded with game points as a motivation to play more. And you can use the game points to unlock functions and make purchases.
The goal of Sweatcoin is to encourage healthy physical activity. And beyond that, you can exchange your Sweatcoin for other items like:
- socks made from plastic bottles
- nectar energy sachet
- noise-canceling headphones.
And if you don’t need any of the above items, you can donate your coins to charity. Or you can use them to bid on larger ticket items like Airpods. Cool right? At the moment there’s no way of cashing out your Sweatcoin to other cryptocurrencies or Fiat (Money).
With the current structure of Sweatcoin, it is impossible to cash out. The project moved to resolve this problem a few months ago when they announced the launch of SWEAT.
Sweatcoin is launching the Sweat Economy where SWEAT will be the operational token. The currency works on Ethereum and uses NEAR protocol as its blockchain provider.
This is the ecosystem of Sweatcoin where we will use the currency $SWEAT.
The goal of this economy is to allow people to cash out their accumulated coins from any exchange. Including companies like Binance, Mexc, Coinbase, and OKX.
If the SWEAT and its ecosystem become more attractive, people will be eager to pay for more $Sweat tokens. This will allow holders of the token to cash out in different cryptocurrencies. Consequently, the popularity of the coin will encourage exchanges to list it.
Having known the difference between Sweatcoin and Sweat Economy, let’s move forward.
Is Sweatcoin a cryptocurrency?
Sweatcoin is a move-to-earn App that rewards you with a digital currency. Hence, it is not currently listed on any cryptocurrency exchange or trading platform. It compares to blockchain games that embrace the play-to-earn mode. The app rewards you when you walk or run, and this reward is more like game points.
However, the developers have the plan to launch their native currency, the Sweat token. They plan to convert Sweatcoins into real cryptocurrency. So that users can freely trade them outside the app platform. During the token generation event, the company will convert existing coins to $SWEAT.
According to the project, users who already have Sweatcoins will claim equal $SWEAT.For instance, a balance of 500 Sweatcoins will earn you 500 SWEAT during the launch. After the launch, one $SWEAT will require 5000 steps.
Sources say that Sweatcoin can also be exchanged for bitcoin. But that the transaction is not done through the website directly. We are not sure yet, But hope that it comes to reality.
The project currently has an investment sum of about $13M. You can find more info about this when you read When is Sweatcoin launch? partake in the $13million Crypto. Currently, over 100 million people currently use use the app to earn Sweatcoins.
The Sweatcoins will convert to SWEAT when the app launches its new currency on 12 September. with a token generation event. According to a tweet from the Sweat economy official Twitter account, Sweat coin is not crypto. But the legit cryptocurrency, $SWEAT, is on its way.
Sweatcoin isn’t crypto. Sweat Wallet is non custodial crypto wallet for launch of SWEAT, a new cryptocurrency
— Sweat Еconomy (@SweatEconomy) September 7, 2022
At this point Sweatcoin may be mere gannered points, but in a few weeks we’ll be dealing with the token $SWEAT. It’s not a long wait now. But while the wait is on, let’s speculate on the eventual price of $SWEAT.
What is the current worth of Sweatcoin | Sweatcoin as a Cryptocurrency
Sweatcoin is not yet listed in any exchange. Therefore, most prices circulating in the digital space are speculative.
Speculation has pegged the value of one Sweatcoin to the range between $0.02 and $0.05. This rumour arises from the quality of Sweat Economy’s existing goods, services.
But this doesn’t mean that your $SWEAT token will have the value mentioned above at the initial launch.
The thing is, it is not very clear how the Sweatcoin project plans to value the $Sweat Economy. Nevertheless, we assume that it will experience the same fate as most tokens.
In the early stages of new allocations, this hype tends to push up the price of tokens in the short term.
However, this phase is usually brief. As soon as bulk holders begin to liquidate their positions, the token’s price will fall.
As time goes on, the token will increase in price. This will happen as more and more people discover the value of the $SWEAT token and its uses.
For now, the Sweat token is not yet available for purchase on exchanges. As a result, making technical predictions without charts is difficult.\
Will Sweatcoin as a Cryptocurrency be Worth My Investment?
If you do not currently have the Sweatcoin points, you should consider buying the $SWEAT at launch.
You might also want to know the answer to this question, “Is Sweat crypto a good buy when launched?
Well, the answer to this common question is whether the SweatCoin price will go up when it goes public.
The thing is, whether the price will go up is hard to predict. However, we can expect some short-term volatility as coin holders cash out.
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