You are viewing a single comment's thread from:
RE: GETTING PAID TO BE HEALTHY ~ CRYPTO CROSSING OVER INTO FITNESS?
This is a really informative post. I just have one question though, why does it have value on exchanges? It seems like a reward token, just not sure where the value comes from.
Hi @giddyupngo , thank you for reading the article and for asking that. SweatCoin actually is not listed on any exchanges, currently anyway. It trades typically from person to person in platforms such as Reddit, Discord and others. Due to the fact it can basically be redeemed for FIAT currency through a series of transfers, it has gained a FIAT monetary value within the crypto world. One SweatCoin typically sells for $0.05 - $0.10 USD. This actually makes it a fairly lucrative coin to obtain, speaking of course in terms of typical payouts for small mining operations. With a maxed out membership and the right amount of steps, someone can earn a cap of 10 SweatCoins PER device they have set up with the application. Though it was created solely as a reward token, it has found it's own place within the greater crypto economy and will likely rise in value over time. I'm not saying it's going to blow up, but it will increase over time. If it ends up being traded on exchanges in the future, I'd imagine it will end up a very interesting coin to follow.
Oh, OK. I did a quick search and it seems the SweatCoin team makes money by advertising, maybe companies donate products to get on the app? That is the only source of money I can imagine to give the coins value.
Oh no doubt at all they are getting paid for the products they offer. It is a form of marketing for the companies who provide the prizes and ability to cash them in. I'm almost certain the bulk of their value is based solely on the micro - economy of the SweatCoin, though I could be wrong.
It's definitely an interesting coin. In terms of profitability, compared to any other faucet or mining rig an android phone can operate, SweatCoin provides the bigger gains by a LONG shot. Someone invested in this fully can cap $300 SWC per month per device on them. Crazy numbers for small time miners. Trade wise, I did some research, even bought some coins through a private sale, so the economy for it is there. It just needs more active users and a wider reach :)