(Update) Nine months after their initial announcement, we’re still unsure what the progress is on their Sweatcoin ICO and “blockchain” coin. They’re obviously taking their time – and that’s okay! I’d imagine there’s a lot they need to take care of before making it so that people can get paid directly for their steps (opposed to purchasing offers on the marketplace). Keep checking back often. If Sweatcoin indeed has a release of the new blockchain coin, you might want to stock up and invest on coins in hopes that the Sweatcoin price skyrockets. (Don’t expect anything too extreme, as everyone has access to earn Sweatcoins at the same rate. Therefore don’t expect another Bitcoin, as Sweatcoin is not constrained to a limited supply.)
In January of 2018, Sweatcoin announced via several media outlets that it is working on a cryptocurrency blockchain. What does this mean? Sweatcoin will soon release a blockchain cryptocurrency! This means that there is most likely something that resembles Initial Coin Offering (ICO) in the works – though it was communicated that it will not be a typical offering purchased by cash. We’re not sure how people will ‘buy in’ or if everyone’s SWC will simply turn into the new version automatically.
What can I expect when an ICO or Blockchain is released?
Simply put – you’ll see a massive surge of new attention toward this incentivized fitness App from people who would not otherwise been interested. Because everyone is going ‘crazy over crypto’ new released coins receive a lot of attention. You’ll likely see higher demand for Sweatcoins and a price increase. If you hold any Sweatcoins you may be tempted to sell them when the price goes up (even if it’s a temporary price increase).
What is an Initial Coin Offering (ICO)?
Most new blockchain cryptocurrencies have an ICO. Investors buy up hundreds or thousands of freshly mined coins in hopes of them holding great value. In fact, many investors have earned a great sum of money by nabbing up a quantity of several dozen new cryptocurrencies; it only takes for the price of one coin to skyrocket to reimburse your investment!
Purchasing digital currency during an ICO page is not recommended if you don’t have the extra money to invest, which is why ICO’s only appeal to frequent traders. Novice or new traders may partake in an Initial Coin Offering as well as long as they have a small sum of money to invest.
Does Sweatcoin have an ICO?
Because Sweatcoin is not a part of the blockchain, it does not have an ICO as of writing this (Nov. 2017). The only way to earn Sweatcoin is to buy them from another user or generate them by walking or running.
Will there eventually be an offering?
That’s hard to say because it currently does not appear that Sweatcoin will be hosted on the blockchain. Therefore, the Sweatcoin creators aren’t holding a large sum of coins – the coins are generated equally across all members. This has the benefit of preventing major ‘whales’ from hoarding all of the coins and increasing the value by decreasing supply and increasing demand. Unfortunately, this also means that the price per Sweatcoin has a cap.
Will the price of Sweatcoin go up?
There is no set price yet. The value is whatever a buyer and seller are willing to agree upon. Therefore it’s impossible to know how many dollars/pounds your Sweatcoin are worth. I recommend saving your coins and/or spending them on affordable offers in anticipation for what the future holds.
The Sweatcoin team could make an announcement at any moment that causes a value to be determined and set. As a personal investor in Sweatcoin, I sure hope this is the case! I’ll be updating this guide as soon as any sort of announcement is made.