If you’re just getting into Sweatcoin, I want to emphasize the volatility of digital currencies. Because digital currencies are still relatively new, their values are guaranteed to go up down in large sweeping movements. Take some time to research Sweatcoin before making any form of investment. As Sweatcoin gets older, there will be more opportunities to collect and spend them. In the future you may even be able to purchase or sell them on a market for real money.
Sweatcoin is in its infancy; it’s value has not been determined, and the exchange-rate of offers are currently all over the place. My quick advice is this: spend coins to get the feel of the process, but start stockpiling some in anticipation for big things to come.
Sweatcoin is different in that you don’t buy them with money (as of writing this) and it’s hard to mine them in large quantities, because you are limited on how many you can earn running/walking per day. However, you still can use investment strategies to make the most of your coins. Note: I am not an investor, nor am I considered an authority in digital currencies. The words contained in this article are only my thoughts, and I wouldn’t recommend following my advice without first doing your own research and critical thinking.
Expounding on my quick advice above, you may be able to get the most of Sweatcoin by saving half and spending half. You’ll want a spreadsheet to do this, and you’ll want to track how many you earn each day. In two columns list how many coins you have in your ‘spending account’ and how many coins you have in your ‘saving account’. If you earn 10 coins in one day, you can spend 5 immediately, and save 5 for the future. There are no accounts in the Sweatcoin app, so you’ll have to keep track of how many coins are off-limits in a spreadsheet.
The benefits of having this two-pronged approach are many. Spending Sweatcoin increases the health of the market. Nobody would place Sweatcoin offers if nobody was redeeming them. Your participation in the Sweatcoin community increase the likelihood of future brands releasing their product on the app. Additionally, spending Sweatcoin allows you to experience first-hand what it will be like in the years to come to redeem offers. You’ll also get physical, tangible products to remind you that your steps are worth money.
The other side of the benefits come from saving. Like I said earlier, the market is volatile. There is no stable value. In the months to come, the value of Sweatcoin might increase, and by having a savings you’ll have coins to spend when, for example, a really limited-time offer comes out.
The offers are first-come, first-serve. Sometimes there are only 1, 3, or 5 items in stock, available for the first buyers. You won’t have time to save coins for the offers, because they’ll disappear before you get close to having enough. (I’m referring to offers that cost hundreds of coins but are what I call ‘big-ticket items.’) That’s why a savings account is there, so you will always have enough to buy a big item if it’s released.
You may not want to redeem your coins right away. For example, if you do research and come to believe that Sweatcoin will take off in several years, you may want to become a long-term investor. People call these guys ‘whales’ – they’ll sit on a huge stash of coins in hopes that the future will be favorable. Or maybe you believe that you can cash them in for real-life currency one day. Perhaps the offers have no interest to you.
Either way, it may be beneficial to do a little bit of saving and spending. But no matter what, you’ll have to do a whole lot of walking in the process! Have a unique Sweatcoin investment strategy? Send me a message and I may post your idea on this page!