The SWEAT cryptocurrency is already live this week and is generating notable buzz among Sweatcoin users . The desire to accumulate more units of this cryptocurrency leads many to wonder how to earn more SWEAT cryptocurrencies in SWEAT Wallet . This application, necessary to manage the first immersion in the crypto world of a large percentage of Sweatcoin users, has some new features.
One of the main innovations that SWEAT Wallet brings is the possibility of sending and receiving SWEAT by other users . To do this, when opening the application we will have to click on the ‘Transfer’ button that appears on the left side of the screen and a menu will be displayed with two options: ‘Send’ and ‘Request’ (Send and request, in Spanish). In this case, we click on ‘Request’ and our portfolio will appear. By clicking on ‘Copy’ we can send our SWEAT wallet address to another user, and there you can deposit the SWEAT you want to send us.
It is clear that to receive more SWEAT we will have to meet other users who also have the application and who want to give us part of their balance, so it will depend on their willingness to do so. In the SWEAT Wallet application there is also a section to convert our real money into SWEAT, but this function is not yet available . The third way is to use the Growth Jars, some piggy banks with which we can invest our SWEAT to obtain a higher return in the future. Its use is detailed later in this article.
How many sweatcoins can I redeem as SWEAT
One of the big questions that floats in the environment is knowing how many sweatcoins I can exchange as SWEAT , and that is that the conversion changes significantly once the cryptocurrency launch event has occurred. As we already know, users who participated in this event and set up their wallets over the summer saw all their sweatcoins converted to SWEAT with a 1:1 conversion rate. Once this event is over, only the first 5,000 steps that users take each day will become SWEAT.
The rest of the steps that are taken will be converted into sweatcoins in the Sweatcoin application, but at the moment they cannot be converted into SWEAT. In the SWEAT Wallet app, it is noted that it is possible that in the future some new exchange of sweatcoins accumulated in SWEAT can be made, but for the time being, we will have to settle for what is generated with the first 5,000 steps . In addition, the number of steps required to generate a SWEAT has already increased, making it more and more difficult to obtain this cryptocurrency.
How Growth Jars Work
Now yes, it’s time to detail how Growth Jars work . This function allows you to deposit SWEAT in a piggy bank for a certain period of time and earn interest along the way that increases your profits. To use them, we have to click on the ‘Grow’ button, and a presentation screen for this function will appear. Again, click on ‘Grow’ and we will see the available Growth Jars. Users can choose to set aside an amount of SWEAT for one year, six months, or three months, and the interest earned will vary over time (the option most often chosen by SWEAT Wallet users is the 12-month Growth Jar , which offers a yield of 12%).
Once chosen, we write in the text box the amount of SWEAT that we want to deposit in the Growth Jar (it will be seen on the screen how many SWEAT will be won when the time ends) and click on ‘Continue’. Next, we will have to slide the lower bar that reads ‘Accept and confirm’ by holding down the button with the two arrows until the square that is on the right side of the screen and we will have already made the investment .
Can I lose my SWEAT on Growth Jars?
If the crypto world is characterized by something, it is its volatility, and it would not be the first time that a cryptocurrency sinks irretrievably. Can I lose my SWEAT on Growth Jars? This possibility, according to the developers of the application and the cryptocurrency, is small, but not 100% ruled out.
Beyond the fact that the value of SWEAT may be devalued to a greater or lesser extent , the risks that may cause the user to lose their SWEAT deposited in the Growth Jars may come from a possible bankruptcy of the creators of the SWEAT Economy . A hack by cybercriminals or the outlawing of the SWEAT cryptocurrency are other factors that could also occur, ultimately leading to the loss of saved SWEAT .