If you ever happened to read news in online on daily basis, it is unreal to miss a news about Trump or Bitcoin (Cryptocurrency)! Bitcoin is one of the most valuable currency at present in the world now, more valuable than gold price per today. And start-ups don’t want leave out this opportunity to get customers by offering virtual currency and convert it into real money. Who doesn’t want to be healthy and earn money at the same time!!!
An American creative technology studio known as Chaotic Moon Studios was founded in Austin, Texas on 2010. After seven years from its conception, the company was able to achieve great success in the business, particularly their FitCoin app development. For people who are not familiar with Chaotic Moon FitCoin, you are just at the right place as we will shed light to your curiosity of this one app that pay you to workout.
Yes, you heard it right! FitCoin is one of the amazing apps that pay you to workout. Hence, you are basically earning while exercising!
What Is FitCoin?
FitCoin is an application that will help push you to work hard in your workout and fitness as it pays you depending on how far you have achieved in your exercises. The app was developed by Chaotic Moon Studios and first launched it at the Southwest festival in Austin.
According to one of Chaotic Moon’s founders, Ben Lamm, “This concept combines two of our specialties: looking good and making money.”
FitCoin syncs with compatible fitness trackers to monitor how much you’ve worked out and how much energy was consumed. After which, this energy is then converted into Bitcoins.
What Is Bitcoin, Blockchain & Cryptocurrency?
Cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. In other words, cryptocurrencies are used to regulate units of currency and verify fund transfers that are operating independently from a central bank.
In 2009, Bitcoin is considered as the first decentralized cryptocurrency though it first emerged the previous year. Over the years, there have been many cryptocurrencies created and developed. Bitcoin as well as its derivatives make use of decentralized control which is different from centralized banking systems. This decentralized control is associated to the use of Bitcoin’s blockchain technology.
A blockchain is a public ledger that documents transactions. The maintenance of this blockchain is done by a network of communicating nodes that run the Bitcoin software.
Each Bitcoin is a piece of code that was generated through mining, a computer process. Once it is released, it can be traded and used online. You may also purchase your own Bitcoin through cash. This cryptocurrency works in a two-way mode, which means that you can exchange it for dollars, and vice versa. Users has their virtual wallet that enables them to do what they want to their coins such as receive, give or trade it with other users.
Bitcoin Price on 2009 – $453, and in 2017 (August) – $4304……. Expert’s prediction says it may touch $10k by 2018.
How Does FitCoin App Works?
So how do apps that pay you to workout like FitCoin works? For FitCoin, fitness first is the key. Hence, with this app, they were able to persuade more people to do their workout routines and maintain their highest level of optimum health.
Eric Schneider, hardware creative technologist at Chaotic Moon, said, “Right now it’s running on BitCoin, but we’re going to have our own FitCoin cryptocurrency, just like there’s DarkCoin and LiteCoin, there’s lots of different ones out there. Our own system that uses human action to generate it.”
So, here’s how does Fitcoin app works, FitCoin is a connected app system that affects the power of your fitness tracker to produce cryptocurrency. After your workout, the smart band or wristband will send data to your FitCoin app server. This data will be analyzed to see how hard you were doing your routines and workout exercises. Furthermore, it will detect what the exact activity is, which is beneficial considering that the app will generate cryptocurrency through the actual exercise done by the person.
The app uses a well-calculated algorithm to make sure that you will have an accurate payout base from your efforts. The average heart rate, distance covered as well as steps will be counted and converted to a FitCoin value. The FitCoin value will be the total amount of BitCoin you made from your exercise to your BitCoin wallets.
Being one of the apps that pay you to workout, FitCoin is very easy to use. You must download first the iOS app and create an account for your personal Bitcoin repository. You must enter your basic information to create the account too. As soon as the set-up is done, the app will sync to any fitness tracker that tracks heart rate and allow them access to the software.
Schneider said, “If you do loads of cardio, we make it so you get more rewards for doing strength training, for example. And marathons, if everyone’s using FitCoin you can make money for charity.”
Clearly, the man has an excellent point. If you want to make a go and earn money by staying healthy, then this is a great app for you to use considering that you are gaining money by working out. If you are a fitness fanatic with loads of routines, it is best to sync your wearable with this app to generate income.
“There’s a lot of room for growth so we’re really excited,” he added.
How Much To Earn?
In a demonstration done previously, app designer Grant Nicol, who wore a Mio band, ran on a treadmill for almost four minutes. His heart rate went up to 115 beats per minute and he was able to get around five cents.
You may get disappointed by its low amount, however, this demonstration was conducted way back in 2015. Since then, the developers were able to do some refinements on the app to make it more appealing to the users. Nonetheless, when you are enjoying doing your work outs and keeping fit, the amount you earn is just an added bonus.
The developers of the app hoped that FitCoin can help reduce monthly payment in health insurances if a person can reach a certain level each month to ensure his health condition is good. They are also looking forward for sportswear companies to give discounts to purchasers who buy things from them using virtual money gained from using the app.
This is, by far, a great development in the health and fitness world as well as in the technology industry where health is now becoming a source of great investment for technocrats.
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