There are many ways to earn cryptocurrency: mining, yield farming, participating in ICOs, trading, or simply holding (and HODLing). But if you’re staying on top of the latest cryptocurrency news, you’re probably aware of crypto apps that pay you for walking.
In other words, these apps claim to pay you in cryptocurrency for tracking your steps and other fitness data. But are they legit? How do they work, and what’s the catch? Here’s what you need to know before investing your time in any of them.
What are walk to earn crypto apps?
Walk to earn crypto apps are fitness tracking apps that reward users with cryptocurrency for reaching their step goals. They work by tracking your steps (usually through your phone’s GPS) and then pays you out in crypto according to the number of steps you’ve taken.
Some of these apps also allow you to earn by walking certain distances, or by completing other fitness-related tasks such as biking, running, or even just standing up.
Behind the Scenes of Walk-to-Earn Apps
Almost every walk-to-earn app is free to use. So how do they make money?
The answer is simple: advertising and data.
These apps collect a lot of data about their users, including GPS data, which they then sell to advertisers and other third parties. They also use this data to target ads directly to users within the app.
In addition, most of these apps use a “proof of work” system, which means that they require users to complete a certain number of steps before they can start earning. This helps to keep users engaged with the app and also gives the app time to collect data about its user base.
Are walk-to-earn crypto apps safe to use?
It depends on how you look at it. The thought of earning crypto just by walking can be tempting, but there are a few things to consider before you start using one of these apps.
First, as we mentioned before, these apps collect a lot of data about their users. This includes sensitive data such as your GPS location. If you’re not comfortable with sharing this kind of data, then you shouldn’t use a walk-to-earn app.
Second, most of these apps require you to create an account with them. This means that you’ll have to trust them with your personal information, including your name and email address.
Third, these apps usually pay out in very small amounts of cryptocurrency. For example, one app may only pay out a few hundred satoshis (a fraction of a penny) for every 10,000 steps you take. This means that it could take a very long time to earn enough crypto to cash out.
Fourth, there’s always the possibility that these apps could be scams. While there are a few reputable apps out there, there’s no guarantee that all of them are legitimate. If you’re thinking about using a walk-to-earn app, be sure to do your research first, look them up on cryptocurrency news sources, and only use apps from trusted publishers.
Invest in Cryptocurrency the Safe Way with Key Coin Assets
If you’re interested in building your wealth in the crypto space, we can’t recommend walk-to-earn apps too highly. It can take literally months or years to earn enough crypto to cash out, and the ROI just isn’t there.
Instead, we suggest using one of the many other ways to earn cryptocurrency, such as mining, trading, or participating in ICOs. These methods may not be as fun or active as walking, but they’re definitely more profitable in the long run.
For the highest possible ROI, however, our digital asset management experts can help you evaluate your financial goals to create a custom investment strategy that’ll get you there.
Let’s chat about the ideal digital asset management solution for your needs – send us a message and we’ll get back to you shortly.