Developments

Cryptocurrency in the Fitness Industry

The fitness industry looks on Bitcoin

As cryptocurrencies gain popularity, the combination of cryptocurrency and fitness seems to be the new trend bringing in more use case applicabilities with it.

Transcendence is a project that is working on some great future implementation of cryptocurrency mining types of equipment such as its long-awaited project, the cryptocurrency mining bicycles. With the launch of this project, users will be able to ride their bicycles and slowly mine the provided cryptocurrency.

Projects like these are focused on bringing bitcoin and other cryptocurrencies to the sport and fitness industries around the world.

The economics behind the implementation of this new type of payment procedures is unique and is based on crypto-economics data and research throughout the years.

An individual will be able to do almost any kind of fitness and get paid for doing so, which is the type of technological possibility that bitcoin has brought to the world of finance through the decentralization of money.

Having a shoe and an app that will pay an individual for running and working out with an app or on equipment is what programmable money like bitcoin offers as a feature.

The Blockchain is a powerful medium for creating and moving global transactions through any jurisdiction. The technology goes beyond any boarder, race, ethnicity, politics, government, policy and limitation while making money become pure data in the processes.

Coins in the works for an active lifestyle

Fitcoin is a project that is trying to create a way for individuals to earn bitcoins and other cryptos through burning calories. The project has been still throughout the years and has not been spoken on any further developments throughout 2019.

The project is still focused on making individual sporters use their favourite fitness tracker, Fitbit and Garmin in order to track progress and burn calories while earning some cryptocurrencies in the process.

Fitcoin will be used to purchase products from the fitcoinstore.com and be exchanged for any other cryptocurrency.

There are also other cryptocurrencies with a similar concept, letting people earn monetary value in the coming years like Sweatcoin.

Sweatcoin is a premature working concept of how you can use the app to gain boarder-less decentralised money that is not controlled by any government or country. The project is still in need of work but is on its way to becoming one of the first apps to implement this kind of endeavour.

Cryptocurrency projects like Fitcoin are based on the Proof-of-Work (PoW) and Proof-of-Stake (PoS) hashing algorithms. Which is what developments like the bitcoin mining shoes and mining bicycles will be based on.

Sweatcoin, for example, can be used to purchase fitness equipment and other products. However, the app does not pay the individual to walk around in a conventional way.

The app makes the individual earn Sweatcoins based on the number of steps done per day outdoors as the app uses integrated GPS to track where the individual is located.

The number of steps is recorded, which can then be used to purchase Fitbit trackers, fitness classes and subscriptions and if the project achieves its goals, the coin will then be ready to be traded on exchanges against fiat and crypto pairs.

However, the data that the app collects can be sold to marketers and other companies which is why if this project, in particular, wants to continue developing successfully, it will have to become a decentralised application (Dapp) where individuals will be in control of their own collected data and be able to use it for their personal purposes.

These projects are showing great progress and have been in development for a few years now and have made a way for other companies to enjoy this revolutionary way of earning monetary value through fitness activities.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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