Many businesses are now seeking new methods to appeal to Bitcoin newcomers as the cryptocurrency space grows in popularity. Hi Dollar and Cake Defi, for example, aim to achieve this with simple user interfaces and easy-to-use apps.
COIN, a new piece of software from XY Labs, takes a somewhat different approach. It’s a highly interactive geo mining program that rewards you for your location information, which they can then sell for a profit. COIN, a cryptocurrency created specifically for the app, is used to pay users. As a result, we believe it is critical to consider the currency’s usability and value first. So, how about we take a closer look at the COIN application? Let’s find out everything about it!
What Exactly Is COIN?
Coin App has over a million reported users and has been operational since 2019, giving it some credibility. The idea behind the app is to earn ‘Coin’ by having it running on your phone (in the foreground or background) as you go about your daily activities. You need a data connection, WiFi, or GPS, a reasonable data plan (it doesn’t consume much, but every little bit helps), and good battery life.
COIN is the app’s native currency, but it’s not a traditional cryptocurrency because it’s neither a token built on a blockchain nor the native currency of any blockchain. Instead, it can only be used within the COIN application.
That isn’t to say that it isn’t valuable, though! It can be traded for a variety of real-world items and cryptocurrencies.
What Is the Value of COIN?
The basic answer is that each 1000 COIN is worth roughly 47 cents. The longer explanation is that it is dependent on what you intend to purchase with it.
You can exchange COIN for one of three cryptocurrencies once you’ve earned a specific amount: XYO, Ether, or Bitcoin. To cash out on XYO, you’ll need at least 10,000 COIN, whereas Bitcoin demands over 2.2 million. You’ll need a huge 6.8 million COIN to convert COIN to ETH.
Profitability varies depending on which cryptocurrency you choose and the asset’s market value. Currently, exchanging COIN to XYO yields roughly 41 cents every 1000 COIN, whereas Bitcoin yields 47 cents and Ether yields 45 cents. Most people will never be able to save up enough money to buy BTC or ETH, so 41 cents per 1000 COIN (or $0.00041 per coin) is the most realistic conversion rate.
How Does the COIN App Work?
The main idea behind this software is that you can “mine” COIN within it – in a passive way. The user interface is based on a map of your current position, with the world divided into squares the size of a house. You get a tiny amount of coin for clicking the mining button (the quantity varies from time to time, and you may earn significantly more with power ups and higher subscription plans – more on this later).
In terms of geospatial location data, the app collects virtually nothing – just the GPS signal, and the only permission it needs is your location. By clicking the pickaxe button, you confirm your location data, share this information with XYO network, and you can start mining. You can earn COIN as long as you have a stable WiFi, GPS, or data connection.
How Do You Earn With the COIN App?
The key incentive for people to join the Coin app is the profit potential. First, you earn the Coin, which is a digital asset for validating geospatial location data while doing physical exercise, such as traveling, jogging, or moving, when interacting in the real world. And you can then later swap these Coins for digital or actual items like digital currencies and Bluetooth speakers.
You can also trade the Coin in for something else. So, why does the app provide you with so many freebies? The short answer is, that they take your valuable location data and reward you in exchange.
The Coin app has teamed up with the XYO foundation to verify the user’s presence in the reported location. As a result, the software prevents location spoofing and the Coin currency from falling into the wrong hands – those who pretend to be somewhere else to gain more money.
Furthermore, the XYO foundation’s technology ensures that all app users can participate easily and safely, and earn digital assets in a secure and fun way.
To completely comprehend how the COIN app functions, we must first examine the earning options it provides.
Geomining is the most common technique to get money with COIN. If you’re unfamiliar with geo mining and geospatial location data, it’s the process of extracting valuable digital goods or assets from a real-world location. That’s how COIN portrays it, at least.
Put another way, it’s a method of mining digital tokens using only one’s location. It’s a unique platform, and it’s the first time we’ve seen anything like it. Typically, mining bitcoin necessitates the purchase of a cryptocurrency-mining computer rig, not here!
Rewarded tasks are an earning opportunity comparable to the paid offerings found on Get-Paid-To (GPT) apps and websites. You can complete short activities to obtain rewards, which are COIN tokens in the case of the COIN app.
Surveys, scanning barcodes in grocery stores, and achieving particular tasks in partner games are just a few examples. Based on the anticipated survey times supplied by the app, surveys usually pay 80-150 COINs per minute. So if you use the most optimistic calculations, this works out to approximately $3.60 per hour – not bad if you would just be sitting scrolling social media otherwise.
COIN is given to you as a reward after accomplishing tasks in various mobile games or apps. These are frequently a little less lucrative, as you usually have to achieve a very high level in the game or make an in-app purchase to earn the claimed amount of COIN. In our experience, Quick-to-finish quests don’t pay that well, and the high-paying missions may take a few weeks of steady progress to accomplish.
Visit a Store
When users shop at prominent stores, they can also obtain discounts, coupons, and incentives. The quickest way to achieve this is to use the app’s ‘plus’ option. Click on Store Visits under Rewarded Tasks.
Simply follow the instructions on the screen to collect prizes by visiting your local stores. Scanning products as part of the in-app scavenger hunts will earn you coins.
Due to their popularity, certain Coin areas offer bigger prizes than others. Every week, you can claim a new region and compete against other COIN app users.
While you can earn many coins by working alone, COIN also allows you to work in groups to acquire even more digital assets. Users can form teams of seasoned Coin players to increase their chances of winning.
The leaderboard serves as a motivator to help you jump right into the action. The Coin app allows users to establish their unique usernames, upload a profile photo, and climb the leaderboard while enjoying in-app challenges.
Premium Plans and Earnings Boosts for COIN
While you may use the COIN app for free and earn rewards, you’ll almost certainly need to upgrade to a premium subscription if you want to earn anything substantial. Upgrading to a paid subscription effectively doubles or triples your prizes (depending on which plan you opt for).
COIN Plus doubles your mining speed, recharge rate (the time it takes to mine again), number of large geomines, regular rewards, and background rewards. It costs $6.99 each week, so really only presents value if you’re a heavy user of the app.
If there were ever any money to be had, it would be in COIN Pro. You can earn a lot more for an extra $3 per week (everything has a 3x multiplier instead of COIN Plus’ 2x). If you’re going to pay for a subscription, make it COIN Pro; you’ll be able to break even much faster this way.
The SentinelX NFC can be purchased and utilized with or without a paid plan. If you don’t have a membership, this credit card-sized device provides you with a 12x boost or a 10% boost if you do. If your phone supports near-field communication, you can get this boost by scanning the card with your phone regularly.
The SentinelX BLE is a small keychain device that performs nearly identically to its NFC predecessor. It boosts mining rewards by 12x, but it must be charged now and then.
How Do You Get Paid with COINS?
COIN tokens earned through COIN’s numerous earning opportunities can be redeemed for various rewards.
The tokens can be used to redeem various products, devices, and even bitcoin. The number of tokens required for redemption is determined by the cryptocurrency you select. You can send it to your crypto wallet instantly once you’ve redeemed it.
When it comes to the items you can buy with your COIN tokens, I was able to buy an Apple iPad Air, Google Nest Audio, Fitbit watches, and more throughout my testing.
So, if you enjoy technological devices, these are the incentives you should pursue. Remember that the number of tokens you’ll need to collect will be in the hundreds of thousands. As a result, getting there may take some time, but it is possible. You just have to be patient, and make sure to take advantage of their upgrades if it’s something you’re committed to.
Their payment system is straightforward, however, the majority of the benefits they offer will necessitate a large number of COIN tokens. As a result, you could argue they have a high payout limit. But, because you can make passive income from this app, it won’t be a big deal. You can just keep using the app and check back every few weeks to see if you’ve accumulated enough tokens to redeem the incentives you want.
How Much Money Can You Earn on COIN?
The issue with the COIN app is that you’ll have to use it a lot if you want to mine a lot of tokens. It will take a long time to start redeeming prizes if you only use it occasionally.
And the wonderful thing about COIN is that it rewards people who are very active on the platform since, as previously stated, when you’ve geomined a specific number of times, you’ll be able to unlock more program features.
These features will also assist you in earning more money. You can also upgrade your COIN membership level to earn more.
Can You Use COIN On Mobile?
COIN is a mobile app enabling platform. So, to start making money, you’ll need your phone. The good news is that their app is available for both Android and iOS users to download.
COIN app is attractive and user-friendly, so you will quickly become accustomed to it. You won’t see any pop-up advertising when using it, which is wonderful because that is one of the worst aspects of similar apps that we have tested out in the past.
COIN’s user interface is also intuitive, resulting in a nice overall personal experience. In our perspective, that’s all you can truly ask for in a smartphone app.
Who Can Join COIN?
COIN is widely available in most parts of the world. However, you will be unable to redeem certain prizes offered in some countries. Still, there are always some forms of incentives available, so that shouldn’t be an issue.
You only need to download and install their app to sign up. Then, when you launch the app for the first time, you’ll just need to complete the sign-up procedure, which is very simple. After you’ve completed the sign-up process, you can immediately begin geomining.
COIN is a legitimate geomining tool that will allow you to make money passively by simply keeping the app running in the background. It has several excellent advantages, but it also has certain drawbacks that you should be aware of.
This review, which includes a description of the app’s benefits and drawbacks, will provide you with an overview of what the app offers. Then you can evaluate whether or not COIN is a good fit for you.
- It provides a chance to earn money and digital assets without having to work
- Their app is fun and simple to use
- COIN app is available throughout the world
- There are no direct monetary prizes available
- The payout threshold is relatively high
- Some awards are accessible exclusively in specific countries
COIN is definitely a good app to use if you don’t mind earning digital rewards, such as cryptocurrency, instead of cash. This software appeals to us because it allows you to totally passively earn money. However, some earning opportunities necessitate a decent amount of effort. Nonetheless, making money using this software is relatively simple, which is the whole point of COIN. If you’re willing to put the time and effort in – we think it’s definitely worth a shot to make some easy money.