Welcome to my COIN App review! If you are wondering if CoinApp is a legit way to earn crypto or a scam, you've come to the right place!
The chances are you found about COIN App through their social media marketing campaign or someone recommending it to you.
As of writing this, the COVID-19 pandemic is raging and CoinApp is advertising their system as a way to earn money from your home despite the pandemic. But does it work? Let's find out.
Before we continue, I want you to know that I'm in no way affiliated with COIN app and I'm not creating this review to get you to join the program.
My site is about making legit money online so I review all kinds of online business opportunities, including crypto apps. I check them out and give my opinion if they seem a worthwhile effort for creating meaningful income.
From time to time I recommend products I do believe in. But I always encourage you to be skeptical online, do your own research, sleep over it, etc. If something seems too good to be true, it probably is.
Being critical is the only way you can avoid the thousands of scams out there. But I'll stop patronizing here and let's get on with the review!
COIN App Summary
Product Name: COIN App
Product Type: Smartphone App for mining crypto
Product Price: Free. Mandatory SentinelX device shipping cost $12.95
Summary: COIN app seems to be a legit geolocation based mining app that allows you to earn XYO cryptocurrency.
Basically the more active you are, the more you will earn. But the earning potential is very small since you earn the XYO crypto that's very low in value currently.
The only thing that would make using COIN worthwhile would be to sit on the XYO in hopes for their rates skyrocketing, which is unlikely to happen.
Even though this app is not a scam in any way, I can't recommend it from a business point of view.
If you want to see how I and thousands of others make real money online, check out my top recommendation through the link below.
What Is COIN App
COIN App is a gamified geo mining app that is based on the XYO geo mining network. The aim of the app is to make geo mining fun, rewarding and accessible.
To really understand what COIN app is, you need to understand what XYO is. XYO is a San Diego based Foundation that focuses especially on the development of crypto-location technology.
"The XY Oracle Network is a secure, decentralized, and truly trusted proof of location system that connects the digital world to the actual world, thanks to its technology infrastructure which allows smart contracts to access the physical world. By so doing, the network’s ecosystem of devices tries to verify a node’s specific XY-coordinate and allow users to utilize apps that perform transactions in a Smart Contract."
I'm not going to explain everything about blockchain and cryptocurrencies, but in short, they rely on people solving equations that are a part of the blockchain transaction verification protocol. This is called mining.
What XYO is doing is bringing a geolocation element to mining these nodes. They are aiming to create a blockchain-powered location network with the goal to provide accurate location data on everything from cars to smartphones.
"COIN is a gamified utility used for geomining XYO Tokens. Like a lot of popular mobile games, it's location-based to encourage exploration, but COIN also serves a practical purpose. It allows users to interact with nearby XY Sentinels to collect XYO Tokens, which can be traded or used for XYO transactions. This is a fun and rewarding way to encourage users to interact with XY Sentinels and helps expand XYO's number of edge nodes."
How Does COIN App Work
So if the whole idea of geo mining feels hard to understand, think of it like this: COIN App is like Pokemon Go with crypto.
The app pays you for moving. The more you move, the more you will earn. So not exactly like Pokemon but it does get you moving.
You can also do something called Geo claiming, where you claim an area for XYO.
This video by Ryan Scribner shows really well how the app works:
But you can't do this just with a smartphone and an app. You need a SentinelX device for verifying your location. And here's the interesting part about COIN app. They will provide you one for free! Well, they will ask for shipping costs which are $12.95 as of writing this.
So using coin app involves three very simple steps:
- You order your free SentinelX device that is required for location verification
- You download the COIN app from Apple Store or Google Play
- You can start earning c
You can actually apparently use the app without the sentinelX device, but the earning potential will be 12 times less. When you consider it's already really small with the sentinel device, your definitely going to want to use it.
People Behind COIN App
I always like to look up the people behind a product or a company I'm reviewing because I think it matters a lot who's running the show.
Many questionable or scam companies don't either mention their ownership or have fake profiles with no background information.
The COIN App is owned by the XYO Foundation, based in San Diego and founded by Scott Scheper and Markus Levin.
The foundation does seem to have a clean track record so there's nothing suspicious about the ownership.
Is CoinApp A Scam
No. COIN App definitely doesn't seem to be a scam. The organization and concept behind it are legit and there are plenty of third party experiences of people making money with it.
They only question is how much money you expect to make with it. Like we already established, COIN App relies on geolocation for mining the nodes.
This means that to earn any significant amount of money, you will need to be willing to move a lot. For most people, this limits the maximum earning potential to basically cents.
You also need to keep in mind that the app pays you mostly in XYO, which is a fairly obscure cryptocurrency. Currently, you can't even convert it directly into regular currency. You need to convert it into a more widely accepted crypto like Ethereum first.
But the real problem with this system is the earning potential. For most folks, it's hard to make more than a few hundred XYO/day. When you consider that the exchange rate of XYO is around $0.0002 (USD), it really doesn't seem worthwhile.
"Right now I personally am making about 500 XYO a day which, when I manage to withdraw them would equate to about $1 a day (minus withdraw fees). So if you will not have too much difficulty setting up an app, a wallet, and an exchange account -- is comparable to, or better than, other step-based earning apps."
There reports of people making several thousand XYOs per day, but they are people that move a lot and thus have more opportunities. Over time this kind of amount can add up and produce some significant side income. But nothing that will put a roof over your head.
I hope you found this COIN App review useful. The app definitely seems to be a legit way to earn XYO, but unfortunately, it seems the earning potential is minimal and changing the XYO the cash takes several conversions.
I personally wouldn't invest my time in this but I guess it's more useful than playing Pokemon Go or clicking ads in PTC apps.
I prefer investing my time in my online business. If you are interested in earning money from home, I recommend you look into it as well.
My online business is based on affiliate marketing and it uses the business model they teach at Wealthy Affiliate. I personally think it's your best bet to creating legit income in the long run.
It takes time and effort to set up, not everyone can do it, but if you are smart and industrious it's a very lucrative business model.
It has allowed thousands of people to create successful websites that produce them passive income through affiliate marketing.
It requires a very small investment, is pretty much risk-free and can be automated once set up, so that your website/sites work for you on automation. The best part is that you can work from anywhere in the world.
But it takes several months to over a year to make significant income, so don't quit your day job just yet if you got interested. Make the decision to work on your online business in your spare time and in the long run it can help you achieve financial independence.
Thanks for reading and see you next time!
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