There are three factors that determine whether something is considered a currency:
- Ability to keep value over time
- Ability to exchange for goods
- Ability to be used for accounting purposes
At this point in time, we consider ourselves an emerging currency, as we don't fulfill all of the above criteria.
Currently, our rate of exchange is quite volatile, which varies from one offer to another (we've had offers where the value has been £1/$1 to 1 sweatcoin and in some cases as high as £1/$1 to 80 sweatcoins). However, as we grow our exchange rate has been settling around £1/$1 for 50 sweatcoins. As we grow the exchange rate will become more and more consistent!
So to wrap up, 1 sweatcoin does not = $1 (at this point in time), and you can't cash out sweatcoins for real money - yet.