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New iOS app 'FitCoin' offers Bitcoin payments for exercising

We all know how important exercise is, but its time-consuming and often expensive nature can make it hard to stay motivated.

With the tough requirements of staying fit proving too much for a lot of people, Chaotic Moon Studios is here to help with a new technology-based concept that will reward people for exercising.

FitCoin, a iOS new app created by the Austin-based software firm must be synced to a fitness tracker with a heart rate tracker and will let its users receive Bitcoin rewards based on the amount of energy used during exercise.

So, the more money you run, the more money you'll earn. What's not to like about that?

Fitness trackers must offer open access to the software to sync with FitCoin, which paves the way for Mio, Atlas and the upcoming Jawbone UP3 fitness tracker.

The software could also be potentially used by health insurance companies to offer discounts based upon a certain activity level and by sports clothing companies selling products solely through the money earned in the app.

While still in its concept phase and no announcement yet of a consumer release date, Chaotic Moon has already purchased a reserve of Bitcoins to test the app.

Have a look at the FitCoin introductory video above.