Bacoin or Bitcoin? That is the question
While it might just be a touch of marketing genius, American meat and cold cut company Oscar Mayer is jumping on the cryptocurrency market with its very own coin: Bacoin. Now, before you head to a cryptocurrency exchange looking to see how quickly you can cash in, it’s important to note that Bacoin is a marketing stunt with no real fiat value.
Instead, its value is determined on a “BACN to BCNS” basis. This means that for every Bacoin, the real value is a particular number of “slices of Oscar Mayer bacon” and no real money changes hands.
However, while it might not be a “real” cryptocurrency like Bitcoin with “real” value, it does follow along the same lines as a standard coin. A limited number of Bacoins are released to registered users, and the value of those Bacoins fluctuates depending on the popularity. Therefore, the more users talk about Bacoin on social media and other forums, the higher the value. As of April 2, 2018, one Bacoin was worth 14 slices of Oscar Mayer bacon.
According to the Oscar Mayer website, Oscar Mayer bacon has been the gold standard of bacon for the last century. Therefore “Oscar Mayer is the only leading authority to help lead bacon into the future of tomorrow – by creating a currency today.”
While it might be a clever marketing ploy with no real life value, it does pique the interest of investors and everyday people alike. You can see its value change on a graph that’s updated hourly, and it even reached a peak at 1 am on April 2 with a BACN to BCNS value of 1 to 42 slices.
If you’re not yet ready to invest in cryptocurrency, but you wouldn’t mind getting a feel for what it’s all about (and the chance to win some bacon), then it might be time to invest in Bacoin today. The promotion is set to run out on May 14, 2018.