With Bitcoin capitalizing through the demand and marketability of cryptocurrencies in the market, American meat and cold cut production company “Oscar Mayer” revealed BACN (Bacoins) recently. Bacoins is a cryptocurrency backed up by Bacon. Users can enrol themselves by visiting Oscar Mayer’s official bacoin website (oscarmayerbacoin.com) to receive some of the limited units of Bacoins.
Bacoin (BACN) is not an actual cryptocurrency. Instead, it is a very cleverly designed promotional scheme that uses an instant win game. Bacoin value floats depending on the user’s engagement. Although “float” is apparently a generous term in accordance with the Bacoin price movement graph.
For Example: On Tuesday morning, the value of BACN rose from 5 slices to 14 slices in just a matter of two hours. Although at this point, BACN appears to have a foothold in the market and the value of Bacoin token promptly crash dived from 93% to just 1 strip of bacon.
Brand manager of Oscar Mayer, Matt Riezman stated that “Oscar Mayer is the highest quality of bacon because of our commitment and dedication to hand-picking the best cuts and then naturally preserving, flavouring and hardwood smoking the bacon.” In addition to that with our proven experience and expertise in the field of bacon technology, Bacoin is self-confident and determined to deliciously revolutionize the digital currency market, the brand manager added.
The rate and value of Bacoins can supposedly be increased through user engagement by sharing the Bacoins in the social media network. This encourages and motivates the Bacoin token holders to spread the burgeoning traction in order to drive the amount of physical bacon meat they can be redeemed for.
While writing this piece, the value of one bacoin (BACN) soared up from just 3 slices in the morning to 27 bacon slices.
The plunge may be linked to the fact that, for explanations that are not entirely clear. The promotion of BACN ( Bacoins) is further divided into 2 separate phases. The first phase of the two ended at 11:59 pm ET (Eastern Time Zone) on Monday.
Certainly, there are many points that warrant an explanation.
Considering BACN (Bacoin) is not truly a cryptocurrency, it cannot be traded on an exchange. Instead, its desirability and worth is associated with an uncertain and vague metric of social media engagements. The more an individual shares the Bacoin promotion, the more the value of the token rises. The maximum rise in the value of the token is upto 42 slices of bacon administered in the form of token for 3 1lb packets of Oscar Mayer Bacon.
Coincidentally, the regulation also rules out the total worth of all the prizes in USD ($48,000) which allows BACN with an extreme market cap equivalent to a project named HealthyWormCoin.
According to CNN reports, a developer deflated the Oscar Mayer with a cease and desist order claiming that he has already launched Bacoin (cryptocurrency supported by bacon) in the year 2014, although the developer has accepted that he does not have any actual resources to file a legal ultimatum against the American meat company. According to reports, the Bacon promotion will go on until 14th of May, and thereafter the consumer will have a time period of 1 week to trade off the tokens for the bacon voucher.