There aren’t that many things which could make Bitcoin or other cryptocurrencies better. To some people, bacon is the answer to everything. With Bacoin now being an actual thing, it is evident the cryptocurrency industry has taken at least twelve steps backward. It is expected that Bacoin will become the go-to cryptocurrency for purchasing bacon.
Who Will Pay Attention to Bacoin?
Although it is safe to say the concept of Bacoin has a lot of merit, the real-world implications will be far less spectacular than some people might want them to be. Originally concocted by Kraft Heinz, Bacoin is a new cryptocurrency designed for the bacon industry. In fact, one Bacoin is valued at 11 strips of real bacon, with the number of bacon strips expected to increase as time progresses.
While a project such as this one will certainly gain media attention and possibly even mainstream traction, there is no reason why every type of material, product, food, or drink should have its own native token. Bacoin is a very interesting project in this regard, as it will determine the future value of potentially useless cryptocurrencies.
One worrisome aspect of Bacoin is that it is not obtainable as of right now. Users can enter their email addresses on the project’s website in the hopes of getting some coins, but there are no guarantees. This offer runs until May 14, although it remains to be seen what will happen after that exactly. There is no indication as to whether users will get actual tokens, free bacon delivered to their homes, or something else entirely.
While one has to commend Oscar Mayer for putting a humorous spin on the cryptocurrency business model, ventures like these usually do not end well. Once the hype ends come May 14, most people will forget about Bacoin faster than it takes to devour a freshly cooked bacon strip. It is a pretty intriguing venture, though one not that many people with common sense will care about that much.
With no technology powering Bacoin, no specifications, and no information regarding coin supply, trading, et cetera, it is evident this is a promotional stunt first and foremost. Considering that the Bacoin website is hosted on the Kraft Heinz domain, it seems there will be some form of a giveaway, although no one knows exactly what to expect in this regard.
It’s a bit unfortunate to see a project like this one try to steal some of cryptocurrency’s thunder. With all market prices going back up, Bacoin ridicules this entire industry first and foremost. It’s not the development which people had hoped for to push the price of Bitcoin back to $20,000, even though there may be an increase in the number of bacon-related purchases with cryptocurrency moving forward.