Bacoin: A bacon-backed crypto promotion
There are a limited number of Oscar Mayer Bacoins out there and their value increases via social media shares.
The latest company to take advantage of the current cryptocurrency craze is American meat and cold cut production company Oscar Mayer. They’ve just introduced the “Bacoin”, redeemable for actual packs of bacon.
As part of a new social media campaign, Oscar Mayer’s digital prophet Keith Sizzle introduced Bacoins.
Open to residents of the United States, the instant win game begins April 30 and ends on May 14, 2018. Users must register on Oscar Mayer’s Bacoin website. Once registered, users will receive one instant win game play for that day. If you’re lucky enough to score a Bacoin, you can share your success via a pre-populated Twitter message or email to help increase the value of all Bacoins. The value of the Bacoin is tied to overall sharing, meaning that the more people that participate in the promotion, the higher the value of Bacoins will be.
“If overall sharing is slow, the value of the Bacoin will decrease. If sharing is slow and the value of the Bacoin is low, the sponsor may increase the value of Bacoin at its sole discretion,” according to the website.
One slice to seven slices is equal to 0.5 lb pack of bacon. Eight to 14 slices is equal to one pack, 15-21 slices is 1.5 packs, 22-28 slices is two packs, 29-35 slices is 2.5 packs and 36-42 slices is equivalent to three packs.
The average retail value of the promotional prize-winning packs range from $4 through to $24.
As of 3:00 p.m. ET, one Bacoin is worth 15 slices of Oscar Mayer bacon, as can be seen in the graph below.
Image: Oscar Mayer
Each entrant that receives a Bacoin must “cash out” by May 21, 2018 at 11:59 p.m. ET or forfeit their prize.
The only way that this offer could possibly get any better would be if actor Kevin Bacon was somehow involved.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
- Bitcoin weekly price analysis 28 August: Token’s value soars in face of ETF rejections
- Most global companies are slow to adopt blockchain technology: PwC survey
- Leading universities are offering a growing number of crypto courses: Coinbase
- Cryptocurrency: Value-making coins vs value-giving coins
- EOS weekly price analysis 27 August: Coin’s value jumps due to US$1 million whale