The cryptocurrency craze of the past several months has resulted in some interesting offerings from unexpected entrants into the industry, but Oscar Meyer's new 'Bacoin' might be among the strangest. The meat producer has created a faux-cryptocurrency that offers those who participate real-world rewards (in the form of Oscar Meyer bacon).
Bacoin mocks cryptocurrency more than it adheres to the technical principles of it. Bacoins do indeed exist, but they can only be translated into Oscar Mayer bacon only. By entering the competition, users automatically receive one Bacoin, and the value of that coin corresponds to the amount of sharing about the campaign on various social media platforms — or as Oscar Mayer puts it, "mining". The amount of bacon that one Bacoin represents changes every hour, and users can "cash out" (i.e. turn their coin into a bacon coupon) whenever they'd like.