Bitcoin Today: Oscar Mayer Shakes Its ‘Bacoin’

American meat and prepared food manufacturer, Oscar Mayer, is entering the cryptocurrency fray – sort of. The company announced the launch of “Bacoin,” which it is calling “the first-ever cryptocurrency backed by the gold standard of Oscar Mayer bacon.” Here’s how it works: Oscar Mayer is offering bacoin as an incentive for users to promote Oscar Mayer brands online. Users can “mine” bacoin cryptos on the Oscar Mayer website that become worth more and more as consumer awareness is increased through social media and email use. Bacoin can then be cashed out by customers for real packs of Oscar Mayer bacon. According to Oscar Mayer’s website, a single bacoin was worth 12 slices of bacon Tuesday afternoon. Overnight, bacoin surged in price to as high as 42 slices of bacon each.

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