basecoin-bac-cryptocurrency-logo

Basecoin (BAC) currency rating

Basecoin (BAC) currency rating

Community
Technology
Rarity
Overall
I like basecoin's fixed daily coin generation schedule, but I just don't see enough innovation or scarcity in the coin to consider it a buy-and-hold.

1.5

on a scale of 0 through 5

This post is part of a rating series where I’m trying to rate every major cryptocurrency on the market. See our full list of cryptocurrencies to find other ratings.

basecoin-bac-logoRating summary: Launched on September 7, 2013, basecoin is a fork of the diamond cryptocurrency, which in turn is a descendant of novacoin. Differences between diamond and basecoin are minimal, and the community around basecoin appears smaller.

Basecoin (BAC) Currency Review

When basecoin launched in September, version 1 was buggy and it was upgraded to version 1.1.1 within eight hours. The coin’s a fork of the diamond (DMD) cryptocurrency with a higher total circulation (at 6 million plus a 0.01 percent inflation rate versus diamond’s 4.2 million circulation).

Basecoin bills itself as a rare cryptocurrency. I’d agree with that, but there are still 16 coins that are scarcer on our list of the top 25 rarest cryptocurrencies.

Basecoin’s official user-maintained website is largely in Chinese, which is likely the coin’s country of origin. The coin does have some interesting approaches to mining: specifically, daily coin generation is fixed at 1440 coins per day until the total circulation hits 6 million. At that point, an inflation rate of 0.01 percent will be awarded to users who consistently hold their basecoin in a digital wallet. That makes it similar to cryptogenic bullion’s concept of paying interest to holders.

A scrypt cryptocurrency, basecoin mixes proof-of-stake and proof-of-work mining, which should make it more resilient to 51 percent attacks. That’s hardly a major innovation these days, though.

Overall, I like basecoin’s fixed daily coin generation schedule, but I just don’t see enough innovation in the coin to consider it a buy-and-hold. It has little presence on cryptocurrency exchanges, a small community and second-mover status. I’d much rather hold cryptogenic bullion (CGB), which is similar and more scarce.

Basecoin Fundamentals

Ticker: BAC
Official website: Basecoin.pw (Chinese with some English)
Announcement: Bitcointalk
Total circulation: 6,000,000
Cryptocurrency type: Scrypt

Photo background credit: Boulden. Click to view more cryptocurrency ratings.

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