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BBQCoin (BQC) currency rating

BBQCoin (BQC) currency rating

Community
Userbase
Presence on exchanges
Creativity
Technology
Overall
With its cult-like underdog status, I'm on the fence about BBQcoin. I definitely wouldn't bet the farm on it.

2.5

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.

bbqcoin-bqc-logoRating summary: Launched “just for fun” in July 2012 by a 17-year-old Parisian, BBQCoin has been around longer than most of the cryptocurrencies in our database. It’s a bitcoin fork that’s faster and has a much higher number of coins at 201.6 million.

BBQCoin (BQC) Currency Review

When 17-year-old coder Andy Pilate launched BBQCoin in July 2012, he did it “for fun” per an interview with the Wall Street Journal. He billed the coin as “a fast version of Litecoin,” one that he’d been sharing with his friends. Pilate released the coin to the public on July 15, and it was promptly hit by a 51 percent attack. With faith in the coin corrupted, it could have went down in history then and there.

A fork of the original BBQcoin code reemerged in February, though, and it’s remained strong since. There’s even a BQQcoin Foundation that’s in charge of development, and a handful of user-created sites dedicated to the coin have emerged (including BBQcoins.net).

Part of the coin’s success likely has to do with its appearance in the Wall Street Journal. “It makes me happy that finally people are using it,” Pilate said in the article. Pilate has abandoned work on the project, but the original BBQcoin website he built is still up at BBQcoin.org.

“As you know I have stepped down from developing BBQcoin and it is now being run by the (BBQ) foundation,” he writes on his site. “I wish the foundation all the success for the future and look forward to seeing BBQcoin grow into the great coin it has the potential for.”

Technologically, there’s little that differentiates BBQcoin from litecoin or bitcoin. It generates blocks once a minute. That’s faster than litecoin’s 2.5 minutes and much faster than bitcoin’s 10 minutes. The biggest difference between the three coins is the total number that will be produced, though. There will be 201.6 million BBQcoins, versus 84 million litecoins and 21 million bitcoins.

BBQCoin enjoys wide support on currency exchanges with pairings on Cryptsy, Coins-e, Bter and Vircurex. That’s probably thanks to BBQcoin’s relatively early launch compared to the glut of coins that came to market during the summer of 2013.

I’m definitely torn on the future of the coin. The name alone is as bad as hobonickels or lebowskis. And yet, there are still miners out there, the BBQcoin Foundation’s website is active and well built, and trading volume is high on the exchanges. If the coin succeeds, it’ll owe its success in part to its early launch and in part to the Wall Street Journal. It’s also got something of a cult-like underdog status as the founder was barely old enough to drive and now doesn’t even bother to check in on the coin’s value. He embodies those qualities that the open-source software community loves. Whether or not that’ll be embraced by the rest of the world is yet to be shown, but I wouldn’t hold my breath. I’d buy litecoin instead.

BBQCoin Price Target

NOTE: This price target is entirely speculative. It’s a hypothetical what-if, so take it with a grain of salt. If BBQcoin does have staying power it’ll be because some of its predecessors like litecoin have gotten too expensive. Maybe one day it’ll match 5 percent of litecoin’s current market cap. With today’s total number of BBQcoins outstanding (just shy of 30 million), that would work out to roughly $0.71 (USD) per coin. I’d be really surprised to see it get that high anytime soon.

BBQCoin Fundamentals

Ticker: BQC or BBQ
Official website: BBQcoinfoundation.org
Official forum: Forum.bbqcoinfoundation.org
Announcement: Bitcointalk
Total circulation: 201,600,000
Cryptocurrency type: Scrypt

Photo background credit: Evans888. Click to view more cryptocurrency ratings.

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