Pasta Carbonara is quick and easy to prepare. It can be made with cheap ingredients, and the result is very good. If you can get original smoked bacon (Speck) from Austria, Italy or Bavaria (and can afford it), go for it. But the recipe comes out perfectly fine with cheap breakfast bacon.
While waiting for the water to boil, cut the bacon into small pieces - the particular shape is uncritical. Fry the bacon in a pan with a little butter or oil, until it is crisp. Then remove the pan from the heat and add the cream. Add a lot of freshly ground black pepper and salt to taste. Let the bacon/cream mixture cool for some minutes. Then add the egg and mix well.
When the pasta is done, quickly strain it. Return the pasta to the pot immediately - it should not drain comletely, and and on no account should it cool down. Add the bacon/cream/egg mixture and mix well, then cover the pot and wait for two minutes. The heat from the pasta should partially cook the egg. If you have trouble achieving the desired degree of creaminess, you can return the (covered) pot to the still hot plate (or, if using gas, put on minimum heat) for a minute.
Mix again, and serve with a generous portion of freshly grated parmesan chease. I recommend a dry Italian red wine, e.g. a Chianti Classico.
Keep in mind that the egg is not fully cooked. So make sure that you use only fresh eggs from a reliable source.