- Paper hopes to attract new readers by embracing digital technology.
- Paper promises to refund subscription money if price of BTC grows significantly by 2020.
- BSTR is the first paper to try enticing new readers by going crypto.
The Beijing Science and Technology News’ publication Technology Life, will allow readers to make subscriptions to the 2019 edition using Bitcoin (BTC). The purpose of the initiative is to promote blockchain technology through practical actions.
The oldest science and tech publication in China made the announcement on Sunday, September 30, 2018, through an official press release, becoming China’s first media institution to accept Bitcoin subscriptions.
Re-writing History Using Blockchain Technology
The Beijing Science and Technology Report (BSTR) stated that the subscription fee for “Technology Life” will be 0.01 Bitcoin (approximately 450 Yuan or $65) and interested subscribers can pay their subscription fee using the newspaper’s specific Bitcoin receiving address to complete their subscription.
China's oldest tech media – Beijing Sci-Tech Report (BSTR) announces its "Tech Life" now accepts Bitcoin subscription (0.01BTC). BSTR explains that the main purpose of this move is to promote the blockchain technology through practical actions.
— cnLedger (@cnLedger) September 30, 2018
The publication prints editorials through its Technology Life team of writers besides approved content from the popular United States’ popular science journal Popular Science. The Beijing-based paper has in the past been in the front row writing reports on digital currencies as well as blockchain technology use cases.
The publication said in its press release that the decision to accept Bitcoin resulted from the magazine’s desire to “promote blockchain technology in a real-world setting for practical actions.” The press release reads in part:
“For a long time, blockchain technology has also been the object of in-depth tracking reports offered by Beijing Science and Technology Report and Technology Life.”
The subscription added that after accepting Bitcoin payments, the firm will offer “some refunds” to BTC subscribers, should the digital currency’s price grow significantly by the year 2020. The statement said BSTR hopes to cultivate new readers through the initiative of the digital payment system. The release stated further:
“Technology Life” also provides a new policy for users who subscribe to Bitcoin, that is, subscribers now subscribe to Bitcoin at a certain price, after the end of the one-year subscription period, if the bit The price of the currency will increase, and the newspaper will also refund the difference to the user.”
More Publications Riding the DLT Train
The Beijing Sci-Tech Report has joined a growing list of publications that have tried to attract a new crop of readers by accepting digital currencies. The Time Incorporated announced accepting Bitcoin subscription back in 2014 through Coinbase for subscriptions to their Good Health, Fortune, This Old House, and Travel and Leisure publications.
The Chicago Sun-Times followed suit in April of the same year by stating it would allow Bitcoin payments but both companies have since removed the BTC payment option. There are chances that the Beijing Sci-Tech Report may have better chances since it’s a technology-oriented magazine.