Yesterday ForexMinute reported that soccer team San Jose Earthquakes announced that it would accept Bitcoin, now the latest update is that the Chicago Sun-Times too has announced that it would be accepting the digital currency as payment for subscription. With the announcement the newspaper has become the first in the US to accept the digital currency.
Bitcoin which has mesmerized thousands of people around the world and considered the most innovative financial solution available, has now influenced the decision by the newspaper. Editor-in-Chief Jim Kirk in a release said that with the decision the newspaper aims to keep evolving with changing technology, and accepting Bitcoin payments is one way.
He said that his newspaper wants to stay digitally focused and for that becoming a “digital-first” strategy is a priority. With the decision to accept Bitcoin it has began its experiment and now subscribers can pay in the digital currency. The newspaper is partnering with San Francisco-based micropayments startup Bitwall.
Bitwall will help readers donate Bitcoin. It has also asked readers to donate tweets on Twitter to benefit an organization called the Taproot Foundation, which pairs professionals with nonprofit groups for pro bono work. Thus, with the latest decision, the newspaper is willing to go ahead and does some charity work as well.
Was Encouraged by Paywall Experiment
Editor-in-Chief Jim Kirk says that earlier his organization experimented Paywall in February and that was quite encouraging for him and the latest decision is due to that positive feedback he got. He believes that there is an opportunity here to expand readership with Bitcoin. It will benefit not just the newspaper but also 6 million unique monthly online readers.
According to the Alliance for Audited Media, an advertising and content provider industry group, the Sun-Times was the eighth-largest US newspaper by total average circulation in March 2013. The newspaper also entered into partnership with Coinbase, a Bitcoin wallet services provider based in San Francisco for its print and digital subscriptions.
Coinbase appreciated the partnership saying that content providers like the Sun-Times are one of the early leaders in getting merchants to adopt the cryptocurrency. Accepting Bitcoin as a payment method will definitely help the supporters who see it as a currency and not an asset as it is seen by the IRS.
The decision will also inspire other bloggers and content providers who are looking for a cheaper means of moving payments around, and with transaction fees which can be lower than 1 percent, Bitcoin is the best option.
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