Digital Transformation

The Drum set to accept Bitcoin payment for magazine


By The Drum Team | Staff Writer

June 13, 2014 | 4 min read

The Drum is to become one of the first UK magazine titles to boast a BitCoin cover price – in an initiative which will take place as part of The Drum Live.

This conference which will take place on July 9 will see the publication create a magazine in a day, with the help of a 250 strong audience of marketers and media communications professionals.

During the proceedings, the publication will activate its BitCoin payment system – and as a result the publication that is the product of The Drum Live, will be one of the very first in the UK to sport a BitCoin cover price.

Said editor, Gordon Young, “Many of our readers are intrigued by the emergence of this virtual currency. We wanted to give those who attend The Drum Live, a real insight what it is actually like to set up BitCoin payment system in real life.

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“What are its benefits and disadvantages? What are the risks, and the legal implications? How does it work in terms of VAT and Tax? How easy is it to convert into traditional currency? How can be secured? These are just some of the questions we will need to address before hitting the button. And we will be aided by experts from the likes of Sheridans and Weve. We will also have a BitCoin ATM at the event, so people can buy the virtual currency. In fact one of those attending could make history by becoming the first person to use BitCoins to subscribe to The Drum.”

The Drum Live will feature a series of projects that will be done in a day – including the creation of a popular YouTube blog, the building of a virtual city, the production of real time ads and augmented reality demonstrations.

Young added, “This is a magazine which will be done in a day, about what can be achieved in a day. The theme is a ‘new way of working’ and responsive, real-time tactics is a key part of the emerging ecosystem. Delegates will get a taste for the new, exciting fast-moving world.”

The Drum Live will also feature involvement from companies such as Twitter, ITN, Asda, Buzzfeed, Unilever, Metro, neuroscientist Beau Lotto and Edelman.

To book your place or find out more about the event go to The Drum Live website.

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