READ ALL ABOUT IT

Every self-respecting hobby group needs its own magazine, be it metal detecting or cross-stitch, and by late 2011, it was evident that Bitcoin was now big enough to warrant its own print publication. While the dominance of print media has since diminished as digital has taken over, it was still an influential format in the early 2010s.

It was only a matter of time until Bitcoin made the leap from digital network to physical publication, providing quality content that could be thumbed through by its passionate community. The name for the first periodical to bear the Bitcoin name was obvious – Bitcoin Magazine – although the initial title was in fact BitTalk Magazine, in reflection of the forum where the concept came to life.

Today, Bitcoin Magazine is most famous not on account of being the first publication of its kind, but on account of who was behind it. It was co-founded by a 17-year-old Canadian Bitcoin enthusiast going by the name of Vitalik Buterin. Long before Ethereum was a gleam in his eye, the child prodigy was immersed in Bitcoin, his first love and the testbed for his precious talents.

Many of the individuals who collaborated on early Bitcoin projects had little in common culturally or geographically, but were united by their conviction in its transformative potential. So it proved to be with the birth of Bitcoin Magazine, which connected Canadian citizen Vitalik with Romania’s Mihai Alsie.

Vitalik had come to the attention of his co-founder while writing blog posts for a site called Bitcoin Weekly, for which he received 5 BTC per article – a sum that was then worth only a few dollars. It was clear to Mihai, however, that Vitalik’s clear, analytical style belied his tender years and before long the two were in constant communication about the magazine they envisaged.

Bitcoin Starts Printing

Before long, the duo had expanded to a quintet completed by Mattthew N. Wright, Vladimir Marchenko, and Vincente S, and the magazine was rapidly taking shape. In many respects, the content was easier to determine than the logistics, which entailed significant planning. Producing a print magazine from scratch – especially one funded in Bitcoin – was unprecedented, particularly because its audience was geographically fragmented. Getting it stocked in stores wasn’t a viable option: it would need to be mailed to Bitcoiners around the globe.

The team worked fast, however, aided by the spirit of collaboration that defined the Bitcoin community at the time. In December 2011, the team began accepting pre-orders in BTC for subscriptions, with this crowdfunding model allowing them to gauge demand and cover printing costs. Bitcoin Magazine was born on a shoestring budget powered by bitcoin payments – a fitting start for a crypto publication.

One of the biggest decisions the team had to make was where to have the mag printed. In the event, they went with South Korea, where Matthew Wright was based and where costs were competitive. Not only did they want to create a magazine that was an engaging read, but they wanted it to feel suitably high end. As a result, they went for full colour and glossy production values. This was no knockoff fanzine.

The first edition went to print on May 1st 2012 with an initial print run of a few thousand copies, mailed to pre-order purchasers around the world. While pricing varied, 1 BTC would typically cover a year’s subscription.

Shipping proved to be a challenge due to the complexity associated with simultaneously distributing a magazine globally. When the first batch of magazines arrived in Europe, Mihai Alisie had to wrestle with customs in Romania to release the shipment.

Mihai recounted going to the post office to claim three boxes of Bitcoin Magazine that had been flagged by Romanian customs. The officers, seeing the Guy Fawkes mask on the cover, were suspicious, wondering if these magazines were subversive material. Mihai was nervous; would the magazines be confiscated or taxed heavily? Instead, the customs officers became intrigued, with one flipping through a copy, asking what Bitcoin was, and even chatting about the ACTA internet censorship debates that were in the news.

Features that made it into the first edition of Bitcoin Magazine included “Bitcoin: Prehistory, Predecessors and Genesis”; “Being Satoshi: A Look Inside the Man Behind the Currency”; and “A Bit of Instant: Interview With Charlie Shrem.” The combination of deep dives into Bitcoin’s architecture coupled with simpler, click-bait pieces resonated with readers.

The magazine quickly became essential reading material among Bitcoin enthusiasts. Because copies were scarce due to the limited print run, they became coveted; people at meetups or conferences would crowd around anyone who had a copy.

Between 2012 and 2014, Bitcoin Magazine ran to 22 issues under its original founders. The early editions particularly have become collector’s items, not least the first edition in which Charlie Shrem paid 1,300 BTC for a back-page ad. Flicking back through the magazine now, it reads like a who’s who of the figures that would come to define Bitcoin for the next decade.