Bitcoin Magazine Historic Covers is a limited edition, unique collection of 1/1 inscriptions representing the first 23 covers of the world's first and most renowned magazine about Bitcoin.

From 2012 until Bitcoin’s 10th anniversary in 2019, these 23 issues followed along the history of Bitcoin through the lens of those who shaped it.

This collection marks not only the starting point of Bitcoin Magazine’s roadmap in the world of Ordinals, but plays homage to the one-of-a-kind history and scarcity that these magazines carry.

Bitcoin Magazine Historic Covers will be available in an open, trust-minimized Dutch auction starting on Bitcoin block height 785530 785555, or Saturday, April 15 at approximately 12:00 p.m. ET.

The best way to follow the auction live is to join the official Bitcoin Magazine Discord Server.

A Dutch auction is a type of auction in which the price of the item starts at a ceiling and is gradually lowered until a bidder acquires the item. This model ensures fair and open participation and enables optimal price discovery on a first-come, first-served basis.

Our auction is trust-minimized in the sense that the payment and inscription release flow rely on PSBTs, a native Bitcoin protocol feature. This removes the need for full trust in Bitcoin Magazine to deliver the inscription to the buyer after the payment is received. Learn more about PSBTs here.

Here are the auction details:

• All covers will be auctioned in parallel, with a ceiling price of 10 BTC.
• Upon every new Bitcoin block being added to the blockchain, the price will be decreased, increasing the competition for the unique covers.
• The first bidder to place a successful bid on a given cover takes the item.
• The auction will last a maximum of 32 Bitcoin blocks until the covers are purchased, with a resting floor of 0.2 BTC. However, since it is a Dutch auction rather than a traditional auction, it could end well before that maximum.

The starting price in a Dutch auction is actually the maximum price and differs from the starting bid that acts as a floor in traditional auctions.

Bitcoin Magazine is not setting the price or value of these inscriptions. We are determining the ceiling price to start the auction (10 BTC each in this case), which will subsequently be lowered at every Bitcoin block until a bidder pulls the trigger.

This descending-price function allows the market to openly and freely determine the value of our collection on a first-come, first-served basis. When a successful bid is placed, the item is sold!

We recommend using Sparrow for the ultimate level of control and customization, but you can also use popular Ordinal browser wallets Xverse or Hiro.

Sparrow provides the highest degree of control and customization to your needs, and as such warrants a great deal of care to be set up right.
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Below is a guide for setting up a Sparrow wallet for your inscriptions, the correct way:
https://docs.ordinals.com/guides/collecting/sparrow-wallet.html

You can pay with any PSBT-enabled Bitcoin wallet. We recommend Sparrow Wallet, but the auction also supports popular browser wallets Xverse and Hiro.

Before the auction starts, make sure you properly set up a wallet and top it up with enough BTC to fulfill your desired bid plus network fees.

Once your transaction is confirmed on the Bitcoin blockchain, your payment will have been sent to us and the inscription sent to you. This process happens automatically upon transaction confirmation due to the nature of PSBTs.

Unconfirmed bids (purchases that haven't been confirmed on the blockchain) will be displayed as such on the auction page. Buyers can compete for a given cover at the same price point by setting a higher fee rate than the previous bidder, increasing the chances their transaction confirms first. Due to the nature of PSBTs, only one bid can be successful and confirmed. As such, there is no need for refunds to "losing" bidders as no funds will have actually moved.

Your cover will automatically be sent as soon as your transaction is confirmed.

If you paid using Sparrow, the cover will be sent to the address you provided when making the payment. If you used Xverse or Hiro, the cover will be sent to your browser wallet.