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Assuming you have only one site and one subscription type... You host a page that takes sign up submissions and generates an invoice to a bitcoin processor like bitpay or coinbase. The invoice that they generate looks like this:
bitpay-dot-com/invoice?id=nOGLY_LjFKyQWt7RO12DmONjJhB4BcZavkr9Sao qziU=
The person pays it.
When the transaction is complete, the processor posts back the invoice information to you telling you it was a confirmed sale. That is where a script you writes receives the postback, generates a u/p and sends it to the new member.
You'll need a system that tracks the invoice that is generated as well as the email the person uses to sign up. You are responsible for the user management and expiry. And I guess the crux of your question is that it isn't done in realtime -- there is a delay as the person pays the bitcoin invoice and you receive confirmation it is complete.
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