DISH Networks to accept bitcoin payments

DISH Networks to accept bitcoin payments

Summary: DISH said it will begin accepting bitcoin payments by September through payment processor Coinbase. Bitcoins will be instantly converted into US dollars to avoid devaluation issues.

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TOPICS: Banking
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Satellite TV provider DISH Network Corp. said it will become the largest company to accept customer payments via the cryptocurrency bitcoin.

DISH said it will begin accepting bitcoin payments by September through payment processor Coinbase. Bitcoins will be instantly converted into U.S. dollars to avoid devaluation issues.

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DISH EVP and COO said the impetus for accepting the digital currency was to attract and accommodate customers who prefer to transact via bitcoin. Those customers also tend to be younger, and mobile and tech-savvy — a key demographic DISH needs if it is to stay competitive with online video streaming rivals. 

The DISH deal is another step in bitcoin's long march to legitimacy following a stream of unfortunate events, such as China's bitcoin crackdown, the Mt. Gox debacle and bitcoin's ties to the now shuttered online drug marketplace Silk Road.

The passage of time since these events clearly has been kind to the alternative currency, as more and more businesses jump on the bitcoin-acceptance bandwagon.

Along with that growing brood of businesses willing to deal in bitcoin, there's been a surge of digital wallets and bitcoin ATMs making it their mission to take the currency mainstream.

Perhaps the DISH deal will be the push bitcoin needs to squash concerns that the currency is fledgling and ultimately fleeting. 

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Topic: Banking

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8 comments
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  • Un, huh

    We'll see how long this publicity stunt lasts. Kind of a genius move though waiting until September. Bitcoins and/or Coinbase may be moot by then.
    Sir Name
  • And...maybe it won't.

    "Perhaps the DISH deal will be the push bitcoin needs to squash concerns that the currency is fledgling and ultimately fleeting."
    It'sNotMe
    • Time will tell

      It will take many more than one large vendor to make Bitcoin mainstream.
      John L. Ries
  • So Dish isn't going to be in the speculation game

    "Bitcoins will be instantly converted into U.S. dollars to avoid devaluation issues." It would be tempting to convert as late as possible when Bitcoin is going up and as early as possible when Bitcoin is going down, but it looks like Dish isn't going to play that game, which is prudent. But the statement doesn't look like a huge vote of confidence in the medium.

    Given that Bitcoin still isn't terribly stable, though, I'm guessing that the BTC price will have to be changed daily.
    John L. Ries
    • No, it's not

      But I didn't see anything in the article that suggested legal problems. Dish is converting immediately to dollars, which will, no doubt, show up on its tax returns. It's not terribly surprising that Bitcoin is attractive to criminals, but that doesn't mean that honest people don't use it too.
      John L. Ries
      • How did that happen?

        I was intending to respond to Rick_R.
        John L. Ries
  • Two guys in party hats with kazoos isn't a "bandwagon".

    Nor are small app vendors and other small businesses. The first time someone gets hit by the IRS for money laundering or tax evasion by using Bitcoin and it doesn't involve drugs, people will drop it like a hot potato.
    Rick_R
  • Is Dish really accepting Bitcoins?

    Given that the currency is going to be "instantly converted to dollars" it doesn't sound like Dish is actually going to be holding Bitcoins in any sort of account for any amount of time. At best it looks like Dish will be accepting Dollars from a third party payment processing company that itself takes Bitcoin. So I'm with those who see this as more of a publicity stunt than anything.
    dsf3g