Dish network subscribers will soon be in a position to pay fees in bitcoin in a development that will see the virtual currency advance a little into the traditional financial system.
Dish Network stands as one of the largest pay TV operators in the US, boasting a customer-base of about 14 million. The firm said customers will start making monthly payments in the digital currency in the third quarter.
“It’s another big milestone. “This is a mainstream company with mainstream leadership that’s decided to embrace Bitcoin and what Bitcoin technology offers,” Wedbush Securities analyst Gil Luria is quoted by the New York Times as saying.
Other firms such as Overstock.com and Virgin America do accept bitcoin payments, but Dish claims to be the largest to do so.
Bitcoins can be acquired through buying from sellers within a network or generated by working out sophisticated mathematical problems. The virtual currency was first launched in 2009 and has since offered a lower-cost payment alternative that allows users to sidestep mainstream banking channels.
According to ABC, Dish Network said payment transactions will be possible via processor Coinbase by September this year. The virtual currency exchange will instantly convert bitcoins into traditional cash to avoid losses due to price fluctuation.
The firm’s chief operating officer Bernie Han said the bitcoin payment concept was inspired by employees who had become accustomed to use of the online currency. Although Han said demand for use of the digital currency in making payment had not been worked out, Dish is already pursuing tech-savvy subscribers by offering them live TV streams via mobile devices.
“It doesn’t seem like this has anything to do with the politics of Bitcoin and the ideology of Bitcoin, it has to do with the business of Bitcoin,” Luria commented further on the Dish’s bitcoin move.
To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Deepak Tiwari at firstname.lastname@example.org