Satellite TV operator Dish Network said it would accept bitcoin payments from customers from the third quarter, joining companies such as Overstock.com Inc and Zynga Inc in accepting the digital currency.
Dish said it selected Coinbase as the payment processor for bitcoin transactions with customers who choose to pay their bills online with the bitcoin wallet of their choice. Bitcoin is a digital currency that is not backed by any government or central bank and is bought and sold on a peer-to-peer network independent of central control.
In March, it launched its Instant Exchange feature, which will be used by Dish to convert bitcoins to U.S. dollars. Dish’s third quarter starts on July 1. While bitcoins may not be an alternative to established currencies, they can cut the cost of moving money around.
“We always want to deliver choice and convenience for our customers and that includes the method they use to pay their bills,” Bernie Han, Dish’s executive vice president and chief operating officer, said in a statement. “Bitcoin is becoming a preferred way for some people to transact and we want to accommodate those individuals.”
PricewaterhouseCoopers estimates that credit card companies charge around 3 percent in transaction fees and PayPal’s commission can go as high as 4 percent. The same transactions via bitcoin is likely to be free.
Open your free digital wallet here to store your cryptocurrencies in a safe place.