updated 05:59 pm EDT, Thu May 29, 2014
Deal with Coinbase allows bitcoin transactions from customers
Satellite provider Dish is teaming up with Coinbase to allow its customers to pay bills with Bitcoins. The deal makes Dish the largest company to date to accept the Internet currency for service transactions. Dish's deal follows other such agreements with Coinbase including online retailers Overstock.com and Tiger Direct.
Dish is expected to start accepting the currency in the form of one time payments during the third quarter of this year. Using Coinbase's instant exchange, payments made in Bitcoin will be immediately processed to ensure an accurate exchange rate for the volatile currency. This minimizes losses to the company as cryptocurrencies are known to swing wildly at times based on a number of factors.
"We always want to deliver choice and convenience for our customers and that includes the method they use to pay their bills," said Dish executive vice president Bernie Han in a statement. "Bitcoin is becoming a preferred way for some people to transact and we want to accommodate those individuals."
It is possible that more companies will be buying into the Internet currency game as it grows in popularity. A notice by the Internal Revenue Service in April will help speed along the process when they issued guidance on the taxable status of various currencies such as Bitcoin, Dogecoin and Litecoin. They still aren't classified as real currencies and lack regulation, but with tax implications companies large and small will find it easier to comply with government standards.