Many of the large corporations have started accepting cryptocurrencies in exchange for the services they provide. The latest development has been that yesterday, the DISH Network announced that they would start accepting payments in the form of the cryptocurrency ‘Bitcoin Cash’. However, this is not the first cryptocurrency that has been adopted for payment for the services that DISH network provides. Since 2014, it has been accepting Bitcoins as payment in exchange for the services provided to its customers. Subscribers can now pay for television entertainment using Bitcoin, as well as its forked version Bitcoin Cash. John Swieringa, DISH executive vice president and chief operating officer said,
We’ve added Bitcoin Cash just as we chose to accept Bitcoin to serve customers who have adopted a new way of doing business.
DISH Network Corporation has been around since the 1980s, providing television entertainment and Award winning technology to its valuable customers. In addition to providing satellite DISH TV, it has also been the provider of Streaming Sling TV services. The official website of DISH Network states that it operates “a national in-home installation workforce, as well as an advertising sales group delivering targeted advertising solutions on DISH TV and Sling TV.”
In addition to this, DISH has also announced that it would be abandoning its former payment processor. Bitpay has been chosen as a replacement to the previous one. Swieringa said in this regard,
We have a steady volume of customers paying with cryptocurrency each month, and Bitpay will allow us to continue offering more choice and convenience to our customers.
Bitpay has been around since 2011, and is the most used payment processor for bitcoin and several other cryptocurrencies. Its services are not only limited to accepting and paying in cryptocurrencies, it also provides a digital wallet and issues digital cards. The BitPay card can be used to convert digital currencies in US dollars. Bitpay provides a range of products and use cases to its customers, which enables them to utilize the extremely fast, low-cost, and fraud free blockchain tech.
There have been several companies that did start accepting the digitized currencies, but due to the high volatility of the currencies, the companies had to withdraw from them. Steam, which is a gaming online platform, was one of them. They mentioned that owing to the unstable nature of Bitcoin, they had to suffer losses. In some cases, they had to ask customers to pay their outstanding dues because of the drop, who sometimes did not comply with the matter. According to the blog post by Steam,
In the past few months we’ve seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network. For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin).These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically.
This particular subject is not an issue for the DISH network, because they send the exact amount of Bitcoin or Bitcoin Cash needed to make one-time payment on mydish.com or DISH’s Hopper DVR. Bitpay exchanges these cryptocurrencies to US dollars when the transaction is made and this way it is ensured that the high volatility of digitized currencies has no impact on the transaction. Sonny Singh, Chief Commercial Officer with BitPay said,
Our goal for DISH Network is a seamless transition to BitPay so all customers who are currently paying for services with Bitcoin continue to have the option to pay with Bitcoin or Bitcoin Cash.
Showing his full support for the cryptocurrencies and the tamper proof distributive ledger, he added on,
Cryptocurrency is an increasingly popular way for consumers to make purchases online as it reduces credit card fraud and is cheaper for the merchants.
It suffices to say at this point, that with more and more companies starting to accept cryptocurrencies as payment and multiple countries producing legal framework to regulate them, promoting their exchange, it would be imprudent for the others to not do the same.