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Kindle does not have anal restrictions. It uses a different DRM. Just like Barnes and Noble. So you can buy books from stores that sell books in a Mobi format and not an EPub format. Any independent books store, ie one not tied to a specific e-reader like Kobo, Sony, Nook, or Kindle, sells books in both formats. Kobo can buy books from any bookstore that is not Kindle or Barnes and Noble.
So Kobo can read books from some of the smaller e-reader stores easily. With the Kindle you can buy books from just about every store you can the Kobo (minus Sony and Kobo) and Amazons store. Amazons store is still the largest e-reader bookstore so you are not exactly missing out on anything.
And if you are willing to strip DRM and convert formats, none of it matters because you can buy from any bookstore you want.
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