Despite its volatility and slow but steady movement towards mainstream adoption, Bitcoin (BTC) is getting more recognition and adoption. H&M Distributors – American wholesaler – recently showed its interest in the world’s largest digital currency. The firm recently announced that it has started accepting Bitcoin (BTC) and several altcoins.
Not to be mistaken for Hennes & Mauritz AB – the Swedish multinational clothing-retail firm – rather, H&M Distributors deals in cost-effective lighting – lamp holders, replacement ballasts, and accessories for lamp holders. Though this might not be the most exciting or spectacular announcement in the history of Bitcoin (BTC) being accepted as a form of payment, it, however, is another stepping stone on the roadmap to mass adoption.
H&M Distributors Plans to use Chimpion to Facilitate Purchases with Bitcoin (BTC)
H&M Distributors will use Chimpion – a digital currency e-commerce platform – to facilitate purchases with the largest digital currency in the world. Nevertheless, Bitcoin (BTC) is not the only digital currency that the firm accepts.
Some other digital currencies accepted by the firm include Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Diamond (BCD), Dash (DASH), and others. It is legitimately hard to imagine anyone buying replacement ballasts or accessories for lamp holder with Litecoin (LTC).
‘What Attracted H&M Distributors to the Digital Currency Space’
H&M Distributors came to the decision of accepting Bitcoin (BTC) and a wide range of other digital currencies after they realized that the evolving asset class breaks down financial hurdles (by eliminating the need for banks and other third-parties) and lets it sell its products to a wide range of customers across the globe.
In a press release, Herb Needham – the CEO and founder of H&M Distributors – said: “After more than twenty years in the business, we consider ourselves professionals in specialty lighting. Accepting digital currency payment lets us share that professionalism with even more customers by removing the majority of the barriers that made it difficult to sell internationally before. What really attracted us was the settlement system, which lets us convert digital currency payments to a U.S. dollar equivalent right away.”
According to the press release, the firm’s acceptance of digital currency also allows it to pass on even more savings to its client by way of significantly reducing transaction costs as well as freedom from chargebacks.
Bitcoin (BTC) Price Today – BTC / USD
The value of Bitcoin (BTC) over the past year has not been really impressive. However, despite the poor price trend of the digital currency, its adoption is continually on the rise. The awareness of the digital currency is on the rise, and more firms and industries are beginning to adopt the digital currency, as well as other digital currency in the market, as a means of payment.
Bitcoin (BTC) price recently surged sharply after trading below the $3,500 mark for almost a month. The digital currency recently saw a sharp increase and it carried other digital currencies in the crypto market along.
At the time of writing, Bitcoin (BTC) is changing hands at $3,687 after an increase of less than one percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $63.98 billion with a trading volume of $3.87 billion over the past twenty-four hours. The valuation of the entire digital currency market also saw a sharp increase of $10 billion, rising from $111 billion to $121 billion.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.