In its slow-but-steady crawl towards mass adoption, Bitcoin (BTC) will be accepted at American wholesaler H&M Distributors.
Not to be mistaken with the Swedish company Hennes & Mauritz AB, H&M Distributors instead deals in especially — light, substitute ballasts, lamp holders, and accessories for lamp holders.
Though this might not be the statement in Bitcoin’s background of acceptance as a means of payment, it is another brick laid on the path.
H&M Distributors will utilize the cryptocurrency e-commerce system Chimpion to facilitate purchases using the cryptocurrency.
But, Bitcoin is not the only asset accepted by the organization. Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH), Bitcoin Diamond (BCD), and others are also approved. (Though, it’s officially tricky to envision anyone buying replacement ballasts with Bitcoin Diamond.)
‘WHAT SOLD US WAS THE SETTLEMENT SYSTEM’
The decision to accept Bitcoin and other cryptocurrencies comes following the company realized that the nascent asset category breaks down financial obstacles (by taking away the need for monies ) and enables it to sell its products to a wider international market.
H&M Distributors founder and CEO Herb Needham said in a press release:
After over 20 years in the business, we consider ourselves specialists in specialty lighting. Accepting cryptocurrency obligations allows us to share that experience with even more clients by eliminating a number of the obstacles that made it hard to sell before. What sold us was the settlement system, which enables us to convert crypto obligations to some USD equal away.
The media release also claims that the approval of cryptocurrencies enables the organization to”pass on even more savings to [its] customers” by means of”drastically reduced transaction fees […] and freedom from chargebacks.”
What do you think about H&M Distributors’ choice to take Bitcoin along with other cryptocurrencies? Tell us your thoughts in the comments!