American Wholesaler H&M Distributors Starts Accepting Cryptocurrency Payments

  • H&M Distributors will accept BTC, BCH, BCD, LTC payments (among other cryptos).
  • The American distributor now accepts crypto due to its faster settlement times and ability to easily convert to USD.

H&M Distributors, Inc., an American company that “builds inventory based on the needs [its] customers express”, has announced it will start accepting cryptocurrency payments.

Launched in 1997 as a distributor of “shatter-resistant fluorescent light bulbs”, H&M Distributors currently focuses on offering low-cost lampholders, lampholder accessories, and replacement ballasts. In order to provide a wider range of payment options to its clients, H&M Distributors have partnered with Chimpion, a cryptocurrency e-commerce platform that allows merchants to accept crypto payments for their online business.

Currently, retail companies can pay for orders from H&M in bitcoin (BTC), bitcoin cash (BCH), bitcoin diamond (BCD), dash, ether (ETH), litecoin (LTC), zcoin (XZC), and a few other cryptocurrencies.

“Removing International Sales Barriers”, Quick Crypto To USD Conversions

Commenting on H&M Distributors’ decision to start accepting crypto payments, Herb Needham, the firm’s founder and CEO, remarked:

After more than 20 years in the business, we consider ourselves experts in specialty lighting. Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.

H&M is also looking to take advantage of “drastically reduced transaction fees” (“less than a penny” in some cases), while reducing or “eliminating currency conversion fees” that have to be paid when using traditional payment processors. Moreover, the US-based distributor wants “freedom from chargebacks” - which can occur when using more conventional banking services.

By accepting crypto payments, H&M aims to “pass on even more savings to its customers” - as the company believes it can be cheaper to settle transactions with cryptocurrencies. As mentioned in H&M’s press release, cryptocurrencies allow for more “convenience” and “decentralization” in e-commerce. Per the giant distributor, cryptocurrency payment systems  “match the functionality of traditional fiat currency” and they go beyond traditional transaction processors in terms of “efficiency, accessibility, and security.”

Cryptocurrency Adoption On The Rise

As CryptoGlobe reported recently, Argentina’s public transport system has started taking bitcoin payments through its SUBE travelcards. The cards may now be topped up with BTC at various locations throughout the South American country. Passengers in 37 localities in Argentina may add bitcoin to their travelcard credit balance at all supporting stations, certain kiosks with computerized terminals, and several national lottery outlets.

Billionaire Novogratz: Altcoins Won't Pump Like In 2017 Bull Run, Bitcoin Will Dominate

It appears that cryptocurrency prices have finally begun to recover after enduring an extended bear market which lasted throughout 2018.

As the market capitalization of Bitcoin (BTC) and other major cryptoassets continues to rise, several analysts have been drawing comparisons between what they’re seeing in the current market and what they observed during the historic bull market of late 2017 and early 2018.

Commenting on the recent crypto market price movements via Twitter, Ran NeuNer, the host of the CNBC Africa Trader show, remarked:

The market is running but we still haven’t seen the crazy alt pumps, pumps where coins do 40% in a it coming?

Bitcoin To “Outperform” All Other Cryptos “This Time”

As the bitcoin price begins to recover, there have been many predictions made regarding the anticipated performance of altcoins. Twitter user “Crypto Bitlord” (@Crypto_Bitlord), a widely-followed digital asset market analyst, believes XRP, which currently has a market cap of around $16.3 billion, may trade as high as $10.

However, prominent crypto investor Michael Novogratz believes that digital asset traders are a lot smarter this time, when compared to some of the bad investment decisions they might have made during the initial coin offering (ICO) craze of 2017.

Novogratz, who’s the founder and CEO of Galaxy Digital, a full-service crypto merchant bank, has predicted that in this market run, Bitcoin will “outperform” all other cryptoassets.

On May 16th, 2019, the Bitcoin price surged to a 2019 high of $8,373 according to CryptoCompare data. In response to bitcoin’s recent price movements, Juan Villaverde, the Chief Analyst at Weiss Crypto Ratings, told CryptoGlobe: 

Bitcoin could fall to as low as $4,400. But [if] it does, it will be the best Bitcoin buying opportunity since 2015.

“More Good News For New Bitcoin Users”

Villaverde, an econometrician and mathematician focused on developing various crypto index models at Weiss Ratings, believes bitcoin would be a great buy at a lower price (as suggested above) because of the following reasons:

  • “The usage of Bitcoin is near all-time highs – 450,000 transactions per day. That’s up from a low of 150,000 in April of 2018 and approaching the all-time high of 490,000 in December of 2017.”
  • “Despite the high transaction volume, fees on the Bitcoin network are at their lowest levels since August of 2017 – more good news for users.”
  • “The Bitcoin block size is now greater than ever before, thanks to the Segwit technology upgrade.”

Villaverde further noted that the predictions are “based on studying the time patterns in Bitcoin's rises and falls throughout its 9 year trading history.” He explained that the time patterns have been analyzed by using an “algorithm-based market cycles model.”

The Chief Analyst at Weiss Ratings also mentioned that the bear market “ended on December 15th 2018 and the model confirmed this shift in trend on March 26th of this year.”

He added:

Then, after the rally that took place starting on April 25th, the same model told me a new bull market was now underway. The same model indicated a 30% to 45% correction due as of late April-early May and we seem to be experiencing that right now.