Good news for Bitcoin enthusiast, the bitcoin users can now use the lightning network to buy products on the e-commerce website Amazon. The news was revealed on 22nd April by Moon, a cryptocurrency firm. It stated the lightning network can be used to shop on Amazon.
Companies lack knowledge and trust, because of which they avoid experimenting on emerging technologies, so they force users to make payments through fiat currencies and stop trying the alternative methods.
But now, Amazon, the leading giant e-commerce company has decided to experiment with this technology and has remained loyal to its anti-crypto policy, despite the fact that cryptocurrency users are increasing daily.
The CEO of Moon, Ken Kruger informed the source that the browser extension will display a QR code and it consists of the lightning invoice, the invoice can be copied and pasted, if you are unable to use the QR code for some reason, and the user can pay with their preferred lightning wallet.
Now, this does not indicate that the e-commerce company Amazon is working with Bitcoin. There is no need for the e-commerce website to handle digital currencies. There is a specific company that deals with the payment; the company processes the payment in Bitcoin, the processed payment will be converted to USD so that the retailers can receive the amount in dollars for the goods they sell.
Moon is a startup firm, founded by 3 young Americans. They have designed a plugin Moon which allows Bitcoin users to purchase goods by spending their bitcoin on Amazon. This has been possible only because of the Lightning Network. Bitcoin enthusiast and fans need to thank these young founders for making the dream into reality.
“There’s no direct merchant integration, we’re integrating with the Visa and Mastercard networks, and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.”
The transaction is quick and free, with low fees and this is all due to the lightning network, the security is provided by blockchain based technologies.
The browser extension of Moon is under Google review. In the coming days, Google will put the extension in its store and after a few months will include compatibility with other online shopping services like eBay, Etsy, AliExpress and Target.
The Launch of the Chrome web browser is expected to be on Wednesday, 24th April.
Kruger mentioned that Visa and Mastercard partnership has helped for the integration and they will receive some part of the transaction fees which will be equal to the one paid through plastic cards.
This new initiative will solve the usability problems faced by Bitcoin, and it’s a significant step.
Moon is a New York-based crypto payment processing company. It is just a year old startup firm. Moon includes only 3 members as its staff, the investment of only $100,000 is done by the Entrepreneurs Roundtable Accelerator.
As of now, the Moon browser is accessible on Chrome, Opera and Brave browser.
Kruger briefed: “We’re going to engage with other folks in the lightning community to see what people are doing, what they’re working on and if there are any significant gaps. We’d love to step in and help whenever possible.”
Further, he said that there are numerous opportunities to solve the usability issues and involve people into the lightning network and to expand adoption.