It is good news for all Bitcoin spenders out there. Finally, they can now use the Lightning network to all of their shopping escapades on Amazon and other e-commerce sites. Here is everything about it in a nutshell.
Making Payments Using BTC
According to the official report, the crypto payment processing company called Moon has revealed that all lightning-powered wallets can be utilized through its browser extension. Before this feature, around 250 beta users have already been using the latter in spending digital currencies on e-commerce sites. The process involves connecting the said extension directly to exchange accounts.
The CEO of Moon named Ken Krueger said in an interview that the browser extension can pop up a QR code. From there, it will showcase the lightning invoice. Interestingly, this invoice can be copied and pasted if users are unable to utilize the said code for whatever reason it could be. At the end of the day, they will appreciate the fact that they can finally pay using their go-to lightning wallet.
It is worth noting, though, that Amazon does not necessarily touch the world’s leading crypto Bitcoin. As far as which traditional financial entities are responsible for converting the digital currency to fiat, Kruger did not really explain.
How It Works
Basically, the conversion, which takes place on the backend, makes it possible for Amazon merchants to receive fiat currency for their respective stores. However, the CEO clarified that come 2020, the lightning-powered feature should be available on almost all e-commerce sites. And this can happen whether or not a platform is capable of receiving BTC.
Kruger further stated that, as of now, a direct merchant integration does not exist. He also explained that Moon is the one managing all payment channels and, at the same time, merely provide a much simpler interface designed for sending payments.
The CEO also mentioned about the integration with both Mastercard and Visa networks. Through it, the startup is successful in getting a cut of the overall interchange fees. These fees, in particular, are paid by merchants whenever they obtain a credit card transaction.
Moon was made a reality in New York last year. Eventually, it became a company with just three staff of people. It only had around $100,000 investment courtesy of the Entrepreneurs Roundtable Accelerator. For the latter, the startup is one of the best anchors in the entire crypto industry.