Tuesday, February 25, 2020

Amazon Shoppers Can Now Pay for Goods Using Bitcoin Lightning Network

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Next time you go shopping on one of the largest online stores such as Amazon, you can do so with your Bitcoin. In line with that, you can take advantage of the lightning network which promises faster transaction as well as lower fees. The latter can be tied to the efforts of Moon, a crypto startup that has made its extension compatible with any lightning-enabled wallet.

Any Lightning-enabled Wallet is Now Compatible with Moon

According to a media outlet’s report on April 22, Moon announced on Monday that any lightning-enabled wallet can be used with its extension. Therefore, shoppers on e-commerce sites such as Amazon can pay with Bitcoin using the Lightning network. However, they will have to do so from the moon extension for web browsers. It is the same extension that has already been used by 250 users in making crypto payments.

On the other hand, a clarification has been made that Amazon itself does not accept these Bitcoin payments. Rather, Bitcoin is first converted to the fiat equivalent of the goods’ value before it is passed on to Amazon merchants. It is also uncertain which financial institution is helping to convert the Bitcoin to fiat.

Lightning-Enable Feature on Platforms Without Accepting Bitcoin

Ken Kruger, Moon’s CEO while speaking to the media revealed that in 2020, the Lightning-enabled feature should be compatible on platforms even if they do not accept Bitcoin directly. The Moon extension is also being reviewed on the Chrome Web Store and it could be launched on Wednesday upon its integration.

Moon, the startup in question was founded in 2018 and it has grown to a company with three people. It had received an investment of $100,000 from Entrepreneurs Roundtable Accelerator. Murat Aktihanoglu, accelerator’s managing director who made comments outlined that Moon is “one of the anchor cryptocurrency businesses with a lucrative potential in five years time.”

Kruger also stated that the company is trying to raise a Series A funding this year and also learn users’ behavior. In his opinion, several opportunities exist which can be used to solve some usability problems and foster the adoption of the lightning network. Kruger also said:

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.

The Lightning network is fast gaining adoption on social media platforms and it could now be the case of e-commerce sites. The network is a second layer on Bitcoin’s blockchain and it creates a channel that is used to send an receive payments. The latter makes transactions faster and lowers the fee.

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