Developers continue to release innovative new technologies built on the Bitcoin ‘Lightning Network’. The most recent of these is Moon, a browser extension plugin that hopes to enable Bitcoin payments to almost any online e-commerce website.
Many of the most popular online retailers like Amazon still don’t support payments via Bitcoin, making it difficult for users to spend their cryptocurrency online. While we patiently await the adoption of crypto by these companies, Moon has found a way around it via the Lightning Network.
The New York-based blockchain startup has developed a payment processing tool that accesses your cryptocurrency wallet and converts funds into fiat before settling with a retailer. This way the retailer need not have any connection with cryptocurrencies or even know that crypto was originally used as payment.
Moon has developed partnerships with Mastercard and Visa in order to convert the funds and process payments. The browser extension creates an invoice and QR code that can be scanned and charged to a users Lightning wallet. Moon then converts the Bitcoin to fiat currency at a small charge and pays the retailer.
While the feature doesn’t represent a genuine example of crypto-to-crypto transactions, it shows that there is a desire by users to spend their crypto online. Hopefully, as these technologies are more widely adopted, online retailers will begin to integrate them into their sites.
The feature has been beta-tested by approximately 250 users over the past few months with excellent results and is now ready for public launch.