Bitcoin holders who shop at Amazon will love Moon’s desktop browser extension as it allows conversion from crypto to fiat within seconds.
The three-person team of Kenneth Kruger, Khurram Khalim, and Fox Holt created a payment system available as an extension for Google Chrome, Opera, and Brave that would allow transactions using cryptocurrencies on Amazon.
Moon accepts Bitcoin, Litecoin, Ethereum, and Bitcoin Cash and converts them to fiat before sending the order to the e-commerce giant. Users can also tap into their Coinbase account or their Lightning Network wallet.
How it works
Crypto holders who install the extension on their browser will have the payment widget available upon checkout. Moon can also detect if users are browsing Amazon.
When payment time comes, the extension supplies the user with the option to purchase using crypto funds, and there are no fees to process transactions.
It takes just a few seconds for the payment to complete since Amazon doesn’t receive the actual cryptocurrency but rather the converted crypto to fiat. After the transaction, the user receives a QR code from the Lightning Network.
To attract those who own Bitcoin to use their extension, they reward a 4% back in Bitcoin.
The purpose of the Lightning Network
Payments using Bitcoin has been somewhat an inconvenience for those who own the cryptocurrency. The transactions it can process per second is minuscule compared to other available payment methods like Visa and Mastercard — and even other altcoins.
What the Lightning Network does is it establishes a payment channel that is outside of the main blockchain — a.k.a. off-chain approach — that enables multiple transactions without affecting the main block. This makes multiple small purchases possible without incurring hefty fees.
Then, when the payment channel closes, that’s the only time the final tally of the payment channel is recorded as one transaction to the main blockchain.
Moon’s Future plans
Moon currently supports Amazon purchases, but in the future, it plans to make the extension available across other e-commerce sites like Target, Domino’s, Etsy, AliExpress, and eBay. The company also wants to expand outside of the U.S. and Canada and plans on attracting European crypto owners as well.