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How to pay for purchases with fiat money for cryptocurrency

04/24/2019
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The operator of cryptocurrency payments Moon offered its customers a new service. Now every cryptocurrency owner will be able to pay for Bitcoin purchases in the Amazon online store. To do this, it is enough to have a wallet with Lightning Network support and an extension for the Google Chrome browser.

Lightning and Moon features

A feature of this service is that the seller of the goods will not even notice its use. Fiat money will come to his account, and the cryptocurrency will be debited from the customer’s wallet. Partners in this project are financial institutions, which Moon Director Ken Kruger declined to name.

The company integrates with the payment systems Visa and Mastercard, which allows us to provide services worldwide.

The launch of the service allows customers to pay with Bitcoins even in those stores that do not accept cryptocurrency payments. In Moon, they note that Amazon now has nothing to do with the development or implementation of this project. In fact, it has become a test site for more extensive development. If the technology proves its efficiency, buyers will be able to pay Bitcoin for purchases in absolutely any store.

Opportunities blockchain and Lightning Network

To write information to the blockchain, it must be confirmed by many users. This not only significantly increases the time for payment, but also leads to increased costs. The commission on the Bitcoin blockchain sometimes reaches $ 50, although most often it is only $ 1-2. But this is a lot with small purchases. Lightning Network technology solves this problem.

Lightning Network is a safe, the keys of which are held by two users. Information about it is stored in the blockchain, but the operation is confirmed using only two keys.

The important thing is that transactions with the Lightning Network technology actually do not incur any costs. Since there is no need to process information, payments are made without time delays. The system is controlled by a special extension that can even be installed in the browser.

Moon technology to convert cryptocurrency to fiat

In the startup Moon, they quickly realized the potential of Lightning. Their application generates a QR code, which is a kind of key. According to the general director of the company, within a year any site can be connected to this system. More precisely, the connection itself is not even required. The user decides how he will pay for the purchase.

Startup Moon is a young project that has not even reached the round of public funding. It is expected that this will happen in 2019.

Thanks to the Lightning Network technology, the possibilities for using cryptocurrency in everyday life are significantly increased. Until now, Bitcoin payment was an exotic act associated with a number of technical problems. However, new opportunities radically change the situation. In the near future, the large US retailer Kroger will begin testing blockchain technologies. In this way, he wants to replace traditional payment systems in settlements with customers. It is likely that this will completely change the balance of power in the financial market.

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