Bitcoin News

Amazon is now accepting Bitcoin using lightning network

Bitcoin payments in e-commerce

Users and investors of bitcoin will now be able to spend their bitcoins using the lightning network for shopping on the e-commerce platform Amazon. This is according to information coming from the Crypto payment processing startup called Moon.

According to the company, all lightning-enabled wallets will now be possible for usage through the Moon browser extension. The company is also said to have carried out a beta test with over 250 users.

Moon CEO Ken Kruger mentioned that:

“The extension will pop up a QR code and it will have the lightning invoice, which you could also copy and paste if you can’t use the QR code for some reason. And you’ll be able to pay with your favourite lightning wallet.”

Whether Amazon will be using bitcoin directly for other trades is still not clear.

However, developments with the Lightning Network are speeding up and the company expects that we will be seeing some great features by 2020, features that will make it possible for their infrastructure to work on almost any e-commerce site irrespective of whether they deal with Bitcoins or not.

According to Kruger:

“There’s no direct merchant integration. However we’re integrating with the Visa and Mastercard network and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.”

There are currently huge opportunities when it comes to companies solving the usability problems Bitcoin faces. The Lightning Network is focused on this and is increasing in adoption on a daily basis.

Amazon and other e-commerce companies are happy to engage in the Lightning Network community as several other major retail outlets had in the past drop Bitcoin due to the concerns which the LN is now solving.

The company is also willing to step in and help with future developments whenever need be.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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