The new Moon browser extension will let you use your Lightning-enabled Bitcoin wallet to buy stuff on Amazon. Don’t pop the champagne just yet. This isn’t the “Amazon accepts Bitcoin!” news the industry has been anticipating for years. But the news is far from a nothingburger as well. Let’s take a look at why the Moon extension is just another reason to feel ever more (cautiously) optimistic about Bitcoin news in 2019.
Firstly, Moon might seem like just another crypto payment app, but it actually represents some pretty nifty integrating with VISA and MasterCard. Moon (the company) has created an agreement with these mammoth payments networks and will receive a cut of the interchange fees that happen every time someone uses VISA/MasterCard through Moon.
So, while Amazon remains elusive, this news means that VISA and MasterCard are more than willing to play ball with crypto payments companies. At the very least, clever blockchain engineers have found a way to interface between the Lightning Network and third-party payment processors, and even that would be really great news for the space.
Moon is currently in beta, but is shouting the news of their service from the rooftops in anticipation of its official wide release. If you are a Lightning Network user, the Moon browser extension is a no-brainer. If you are the kind of person who has been hesitant to use Bitcoin because of the difficulty in doing so, now might be the time to buy Bitcoin to spend on everyday online purchases.
So how will the Moon browser extension work? It’s pretty simple. When checking out at Amazon, a QR code will be generated before payment is complete. You can scan the QR code with your phone on any Lightning-enabled Bitcoin wallet app. If you can’t scan the code for some reason, you can copy and paste an alphanumeric code that will accomplish the same thing. Finish the transaction on your phone and – BOOM! – an Amazon purchase completed with Bitcoin.
Some other outlets are announcing this news as if Amazon itself is accepting Bitcoin payments, and this just isn’t the case. Amazon is still the world’s largest retailer, and they seem to be doing just fine accepting only fiat currencies of various kinds. It truly will be an incredible day when and if Amazon starts accepting Bitcoin.
While we don’t expect Amazon to make a move anytime soon, it’s companies like Moon that are making this eventual outcome more likely. The biggest downside of Bitcoin is that it’s hard to use for everyday purchases. Remove this roadblock and more people will start using Bitcoin for regular payments online. Other apps and websites will find ways to integrate Bitcoin with their services, and Bitcoin will become a de facto new currency payment standard for online payments around the world.
When you can use Bitcoin to buy anything you want, and millions around the world are doing just that, this is when Amazon is going to want a piece of the action. Amazon understands that adding Bitcoin to its site would make the price of BTC skyrocket overnight. Like many other businesses using blockchain around the world, Amazon surely has its eyes on Bitcoin, watching how it grows into the world’s first fully decentralized major currency. Grab the Moon extension to get a taste of crypto’s future today.
Featured image: William Potter/Shutterstock.com
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