Bitcoin can now be used to buy things using the Lightning Network on the online retail giant, Amazon.
Anyone wanting to buy things with bitcoin can now use the lightning network to shop on Amazon.
The crypto payment processing company "Moon" announced today that lightning-enabled wallets can now be used through Moon's browser extension.
The CEO of Moon, Ken Kruger had this to say on how it works:
“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 favorite lightning wallet.”
(Source: https://www.coindesk.com/you-can-now-shop-with-bitcoin-on-amazon-using-lightning)
This is very big news.
Amazon doesn't have to worry about the volatility associated with accepting bitcoin because they won't actually custody any bitcoin.
Instead, the payment processor will immediately convert the bitcoin to USD.
That means that it won't operate any different for merchants than it does currently.
Any example of what it looks like:
(Source: https://www.coindesk.com/you-can-now-shop-with-bitcoin-on-amazon-using-lightning)
But wait, there's more!
What's even more interesting is that according to Kruger, by 2020 this feature will work on almost any e-commerce site.
Wow!
That is when the floodgates will really open for payments.
The verdict is still out on whether people actually want to use bitcoin for payments but this at least provides users with that option.
It's a step in the right direction.
Stay informed my friends.
-Doc