The latest Bitcoin startup, Moon, has recently figured out a new way of buying everyday goods and services for its users with the help of the Lighting Network at any Visa-enabled e-commerce site based in the U.S.
However, what is a lighting network?
The Lightning Network is a second layer on top of the Bitcoin blockchain. It’s a payment protocol for fast transactions between participating nodes. Many developers believe the Lightning Network to be a solution for the scaling problems that Bitcoin is facing. What the Lightning Network does, is creating a temporary communication channel between two parties. Here these two parties can make as many transactions as they want.
How does it work?
1. Add Moon to Your Browser
Add the browser plugin in just 2 clicks.
2. Purchase a Virtual Card
Purchase cards with your Coinbase account or a Lightning wallet. Crypto is converted to USD.
Cards are immediately available to spend. Use virtual cards to pay everywhere Visa debit cards are accepted in the US.
Shared solely by CoinDesk, this startup launched the new payment option just recently. The Moon’s browser extension’s latest feature enables its users to make payment for purchases using a Visa prepaid card which could be bought on the extension using Bitcoin’s Lightning Network. Once this payment option is availed, the card can be used as the payment option at checkout immediately.
When the user is checking out, he employs the Moon browser extension to generate a prepaid card in no time for exactly that amount at which purchases are. Subsequently, The browser extension generates a Lightning invoice, which the user pays from any Lightning wallet. and then they can use the card to pay for the items in their cart. However, these cards issued can be put to use only once and have no fees.
Moon also joins hands with Coinbase so that the users of both the platforms can make use of the cards directly from their Con vase accounts on-chain.
The payment solution offers to collaborate traditional payment rails with Bitcoin’s Lightning Network, a bleeding-edge technology stack that facilitates instant, low-fee transactions.
“We’ve been working with the Visa Fintech team and their network of partners to build Moon. Since the vast majority of merchants don’t accept Bitcoin payments, sending payments over the Visa network is the best option due to its ubiquity,” Moon Founder and CEO Ken Kruger told CoinDesk.