This month has seen some considerable integrations for the Lightning Network. From major exchanges to payment processors, this second-layer protocol has expanded its ecosystem extensively. Now, Lightning Network users have even more reason to celebrate as the Bitcoin payments startup, Moon has introduced a unique new strategy to bring the Lightning Network to every VISA merchant.
How Moon's New System Works
At the core of Moon's new functionality is the Moon browser extension. This extension operates as an add-on to both Chrome and Brave browsers. When you go to an eCommerce site that accepts VISA, you can utilize this extension to complete the sale using Lightning Network Bitcoin. To accomplish this task, the system automatically takes your Bitcoin and utilizes it to purchase and create a prepaid VISA for the amount you wish to spend.
Moon Brings New Flexibility
This pre-paid VISA is then used to make the purchase directly. Notably, each card is individual to its sale and can only be used once at the time of sale. The key to making the system function smoothly is the Lightning Network. The network's fast micro-payment options are pivotal in allowing the system to complete the sale within seconds of the purchase. The Lightning Network's efficiency continues to motivate payment processors to develop new and exciting protocols with Moon being the latest in a line of payment options entering the market over the last year.
Moon – The Best of Both Worlds
Discussing the developments, Moon's CEO, Ken Kruger, spoke on the motivation behind the new concept. He explained that the current market-scape is bare in terms of merchants who accept Bitcoin. However, VISA has an impressive number of participants in its network. He described how combining the two options benefits both parties and the user as well. Users gain more flexibility, Bitcoin gains more usability, and VISA becomes an integral part of the budding crypto economy.
One of the most impressive aspects of the venture is the no-fee structure. There is never a fee for the creation of your prepaid VISA. This no-fee approach adds more incentive to those interested in spending their Satoshis abroad. It also removes any financial barriers for new users seeking to make small purchases using the system.
VISA Continues to Lend a Helping Hand
This latest development is another instance of VISA lending its resources to the blockchain community. The world's largest payment processor has helped out various other payment-related projects over the last year. Notably, VISA was integral in Strike's Lightning Network integration. It also played a vital role in helping FOLD launch its Bitcoin rewards debit card.
Moon Opens the Door for More Lightning Network Adoption
Moon's latest venture is sure to excite many users. The prospect of utilizing Bitcoin anywhere VISA is accepted has already been a premier draw for Bitcoiners. Moon introduces the ability to accomplish this task without the need to register for a card, await its arrival, and keep it safe. Instead, you just download the Moon browser extension, register your account, and connect your Bitcoin wallet to get started.