What Alchemy Pay wants to do is to “design the payment protocol through community consensus, to build a decentralised, trust-powered infrastructure, to expedite the penetration of cryptocurrency into our daily life and most importantly to return the rights of payment to the merchants, the customer and the market”. It adds: “The most important thing is: merchants and cardholders have no choice, no right of discourse, no right to price-setting or right to access the information on this old ecosystem.”

This makes business slower and more expensive because, Alchemy Pay says, “the efficiency of payment is low and the overall payment cost is high”. It gives the example of a multinational retailer in the Asia-Pacific region who has retail stores and a unified retail management system in Sydney, Hong Kong, Dubai, Bangkok, Singapore and Kuala Lumpur. This hypothetical company has to use eight separate service companies to process its transactions. As the white paper says, cross-border transactions can be costly and inefficient, there are security and privacy issues, and the overall process is cumbersome. Setting up and using a card machine can be expensive for retailers.

While flexibility is one reason Alchemy Pay exists, it is not the only reason. While this concept might also seem to be an obvious one, Alchemy Pay is the first network to actually put things into practice. If this sounds a bit complex, let’s not forget that there are electronic payment systems that can take different fiat currencies as a matter of course. It does this by establishing payment systems which allow people to choose one or the other. Alchemy Pay aims to make paying with crypto and fiat a matter of choice for the customer. Since there are a lot of people who own relatively small amounts of crypto (not every crypto investor can be a so-called whale, after all) then it can be easy to see that a method of combining crypto and fiat could be a good idea. People who own cryptocurrency might well want to make transactions using crypto, but that does not mean that they are willing to forego paying in fiat. While this concept was good, the truth is that the world does not really work like that. While the idea is a good one – we would not have pretty much anything involved with crypto, from the blockchain to non-fungible tokens without it – there is one practical problem: the idea that crypto and DeFi would work entirely separately from fiat currency and traditional, centralised, finance. This proposal, known as decentralised finance, or DeFi, is the concept that is, ultimately, at the heart of cryptocurrency. While the old system could disenfranchise the billions of people who do not have bank accounts, cryptocurrency would allow them to access financial services so long as they had access to the internet. When Bitcoin was set up in 2008, the idea was to create a system that would bypass fiat currencies entirely. The point of both the Alchemy Pay cryptocurrency and the Alchemy Pay system is to bridge the gap between crypto and traditional fiat currency. That’s just alchemy pay, so try not to get confused. That said, you will see references to the ACH coin. Therefore, it is not totally accurate to refer to the ACH coin because it is, technically speaking, a token, and it does not have its very own blockchain. The first thing to note about Alchemy Pay is that it exists in ERC-20 form on the Ethereum blockchain. What is Alchemy Pay (ACH)? How does Alchemy Pay work? What is Alchemy Pay coin used for? Let’s take a look.

However, not so many businesses are willing or able to accept cryptocurrencies as payment. In a world where cryptocurrency use is growing, people want to spend their crypto on goods and services.

Alchemy coin