Alchemy Pay (ACH) is a hybrid crypto and fiat payment network that aims to bridge the gap between cryptocurrencies and traditional currencies.
The project launched in 2017 with a goal of making both digital and fiat currency transactions fast, global, and easy for merchants and consumers.
As the native token of the Alchemy Pay network, ACH powers the platform by allowing users to pay transaction fees, access services, and earn rewards for payments and referrals.
Thanks to EXEcrypto, it’s now easier than ever to stay up to date on the latest crypto news including Alchemy Pay. So how exactly does Alchemy Pay work?
What is the purpose of Alchemy Pay (ACH)?
The ACH token serves several integral purposes across the Alchemy Pay ecosystem. Firstly, it’s used to pay transaction fees on the network, ensuring smooth and rapid conversions.
Holding ACH also grants access to additional services like discounts, rewards programs, and governance voting rights.
Users are further incentivized to participate by earning ACH rewards for making payments, referring new users, or utilizing decentralized finance (DeFi) applications integrated into Alchemy Pay.
This promotes constant transaction volume and widespread adoption of the hybrid payment solution.
How does Alchemy Pay (ACH) work?
Under the hood, Alchemy Pay utilizes a decentralized network of liquidity providers and smart contracts built on Ethereum. Merchants integrate Alchemy Pay’s payment widget on their websites.
When a customer checks out, they can choose to pay with select cryptocurrencies or their local fiat currency. If paying with crypto, the wallet broadcasts the transaction to Alchemy Pay’s Ethereum nodes.
Smart contracts then select the optimal exchange rate from live market prices and swap the crypto instantly for the merchant’s preferred currency. This funds are immediately deposited into the merchant’s bank account.
The whole process takes place seamlessly for both customer and merchant. No one needs to worry about price volatility or converting coins manually. Alchemy Pay handles it all behind the curtains!
Does Alchemy Pay (ACH) have a future?
Given its strong use case and first mover advantage in the crypto-to-fiat payment space, the outlook appears bright for ACH. As more merchants jump on board to accept digital currencies, demand will grow for Alchemy Pay’s swift and secure conversion services.
This will drive up the utility of ACH tokens within its network. Many also argue we haven’t yet seen mainstream crypto adoption on a global scale.
As billions more people and businesses around the world start to experiment with digital money in the coming years, a payment solution like Alchemy Pay will be critical infrastructure to help crypto penetrate traditional markets.
If it continues delivering a seamless user experience, ACH could certainly have a long and prosperous future.
When Alchemy Pay (ACH) launched?
The Alchemy Pay project was founded in Singapore in 2017 by Joe Lau and Nikil Viswanathan. It launched its initial coin offering for ACH tokens in October 2018, raising $15 million to build out the platform.
The company continued development through 2019 and 2020, on-boarding merchants, exchanges and wallets as integration partners. By 2021, it had established a strong presence across Asia and was beginning global expansion.
Key integrations with Shopify, Crypto.com and global payment providers accelerated its growth that year.
As the market has matured, Alchemy Pay remains focused on partnerships to bring cryptocurrencies to billions of existing online consumers around the world.
Is Alchemy Pay (ACH) a scam?
No, Alchemy Pay is very unlikely to be a scam. It is a legitimate project backed by major VC firms, with doxxed founders and ongoing development since 2017.
While young companies in the crypto industry do sometimes fold, Alchemy Pay has many large partners and continues expanding its operations and team internationally each year.
Its technology also delivers real value by streamlining what was previously a big pain point – converting between cryptocurrencies and traditional currencies.
With plenty of real-world uses on major e-commerce platforms already, the likelihood of it being an elaborate rug pull is very low.
Is it safe to invest in Alchemy Pay (ACH)?
As with investing in any young cryptocurrency, there is risk involved with purchasing ACH tokens.
However, compared to lesser-known crypto projects, Alchemy Pay is probably among the safer bets given its solid technology, experienced leadership team and growing commercial adoption.
Some tips for investing safely in ACH include only putting in what you can afford to lose, avoiding keeping tokens on exchange long-term and using secure personal wallets.
Diversifying across different cryptocurrencies is also recommended rather than going all in on one coin.
If you understand the potential short and long-term risk/reward of investing in an early-stage crypto payment network, then investing a small percentage of your portfolio in ACH could be a reasonable play.
Just don’t go overboard before fully understanding the volatility of this emerging asset class.
Is Alchemy Pay (ACH) worth it? ACH Price 2024
It’s difficult to predict the exact price of any cryptocurrency so far in advance. However, based on Alchemy Pay’s strong fundamentals and expanding real-world use, it’s very possible the ACH price could appreciate significantly by 2024.
Factors like additional merchant sign-ups, new integration partnerships, and rising crypto adoption rates could see transaction volume and coin utility grow rapidly.
This buying pressure could drive the price up dramatically, perhaps reaching $1 or more within the next couple of years. Of course, unforeseen market conditions or changes in competitive landscape could impact this outlook as well.
But for investors bullish on the long-term prospects of borderless digital payments, Alchemy Pay presents a fairly compelling risk/reward compared to smaller market cap altcoins in the space.
Continued product development success seems likely to be rewarded price-wise.
Where to buy Alchemy Pay (ACH)?
Some popular cryptocurrency exchanges where you can currently purchase ACH tokens include:
Be sure to choose exchanges from reputable brands with adequate security and insurance on stored funds.
You’ll first need to deposit assets like Bitcoin or Ethereum before trading for ACH against those pairs.
Set reasonable purchase price limits rather than market buying to avoid slippage. Fund your account using wire transfer, debit card or cryptocurrency deposit depending on payment methods offered.
Always verify the Alchemy Pay wallet address with the project’s official website before sending any coins to protect against phishing attempts. Ensure to write down your seed phrase and set up account security like 2FA for login verification.
How to sell Alchemy Pay (ACH)?
Selling ACH follows basically the same process as buying but in reverse. From your exchange of choice, go to the ACH/BTC, ETH or USDT trading pair page.
Enter your sell order price and amount. Confirm the outgoing wallet address is correct. Then submit to have your ACH tokens sold instantly at that price or the best available in the order book if it shifts.
Proceeds will go into your exchange wallet in the selected currency. From there you can withdraw funds to your personal wallet or linked bank account.
Be aware of trading fees, deposit minimums and processing times. It’s normally best to test a small sale first if you’ve not used the exchange before.
Take profits responsibly and judiciously rather than dumping your entire stack at once. Consider Dollar Cost Averaging out over weeks or months for a better average sell price in fluctuating markets.
Always remember to transfer any remaining funds or tokens off exchanges once your trading activity is complete.
How to stake Alchemy Pay (ACH)?
Staking ACH tokens on the Alchemy Pay network helps support transactions and secures the system. Rewards vary but can often be 5-15% annually paid in more ACH depending on total staked amount.
To stake ACH, you’ll first need a compatible Ethereum wallet like MetaMask or TrustWallet connected to the Alchemy Pay network. Then navigate to the staking portal and select how many tokens you wish to delegate and lock up.
Make sure to leave some coins unstaked for transaction fees. Your active participation helps validate blocks for others. Staking isn’t very commission intensive, so almost any computer can run a node to support the network.
Just remember – staked funds are locked, so consider short staking periods initially in case of emergency need to remove tokens.
How to mine Alchemy Pay (ACH)?
ACH tokens themselves are not directly mined, as Alchemy Pay utilizes the Ethereum blockchain which is mined through hardware-intensive Proof-of-Work. However, you can still earn ACH passively in a few ways:
- Run a full node to help validate transactions and receive small block rewards
- Provide liquidity on exchanges through offerings like providing ACH/USDT liquidity pairs
- Stake ACH as described above and collect annual yield rewards
Alchemy Pay is an ambitious project aiming to bridge traditional and crypto finance. If the team can realize its hybrid payment network vision, ACH token value may rise significantly by 2024 and beyond.
But speculative investing always carries risk – do extensive research before buying any cryptocurrency.