Alchemy Pay is a community-driven cryptocurrency payment gateway, with the vision and ethos of providing people with a fast, secure and affordable way to pay for everyday goods.
It will work just like PayPal or Stripe. You can sign up for an account with your existing email address here. There are no fees associated with it, so you only need to pay the exchange rate on top of what you exchange via the platform (1 ACH = $0.0020).
1. The Alchemy team is made up of two major components: Native cryptocurrency, ACH crypto price prediction, and a payment gateway.
An important aspect to note, Alchemy will not be operating as a centralized entity in everyday life; instead it will function as a decentralized organization and all decisions will be made through consensus voting.
Alchemy aims to achieve this by using delegation and voting, with everyone having equal weighting in votes. A detailed look at the governance of Alchemy can be found here .
2. The unique advantage that this payment gateway has over others is its ability to provide instant transfers from one cryptocurrency to another with the conversion happening within seconds. At the time of writing exchanges usually take time for deposits to clear before you can trade for another currency.
3. The team is currently working on building a slick mobile app, so you can use it to make payments and transfers from your phone.
4. Another interesting feature of the platform is that it enables anyone to set up an account without any permission requirements (other than an email). So even if you don’t have money and are not technologically proficient, you can still use the service.
5. As mentioned earlier, the payment gateway will function like PayPal or Stripe, and will enable people to buy things online by transferring cryptocurrency from one wallet to another wallet or bank account.
6. Another cool feature of the platform is that it will not be centralized, but instead the payment gateway will run on DEX (decentralized exchange) technology. This means that no one party can control it, which makes it a truly peer-to-peer cryptocurrency payment solution.
7. In terms of fees, Alchemy is not planning to charge fees on top of the exchange rates (like other payment gateways do). This will make it very affordable to use.
8. An additional cool feature is that you can create sub-accounts, allowing your family members or friends to have their own accounts under your main account. Then you can simply send them funds via your main account and they can transfer those funds directly into their own accounts.
9. All the foregoing will be free from KYC/AML compliance requirements (which is similar to what you experience with PayPal). This means that anyone around the world can open an account with a fake name, no ID verification and no verification at all!
10. The project is being led by a team of 5-7 individuals, who have extensive experience in the blockchain field, including with the likes of Bitshares, Steemit and Peerplays. Some members of the team will be part of the development team while others will be on the operations side.
11. Another great thing is that they have already launched their private token pre-sale. The pre-sale was available to their community members only and roughly 25 million tokens were sold at $0.01 per token ($25,000 raised), which represents a 30% discount to what will be offered during the public sale (1 ACH = $0.20).
12. The team is currently working on building a slick mobile app, so you can use it to make payments and transfers from your phone.
13. Another interesting feature of the platform is that it enables anyone to set up an account without any permission requirements (other than an email). So even if you don’t have money and are not technologically proficient, you can still use the service.
14. As mentioned earlier, the payment gateway will function like PayPal or Stripe, and will enable people to buy things online by transferring cryptocurrency from one wallet to another wallet or bank account.
15. A final thing worth mentioning is that they are currently engaging with various merchants to be listed on the platform, so you can expect to see many more merchant listings in the coming months.
16. All the foregoing will be free from KYC/AML compliance requirements (which is similar to what you experience with PayPal). This means that anyone around the world can open an account with a fake name, no ID verification and no verification at all! It’s a fantastic opportunity for cryptocurrency holders because it means tens of millions of people will have access to a credit card like gateway, which is something they’ll never get from PayPal!
Summary:
Alchemy Pay is an exciting new platform that aims to be the answer to consumers’ needs. It not only enables instant cryptocurrency payments between clients, but will also provide them with a gateway to buy other goods and services.
As it stands this project has great potential, but is still in its early days and its roadmap features many features that have not yet been confirmed. However it does replicate PayPal’s mission statement of making life easier for people both online and offline, so surely the team can achieve great things in the coming months.
