What is Alchemy Pay (ACH)
Alchemy Pay, often known as ACH, is a cryptocurrency payment service provider. It is, in essence, a bridge. Alchemy Pay combines standard fiat payment with crypto payment, creating a bridge for simple payment conversion. The MEXC Digital asset introduction page contains basic information about the ACH token.
What is the Process?
Alchemy Pay is an ERC-20 token that operates on the Ethereum network. It's all about connecting the fiat and crypto worlds. They intend to be the first to offer fiat-based services in bitcoin and vice versa. That is, in the future, you will be able to pay for meals, rides, and retail services with cryptocurrency. What is it that is preventing us from doing so right now? Fiat Complexity is the answer. Cross transfers between two different currencies provide several challenges. The most apparent examples are trust and security. Before we even contemplate transaction costs, there are a slew of processes and issues to iron out.
All we need, according to common sense, is a network infrastructure that facilitates cross-platform payments. For example, a credit card payment into fiat or another currency. However, incorporating cryptocurrency complicates matters even further. How does Alchemy Pay resolve this quandary? They make use of their native token, ACH. First, users must purchase and pledge ACH tokens in proportion to their network size and expected transaction volume. This applies to all merchants that want to use their system. The tokens will be lost if the system identifies any fraudulent behavior. If the transaction is canceled, the system will refund any promised ACH tokens. Here, we address questions of trust and security.
Alchemy Pay can provide high-speed conversion at a lower cost. They charge an average of 70% less than credit card fees and have a one-to-two-day settlement time. Alchemy Pay also makes use of Chainlink's Price Feed Oracle. This guarantees that consumers may access pricing in real time. This will also ensure that all conversion rates are accurate and reliable.