For many, cryptocurrencies represent the future of finance. But can you currently pay for your shopping with cryptocurrencies ? These digital assets can reduce the time and costs associated with traditional fiat currency payments and enable instant and cheap cross-border payments by providing a safe and trustless system for all. This new system can also provide services to those around the world who are currently unbanked.
However, even with these potential advantages, cryptocurrencies are still struggling to replace fiat currencies (traditional currencies) in certain essential respects, especially with regard to daily payments such as, for example, purchases at the grocery store or in the supermarket.
At this point, cryptocurrencies are volatile. Bitcoin can go up and down several thousand dollars in a single day, making it impractical for many people to use as a medium of exchange. While such volatility may be acceptable for investors, it is problematic for companies.
For this reason, it’s understandable that small businesses like grocery stores steer clear of cryptocurrencies, even as big corporations like Tesla are considering accepting them again. However, for cryptocurrency enthusiasts who want to spend digital assets in their local stores, the company Alchemy Pay offers a solution.
How can Alchemy Pay drive cryptocurrency adoption?
Alchemy Pay is a cryptocurrency to fiat currency conversion solution for businesses of all shapes and sizes. It instantly converts cryptocurrencies to fiat with lower fees and faster settlement than traditional digital payments through its unique payment gateways. This means that even the most crypto-savvy businesses can accept multiple cryptocurrencies without issue.
Using Alchemy Pay’s merchant payment app or integrating its online payment gateway, a business can accept cryptocurrency payments from any cryptocurrency wallet at the point of sale. After a transaction, incoming crypto is automatically converted to the merchant’s local fiat currency in real time for settlement.
Once the merchant joins the network, there is no need for dedicated or complex hardware. Using the network, merchants can start accepting cryptocurrency with around 70% lower transaction fees than credit cards and get paid within 1-2 days.
In comparison, credit card payment settlement times can be 7 days or more until the seller receives the funds. The Alchemy Pay network already supports over 65 countries and offers over 300 payment gateways, which means accessibility to crypto payments is much easier than you might think.
With such a simplified process, Alchemy Pay could spark a crypto revolution for the general public. After all, this solution is good for both businesses and customers. Both parties can work with the payment methods they prefer, without experiencing many of the current drawbacks of crypto or traditional payment processes.
Widespread adoption of cryptocurrency payments is imminent
Although there is no fixed date on when the world will start buying groceries, such as bread, fruits and vegetables, shopping at the supermarket, with cryptocurrencies, networks like Alchemy Pay make it possible. With this streamlined cryptocurrency payment solution, users and merchants across different industries will be able to embrace decentralized digital assets. Solutions like this will make cryptocurrency the next step in finance.