In the cryptocurrency ecosystem, any alliance between a crypto project and existing companies that initially have nothing to do with the crypto industry is usually celebrated. This is understandable because adoption should always be celebrated.
But often no thought is given to how alliances between projects and foundations that carry cryptocurrencies help adoption.
An example of this is the recent alliance between VeChain and Alchemy Pay, which will allow paying with VeChain at more than 2 million merchants worldwide. We will explain more details here.
From crypto to fiat without cryptocurrency exchanges
One of the big problems for the adoption of cryptocurrencies as a means of payment is that they are not accepted by many merchants, who prefer fiat money.
It is normal that a crypto-enthusiast must exchange their cryptocurrencies for stable currencies and then for their local currency to finally pay for products and services. Other people in Spain or the United States who refuse to use the euro or the dollar often restrict the number of businesses they shop at by choosing only those that accept payments in Bitcoin or Ethereum.
The Alchemy Pay project and its token (ACH) have set out to solve this problem, by implementing points of sale that issue invoices when paying with QR codes, from a native wallet.
In this way, cryptocurrency users (from holders and cypherpunks to traders and industry workers) can pay instantly and without the need for one or more cryptocurrency exchanges.
When using the Alchemy Pay wallet, the user chooses the tokens with which to pay and the protocol takes care of the rest. This way the seller receives fiat money and the buyer pays without wasting time and with less friction.
In addition Alchemy Pay offers other financial services such as prepaid credit cards and linkages with AliPay and WeChatPay.
Alchemy Pay initially operated from the Ethereum network, but also supports the Algorand, Polygon, IoTEx and now VeChain blockchains.
Where to buy cryptocurrencies such as VET and Bitcoin.
If you want to test how Alchemy Pay works when paying with VET, the first thing you should do is download the wallet from its official site.
Then you will need to get your hands on VET tokens. At Changelly you can find out where to buy Vechain (VET) and get them in your wallet in just a few minutes.
On Changelly you will also find an overview of the cryptocurrency in the fiat pair you are exchanging it with. The best thing is that when transferring you will only pay the network fee, as Changelly does not charge the high withdrawal fees you find on centralized exchanges.
The partnership between VeChain and Alchemy Pay
On April 27, 2022 Alchemy Pay made its partnership with VeChain official through a tweet on its Twitter account: “Good news VeChainers! You can now use @vechainofficial’s $VET token to pay at over 2 million businesses in over 70 countries around the world!”
The tweet was accompanied by a video showing a merchant in the Canadian city of Toronto paying at an Alchemy Pay outlet using VET.
VET is a project that has many followers and holders in China, a country where people tend to pay only with wallets stored on smartphones, albeit AliPay and WeChatPay rather than crypto wallets.
This implies that Alchemy Pay’s technology will allow many more citizens of this country to buy everything they need using VET as a form of payment.
Is it worth investing in a bear market?
In bull markets many invest, but few make money. It happens both in the stock market and with cryptocurrencies. In bear markets everyone assumes they will lose money.
However, strategies like Dollar-Cost Averaging can help mitigate losses in bear markets by averaging all purchases made over a certain period of time.
But this does not imply that you will always win, even when it comes to long-term investments.
It is best to invest in projects that have real, tangible use cases, which are what make the price of a cryptocurrency grow sustainably over time.
Speculation can inflate prices very quickly, but just as it creates bubbles, it also bursts them. This is why it is advisable to invest in projects that have good fundamentals.
Finally, it never hurts to say that this information is not a purchase recommendation and that everyone should do their own research before buying cryptoassets.
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