Well the main problem with this discussion is the word itself. It's like saying: what is the real Christianity? Is is the Pope and his gang? Is it the Gnostics? The Russian Orthodox? Etc.
Alchemy is a word that defines a category I guess. Etymologically according to Wiki:The word alchemy was borrowed from Old French... and which is in turn borrowed from Arabic... the Arabic word is borrowed from Late Greek chēmeía... ‘black magic’... this ancient Greek word was derived from the early Greek name for Egypt, based on the Egyptian name for Egypt... ‘black earth’... - source
SHAMANISM
My position is that the original source of any form of transmutation or transformation stems from the ancient art of Shamanism. A shaman uses methods to achieve various forms of results through either potions (laboratory alchemy) or other means (spiritual alchemy). Most "modern" humans that encountered shamanism viewed it - and still to this day it is viewed by some assholes - as "black magic".
So if alchemy is just an old word for "black magic", then alchemy is nothing more than the Art of Shamanism.
EGYPT
But even if all I have written now is wrong then let's look at Egypt.
Egypt is not the beginning of civilisation. The human race did not one day stop being Stone Age man and suddenly erect a few pyramids and elect a Pharaoh. Egypt is the END of an older civilisation... and it is from this "older" civilisation the alchemical art comes from. Egypt is a culture that is extremely spiritual. There is no doubt about this. Their whole culture was about "gods", "afterlife" and such things. Yes, they were also very interested in the physical matter of our world and thus created some amazing structures... but the reason for these is clearly in the realm of the "spiritual" of some sort.
So even if the word "alchemy" only comes from Egypt it is clearly not only about some "physical act".
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So what is REAL alchemy?
If it is about the transmutation/transformation of the self into a higher state then it is REAL alchemy.
This was the goal of the old Egyptians, as well as the goal of those involved with Shamanism. To create real gold is certainly not the purpose, and those that think it is are not alchemists in my book, but if they are in their own books that is none of my business.
In my humble opinion.
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