Frequently Asked Questions

Questions we get asked all the time

What are stable coins?

Cryptocurrencies with stable prices are called stable coins as the value of each coin is pegged to another currency, commodity or financial instrument.

Stable coins can be further divided into two types according to how they maintain their price stability. If a stable coin maintains its peg by keeping a reserve of assets such as cash in the bank it is called a collateralised stable coin. If a stable coin maintains its peg using algorithms that control its supply, it is called an algorithmic stable coin.

Unlike cryptocurrencies such as Bitcoin or Ethereum whose prices fluctuate, the price of stable coins is relatively stable over time and pegged to the value of a specific asset such as the US dollar. Tether and USD Coin, the two biggest stable coins that make up about 75% of the stable coin market, peg their stable coin’s price to the US dollar by maintaining a collateralised reserve.

Nettle Pay is happiest accepting collateralised stablecoins pegged on a traditional fiat currency like USD or Yuan.

What is an NFT?

Crypto tokens can be either fungible or non-fungible.

For something to be fungible, it is mutually interchangeable. This means that we could swap the same quantity of that token and end up where we began.

NFTs are non-fungible tokens. This makes them unique, no other token is the same as it.

NFTs are typically used to represent unique and thus scarce assets such as art, collectibles or even real estate.

What is the difference between Bitcoin, Ethereum and Algorand?

Nettles decentralised applications are layered on the Algorand blockchain. Algorand built the world’s first open source, sustainable, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. Nettle enjoys high speed, low fees and low energy transactions.

Algorand transactions are finalised within 5 seconds and cost only 0.001 Algo. Being pure proof of stake Algorand uses 116,250,000 times less energy than Bitcoin and 8,750,000 times less energy than Ethereum. Making it extremely energy efficient and eco friendly.

Bitcoin and Ethereum are proof-of-work, meaning they require large amounts of computational power to write the next block in the chain. The Bitcoin network alone annually emits CO2e comparable to a European country! If this goes unchecked this technology alone can increase the planet’s temperature by 1 degree celsius. 

Algorand completely neutralises what little energy it uses to make it and all assets and applications created on it Net Zero.

Algorand is the brainchild of Turing Award-winning cryptographer Silvio Micali.

Nettle tokens are Algorand Standard Assets (ASAs). ASAs provide a standardised, Layer-1 mechanism to represent any type of asset on the Algorand blockchain.

What currencies can Nettle Pay accept?

Nettle Pay is a multi-chain decentralised payment solution enabling businesses to accept crypto as payment globally. As Nettle Pay is multi-chain we can accept any asset on the Algorand, Ethereum and Conflux blockchains.

While this means merchants can accept volatile tokens such as Eth or Algo Nettle recommends using collateralised stablecoins and CBDCs for everyday and global e-commerce transactions so you are not exposed to the risk of volatile currencies.

How do I integrate Nettle Pay into my e-commerce website?

Contact Nettle (click here) and we will get back to you so we can start the easy onboarding process! You will be taking crypto before you know it!

Contact Support

You can contact Nettle through our contact page