Do you want to invest in the rubber market? Read this post to know how to do it with an API!
Rubber is an elastic polymer, which arises as a milky emulsion in the sap of various plants, but can also be produced synthetically. It is an elastic, waterproof and resistant substance that is obtained, this texture is what is obtained from the milky juice of certain tropical plants. It is used in the manufacture of tires, insulating pipes, etc. For its manufacture, the material is subjected to high temperatures called vulcanization.
Thailand is one of its largest producers, accounting for 60% of the products on the market, followed by Indonesia and Malaysia. This is due to its extensive flora of Hevea brasiliensis, which is the main plant that produces rubber and grows in very tropical areas such as those of these countries.
More than half of all rubber produced goes into automobile tires; the rest goes into mechanical parts such as mountings, gaskets, belts, and hoses, as well as consumer products such as shoes, clothing, furniture, and toys.
Due to its high consumption in the industry, rubber is an important product in the market and many economic experts bet on it. But the countries where this material comes from are countries with very unstable economies, so investors have mobilized their profits to cryptocurrencies such as Bitcoin because, in this way, they do not depend on the currency of the producing country but have a more decentralized to use.
What Is Bitcoin?
Bitcoin is a type of virtual money, also known as digital currency, that works in the same way as cash online. It may be used on more virtual currency, products, and services. This coin does not depend on the comprehensive economy of a country, but is managed by the users who use it. This decentralization does not come alone, it is accompanied by a very volatile way of moving in the market, which leads experts to rely on previous metrics and analyzes to keep up to date with rubber prices. To do this, they use Commodities-API.
What Is Commodities-API?
Commodities-API is a free, online service that provides you with an API, or software, that gets real-time data in many currencies on a variety of basic commodities such as maize, wheat, and gasoline. It features a 60-second timer and two decimal places of precision.
Can I Get Information From Previous Analyses?
Yes, “historical rates,” which have been published for most currencies since August 2021, are accessible. By attaching a date (format YYYY-MM-DD) to the basic URL, you may ask the Commodities-API API for historical rates.
How Do I Register For The First Time?
To register for the first time you must:
– Log in https://commodities-api.com/
– Get an API-key, each API account has a unique key that is used to authenticate with the API.
– Select the type of currency (BTC) and the type of product (RUBBER) you want
For more information, check their website.
Is It A Secure Site?
The website encrypts your connection with bank-grade 256-bit SSL security, making it a suitable platform for use by web developers, family businesses, and more. In turn, we can talk about your years of use in these companies to talk about your experience providing data and keeping connections secure.