Palm oil is obtained from the Elaeis guineensis and Elaeis oleifera plants. The first predominates mainly in Africa and Asia, while the second is more common in Latin America. There is also a hybrid species, resulting from the crossing of both species. It is composed of 50% saturated and 50% unsaturated fatty acids, mainly palmitic acid and oleic acid, respectively.
But this raw material is not only used for the creation of food and cosmetics. In Europe, for example, palm oil is increasingly used for electricity production and as a fuel. Palm oil transformed into biodiesel could be very beneficial for the environment. A vehicle that uses biodiesel made from palm oil expels 80% less carbon dioxide than a car powered by fossil fuels. Approximately one in twelve liters of biodiesel currently consumed in the European Union is based on palm oil, a number that is slowly growing.
In fact, experts forecast that the demand for palm oil will increase, in the next 30 years, from the current 40 million tons to 80 million. And for this, many countries are investing in this product. For those people who wish to join this project, it is important to be up to date with their prices. And due to the importance of bitcoin as “the currency of the future”, many probably want to invest in palm oil using this cryptocurrency.
If your goal is to see the prices of palm oil in Bitcoin, Commodities-API is the tool for you!
Why Commodities-API?
Commodities-API started as a basic and lightweight open source API that provides current and historical commodity rates. Thanks to this product, you will have the opportunity to receive palm oil rates with an accuracy of 2 decimal places and a frequency of up to every 60 seconds. This last detail can mean a great saving of time and money.
As for the source of the origin of the information, it is collected from more than 15 reliable data sources, every minute. Sources include banks and financial data providers. Another important feature is its conversion between currencies. Currently, its system works with 170 currencies from around the world (including cryptocurrencies), which will allow you to see the prices of the products in the currency that is most comfortable for you, such as Bitcoin in your case.
How much should I pay to enjoy this service?
There are two possible answers to your question. First of all, the service is free, but this plan has its limitations and does not take full advantage of the Commodities-API capabilities. However, don’t worry, the basic and professional plans include better features. Their prices are 15 and 50 dollars per month.
Also published on Medium.