Did you know that cotton is one of the most tradable textile products? Find out how to invest in it with this post!
In many countries, cotton is the most important crop and because of this has a great weight in the market. Cotton provides fibers for the textile industry and plays an important role in the food industry, as its seeds have a high oil and protein content. Cotton production employs about 350 million people. China consumes 40% of the world production of raw cotton.
Cotton is at the head of the fiber crops. Current world production is 25.5 million tons of cotton kernels, and it is grown on 34.8 million hectares. The United States, China, and India are the world’s leading cotton producers, accounting for nearly 60% of global production. Pakistan is another major cotton producing country, while Australia and Egypt produce the highest quality cotton. It is grown in more than 100 countries and represents 40% of the world fiber market.
Cotton represents 2.5% of the total area under irrigation, it is the third crop that consumes the most water, after rice and wheat, followed for corn, fruits and vegetables. Depending on the techniques used, between 5,000 and 10,000 liters of water are needed to produce one kilo of cotton.
Many investors want to bet on cotton production, but do not want to lose their finances, so they have become interested in digital currencies such as bitcoin.
What is Bitcoin?
Bitcoin is a decentralized cryptocurrency and payment system with no single administration or central bank. In theory, bitcoin users may send money to one another using free and open-source software over a peer-to-peer network. This digital money is self-contained and intangible. What sets this cryptocurrency apart from regular currencies like dollars and euros is that it is not controlled by any government. This implies that no one controls Bitcoin in the traditional sense, since its control is determined by a purely digital code, software, and something intangible.
But, if that’s the case, can I invest in primary products while also investing in Bitcoin? Yes, and Commodities-API can assist you.
What is Commodities-API?
Commodities-API It’s a simple free and Open-Source API that gives you access to current and historical commodity rates from banks and stock exchanges prices for things like coffee, rice, sugar, and wheat.
How is it used?
It’s quite easy. To begin, go to www.commodities-API.com, create an API key, and then search for the commodity and currency you choose, in this Bitcoin (BTC) and Cotton (COTTON). The API will then be sent to you in JSON format, which you may utilize as you like. JavaScript Object Notation is a method of encoding that avoids the need for each application to write its own ad-hoc code to communicate with certain servers. The JSON API module supports entity types, bundles, and fields, as well as data storage and data structures.