In March 2021, MinePlex — a new-generation mobile crypto bank — launched a product called the MinePlex Marketplace. This marketplace gives users the ability to buy products they can’t afford straight away through the simple act of Commodity Staking.
Say you want to buy the latest iPhone or MacBook Pro, but it’s too expensive right now. This problem can be solved by commodity staking. This article will take you through commodity staking and show how it can solve the problem of high-end consumer goods becoming more affordable.
What does it mean to stake your money?
Staking in the crypto sector is an investment method that allows you to invest in blockchain technology, tokens, currencies, and coins. Investors are required to agree to invest a certain amount in order for it not be returned. These tokens are launched by crypto and blockchain startups through both private and public sales. an ICO), which raises millions of dollars to finance future growth plans.
Crypto investors are almost guaranteed to get a portion of their investment back, which is unlike crowdfunding or equity- or debt-based angel financing. Crypto investors don’t need to wait in the hope for a startup to achieve an exit event or at least start generating a profit before getting something back for the initial and any follow-on investments.
When crypto investors ‘stake’ a cryptocurrency, token, or blockchain-based startup, there are usually a series of rewards available for those contributing to the startup capital. In general, rewards are higher for investors who put in more and hold a stake longer.
Rewards are usually earned through what’s called a ‘staking pool.’ Think of this similar to an interest-earning savings account. Investors receive a share of any income earned over time. This percentage increases as your investment vehicle becomes more successful (e.g. You can earn back more than the initial investment by investing in tokens, coins, and blockchain-based startups.
Startups that utilize staking mechanisms, such as cryptocurrencies, put this investment to good use. A consensus mechanism, known as the “Proof of Stake” is integral to the way a startup or cryptocurrency functions.
What does commodity staking mean?
Commodity Staking is a new way to use the idea of staking. It makes it possible to purchase the products you want through crypto commodity staking. A fixed amount of money is required to be deposited into the staking pool. Your reward will be the price you pay for the product. MinePlex has made this an innovation and users can begin to do it right away.
Now let’s take a look at how people can now buy a growing list of products using crypto commodity staking.
What is the best way to buy crypto commodities?
Commodity staking for good is a new method to purchase goods over time. MinePlex has the unique staking-based purchasing option for cryptocurrency users. This gives shoppers another way to get what they truly want.
MinePlex, a new generation mobile crypto bank, has opened a marketplace where registered users can buy products — such as smartphones, computers, furniture, etc. — through a simple staking mechanism, similar to investing.
Consider that you have $1200 to spend on a smartphone. You only have $500 left. You don’t have $700 left. The interest rate for borrowing money can range from as low as 12% to as high at 50% or higher. The only thing that makes buying anything more expensive is the fact you can buy it immediately.
With commodity staking, you don’t need to wait to save out of your income or borrow more. A new CrossFi MinePlex, which pioneers commodity staking can earn you an extra $700.
This is what commodity staking looks like, using the $1200 iPhone as an example
- Choose the product you want on the MinePlex Marketplace (you need to be a registered user first): https://mineplex.market/
- You can use the $500 to get enough to pay the rest, $700 to buy your phone.
- When enough interest from stakes is earned to pay $1200 total, your product will be yours.
It’s as simple as that! There is no need to borrow money to purchase the products that you desire. Each day, more products are added to the MinePlex Marketplace. Anyone can stake money and buy them using PLEX Tokens (the native cryptocurrency-token).
While it takes longer to stake, you will be able to put more in the less time that the period ends. Commodity Staking allows high-end products to be purchased more easily for investors, crypto enthusiasts and other users around the world.
“Commodity staking allows you to purchase a product for a part of its cost. The product is available for pickup at the conclusion of the staking period after payment has been made. The lower the contribution from the cost of the product, the longer the staking period and vice versa”, MinePlex said in a press release to Bloomberg.