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Bitcoins: The Phoenix Surge

Last updated on January 16, 2020

It is a known fact that the sun rises in the east and sets in the west during morning and evening respectively and it is a process has been going on since time immemorial as every human being experiences everyday. 

We have seen numerous examples in history right from kings during ancient times to celebrities and politicians in recent times who start out as normal individuals and rise from oblivion into overnight stars after a period of struggle and shine as pole stars in their respective fields and witness decline due to change of times and emergence of new stars, rendering them obsolete. 

It is known to one and all that this factor is common for each and every human being who has walked on the face of the earth and has experienced it all during his/her lifetime with both positive and negative results. 

Sometimes, you may have seen that such stories also end in tragedy as certain people, fed up with constant struggles and no respite, have no choice and end up taking the extreme step of suicide. 

Fortunately for them, while time is the one that gives wounds but also heals them over a specific period and change of times bring with it a new, renowned hope and opportunity to try out something new. 

Technology has existed since stone age and has undergone vast changes to cope up with time change, updating itself so as to suit the current generation and with newer discoveries waiting to be tapped and used so as to make the world a better place to live in. 

The new millennium brought with it renewed hopes and a desire to work harder with more passion and dedication towards completing our goals and achieving our ends with resounding success that only went better and better. 

And then, in the late 2000s, there came a revolutionary change that was going to change the shape and destiny of the world. It came up like a beacon of hope for all the job deprived youngsters who had graduated from college in the hopes of making it big in some corporate organization or company but with fruitless results. 

Today, that revolution is known as the bitcoin, which was launched way back in 2009, met with thunderous responses worldwide, similar to the box office collections of a big budget film. 

The bitcoin phenomenon is something that cannot be explained into words because the makers themselves had no idea where it would lead them or fall down with a thud. They were pleasantly shocked and surprised with the outcome. 

Bitcoin, in simple words, is a crypto currency or digital currency that is decentralized in nature. It means that it does not have any central bank to its name that can govern or monitor over it as other banks do. 

It came up as a network based asset that followed the policy of sending currency from user to user without paying anything for middlemen or intermediaries.  It made instant payments quite easier which proved to be a boon for the youth brigade who seized this golden opportunity with both hands and went on to become millionaires. 

But, as mentioned above, anything that rises to the peak has to fall down with a thud one day and bitcoin was no exception in this regard. After a few years, things started to fall apart as people started viewing it as a ponzi scheme that is designed for cheating people of their money. 

Around 2014, it was reduced to being a fraud investment and bitcoin users found it akin to gambling with little hope for success. It served as a classic example of how anything new in the market should not be relied upon so easily, especially as it involved generating cash. 

Fortunately, things began to look up as during the late 2017 and early 2018, there was a sudden upswing in its fortunes and it surged to $5k, thereby putting it back on track. 

Given below, are some reasons explaining its rise from the ashes: 

  1. The bitcoin is set to undergo reduction reward around August 2020 after the market discovered a potential comeback after plunging to an abysmal $3000 
  1. According to deribit review,  tech experts had foreseen a new move a surge in the monthly flow index that met with high expectations of reducing the income to a half 
  1. The market activity indicated a surge of $100 million but ultimately came up with a minor drawback below $4500