Bitcoin - The Ticking Time Bomb?

ALL eyes on BITCOIN...........
.......can it sustain itself?
Or......
........will it explode?

Bitcoin first peaked just above $18,300 today (8/12/17) at 00:34 UTC and has already dropped to $16,623 USD at time of writing.

_{Source: Screenshot of Coinmarketcap}

What drives Bitcoin prices to soar?

-Depreciating Fiat currencies

The globally recognised fiat currency is the USD and it has been experiencing an average increase of 4% per year since the 1970's. Meaning if I had $100.00(USD) back in the 1970's - it would be $630.89 today.
_{Source and more information go to http://www.in2013dollars.com/1970-dollars-in-2017}

-Decentralised systems

Being decentralised means that it is not controlled by any one single entity. Theoretically speaking, the economy would be a lot more stable as compared to a centralised system, suggesting that innovation/evolution would be limitless. This is particularly evident after the events of the last Global Financial Crisis (GFC) as many has lost faith in the centralised system even in first world countries.

If you are residing in a third world country with an unstable economy, then digital currency would be your best option. Imagine running away from your country carrying a huge box of your national cash, protecting it with your lives just to find out it's a worthless box of paper when you reach other borders.

-Media Attention

The amount of attention BitCoin has been receiving is INSANE as it has been heard on the Australian news and radio almost everyday since last week!

Not only so, Bitcoin has also made its way into the popular American Sitcom (Big Bang Theory in season 11 episode 9 : The Bitcoin Entanglement) - exposing its name to the general population.

-Accessibility

Long gone the days of manual banking and handling, buying Bitcoins in the modern day can be done in minutes! All you need to do is create an account, add your credit card details, the amount you want to buy and BOOM! You have your Bitcoin! (transfers may take up to 10 minutes to 1 hour)

It has been reported on one of the biggest exchanges that more than 100,000 accounts were created within 24 hours on Coinbase.
_{(source:https://www.bloomberg.com/news/articles/2017-11-02/bitcoin-exchange-added-100-000-users-in-a-day-as-price-exploded)}
^{Please note that Coinbase takes a huge fee from its users. If you live in Australia, please use Coinspot (instant) or BTCmarkets (1-3 days to deposit funds but cheaper). I'll discuss further on the best platforms and exchange in my upcoming articles. Stay tuned!}

-Greed

In my opinion, greed can be seen as the biggest driving factor on the Bitcoin currency, knowing that the price has gone over 15x in a single year! Bitcoin has been gaining it's momentum faster and faster, whilst picking up each $1000 in shorter and shorter amounts of time. Seven years ago it roughly came out at $0.08 per unit and now up to $16,623 USD, it has had GROWTH OF 207,791%!!!!!
_{Source: CNBC analysis of CoinDesk data}

-Circulating supply

The fact that only 21 million Bitcoins can ever be mined makes it sound as good as digital gold! If it can sustain its price and become a mainstream stable "asset"...... one can only imagine the possibilities? According to Coinmarketcap; the circulating supply is currently only at 16,727,450 BTC.

What makes it the ticking time bomb?

-It's not the only one.....

There are thousands of new and different cryptocurrencies on market and new upcoming cryptocurrencies in the making as we speak. This makes it very similar to the events of the Dot Com Bubble.

In terms of technology and speed, Bitcoin is not one with the competitive edge with its higher fees and slower transactions. This poses the question, will another cryptocurrency overtake it one day?
^{See my other articles as I unveil my findings on my favourite picks, feel free to mention coins to research!}

-Price up? Fees up

As Bitcoin's price soars, same goes for the transaction fees. Just to transfer your Bitcoins out of the popular cryptocurrency exchange Bittrex; it would cost you roughly $16.00(USD)!!!

For many vendors, this is far from good news. As a result, many has moved across to other mainstream cryptocurrencies such as Litecoin (LTC) and Dash (DASH).

A recent example would be the major game platform STEAM, they had to cancel supporting Bitcoin as payments due to its high transfer fees.
_{Source and more information go to http://www.bbc.com/news/technology-42264622}

-What goes up, must come down.

Just like everything else in life; "what goes up, must come down".
That goes the EXACT for Bitcoin; no exception. The only question is: when?

It may be able to keep sustaining itself in the meantime but how many more accounts and more money can be put into Bitcoin before people start cashing out?
Doing my own little studies on it it seems that we are currently on the 3rd wave of Elliot's Wave Theory (a must know if you're getting into the Crypto world) and it just depends on the when the flow of $$$ will stop going in and start coming out.
Of course I wouldn't think it would ever drop that hard due to all the lost Bitcoins.

-The Votality

Because of how volatile Bitcoin is, I don't ever think it would ever become a mainstream means in terms of payments. Unless it fixes the huge issue of scalability, as the fees make it impossible for vendors or businesses. Hopefully the upcoming forks can be successfully implemented to fix the issues as the last fork; Segwit 2x was cancelled (postponed according to latest news).

If an event was to happen not in Bitcoin's favour; for example several governments worked together to ban Bitcoin to save their own fiat money. Once the announcement is made that Bitcoin is banned, there would be a huge drop in price in an instant before an announcement even came out as the rice would always get their hands on the news a lot earlier than any of us. There would be a HUGE rush to sell on every exchange platform, imagine what price is if you kept it in your own wallet and had to transfer your funds across to the exchange to sell? Also with so limited exchanges; causing a bottleneck exit; what would happen to prices?

Thanks for reading guys, with this particular article I would like everyone's input if i missed any, and I MEAN ANY information. Please feel free to discuss it in comments.
PLEASE! INVEST SAFELY