Cryptocurrencies have become a prominent issue in the financial business in recent years. Cryptocurrency is a type of digital, virtual, or internet currency that is secured by encryption. Cryptocurrency has brought about unprecedented changes in the financial industry, both favorable and negative. Cryptocurrency is a difficult idea to grasp, but it is simple to utilize. It is tough because it is fundamentally different from the traditional currencies that we have used for centuries. Following the global financial crisis of 2008, Bitcoin was established to operate independently of governments, central banks, and financial institutions. Since then, the architecture of Bitcoin has been a problem to many policymakers, who have struggled to discover ways to bring it under control. As a result, some countries have banned or made it illegal, while others have remained vigilant, and the remainder have devised ways to tax and control its operations. This conceptual paper aims to investigate several elements of cryptocurrencies, beginning with their history, types, and operation, as well as their benefits and drawbacks, problems, and potential. The research also looks into the legal status of in India.

Keywords: Cryptocurrency, Bitcoin, Blockchain, Advantages, Disadvantages, Challenges.