The Banking system plays a significant role in regulating the financial system of every country.  This system works under the control of the central bank. The banking system works on a centralised network where peers to peers are connected to one system. Blockchain is a new technology based on decentralised and distributes channels. It is different from the centralised channel; it is based on the broadcast network as the connectivity of peer to peer is in such a manner that each works independently. Cryptocurrency is based on blockchain technology. This is created on a broadcast network approach. The invention of cryptocurrency occurred in 2008 when Satoshi Nakamoto published a white paper proposing a system for electronic transactions based on a peer-to-peer network. Satoshi Nakamoto launched the first cryptocurrency, Bitcoin, in 2009.  With the expansion of new knowledge and technologies, the concepts of Cryptocurrency have become relevant in the present economic environment. However, most countries have no law to regulate crypto-trading, but they have to ensure that crypto-related activities do not do illegal activities, as they are linked with a high degree of risks, including greater price instability and the absence of lawful support. The governments of different countries must enact a comprehensive law at the earliest. The study is an overview of the concept of Cryptocurrency in a more theoretical and conceptual manner. The present study focuses on the overall requirement needed to identify the adoption of cryptocurrencies. The evidence available regarding the constant increase in the volume of Cryptocurrency trade highlights the wider acceptance and growth every year all over the globe. Globally it has already captured the investor’s confidence in the market and further put pressure on the governments of different countries to look for an alternative or accept it legally.

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Keywords: Cryptocurrency, Bitcoin, Blockchain, Cryptography, Legality.