Bitcoin and other popular cryptocurrencies have gained a lot of attention in recent years. Within the confines of the blockchain, users can acquire and exchange this coin. The first cryptocurrency, Bitcoin, was created to enable direct online payments without relying on centralised financial institutions. The implementation of blockchain technology in the utilisation of cryptocurrency has garnered attention from various entities such as the banking industry, stakeholders, government, and individual investors. Studies on cryptocurrencies are still in their infancy and are limited. This article will analyse the potential in the cryptocurrency such as the security of its technology, cheap transaction costs, and high investment return in order to provide meaningful guidance and viewpoint to the academic field and users. This paper's novelty lies in its examination of legislation and regulation, high energy usage, the possibility of bubbles and crashes, and network attacks. This study will provide a systematic review for the future endeavours of cryptocurrency and its application. The current review is beneficial to academics and managers, as well as those seeking a more balanced knowledge of these emergent financial products.