Abstract: We live in a civilized society that thrives on commerce; nothing can be bought for free. Hence, we all value money, some more than the other. Money creates a sense of security; it provides a medium to acquire resources that eventually help us to fulfill everything from our basic needs to our highest accomplishments. Crypto currency is a digital or virtual currency that incorporates cryptography for security. Bitcoin is a form of digital currency, created and held electronically. In this study, we will discuss in detail about the Bitcoins, its benefits and drawbacks and applications of Bitcoins.