Technology has changed the ways by which people buy products and services. People require faster and easier ways to exchange and use units of currency. In ancient civilizations, people primarily relied on metal coins, which was followed by paper currency. Then came credit cards. The smartphone revolution along with the presence of Digital wallets and near-field communication technology has ushered in even greater ease of use, allowing us to carry all of our credit card information in our phones. The last 5 years of this decade saw the rise of modern currencies that would eliminate the involvement of any third parties such as banks. These currencies are hinging upon the internet, the most widespread and omnipresent network ever invented. Of all these currencies, Bitcoin has gained the most widespread attention, for both good and bad reasons.