Bitcoin is the first decentralized digital currency created in January 2009. Following the housing market crash, it is based on the ideas set out by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or the group of persons who created the Bitcoin is still a mystery. Unlike other government-funded currencies, Bitcoin provides the assurance of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority. Once it is issued by an individual, it is only then considered centralized. Bitcoin has grown rapidly and spread across the globe in a very short span of time. Multi-billion dollar companies and corporations such as Dell, Microsoft, Expedia, PayPal, etc., are dealing in Bitcoins. Magazines are promoting Bitcoins; Websites are publishing Bitcoins, whereas forums are discussing cryptocurrencies and trading in Bitcoins every day. All over the world, companies from a large jewellery chain in the United States, t...