The study looks at the benefits and usage of cryptocurrency as it seeks to compete with and also replace traditional currency. Despite many nations classifying cryptocurrency as a threat and confirming it to be an illegal tender, mostly due to the disruption providing little or no advantage to the government bodies, many private organisations are now taking up cryptocurrency as a legally acceptable method of payment in various sectors from education, travel, wealth management and even traditional practices like targeting of customers and advertising. Cryptocurrency may be temporary, as long as the process of obtaining, safeguarding, and storing it in the Blockchain remains tedious and an extremely confusing process and the governments of nations are not going to accept the currency as a legal tender, as long as they get no benefit with it and as long as usage of the Bitcoin is linked heavily with payments for drugs and weapons. However, the usage in the legal markets may also show a marked increase.