A Perspective Research Study on the New Age Currency (The Case of Bit coin Currency System)

In favor of decades now, we have been using fiat money as a mode of payment in exchanging goods and services. The quest for alternative money started, resulting in digital payments. Bitcoin as a sub category of crypto currency made its debut in the early 2009. Since then many questions were raised on this decentralized money, working and its scope. This paper has been formulated by referring various research articles and my own analysis are being provided in this paper. Bit coin, being emerging as the most successful crypto currency, has its security and robustness as its major key for success. This paper discusses the generating of bit coins and block chain mechanism in detail. in addition, it also focuses in significant exchange rate fluctuations. Adapting new changes in any economy is arduous task as the people and the system need to adjust to the new environment. This paper views on the broader perception whether, the country with biggest democracy nods to this new way of exchange?  And its impact on legalization of bit coin in the country.