Technology has the power to change our lives in tremendous ways. With the advent of internet and paradigm shift towards online financial transactions, crypto currency has gained lot of significance recently. Crypto currencies  are digital currency based on encryption. Bitcoin is the most popular and widely traded crypto currency. Bitcoin has gained attention worldwide for reasons such as ease of transactions, lack of central authority in the network and its status as money without any limitations. The aim of this paper is to provide comprehensive view about bitcoin by tracing its journey since its evolution. The time period studied is from 2009 to 2017. The paper also covers the legal and regulatory issues related to bitcoin. And attempt has been made to gauge whether bitcoin is the future currency and payment system or it's a bubble waiting to burst. This paper is based on secondary data collected from sources such as various journals, newspapers, government reports etc. The present paper will be important contribution to literature and will be helpful in enhancing understanding about crypto currencies.