Experts suggest that it is essential to gather detailed information about the Bitcoin protocol to evaluate its novelty, potential impact, and challenges faced by it. Bitcoin's network and its surrounding ecosystem have grown quite substantially after its initial release. Its dollar value is based on speculation on its future worth and it has been extremely volatile. The currency has had gone through several hype-driven trends and subsequent devaluations, attaining higher values each time. Bitcoin's potential is mainly a result of the combination of features integrated into it. It is a purely digital currency allowing payments to be sent instantly over the Internet with extremely low fees.