Prior to Bitcoin, there was no mechanism in existence that enabled any two interested individuals to execute transactions without the involvement of a third party. Third parties were introduced into the process to avoid fraud. As a consequence, engaging the help of a third party resulted in higher transaction costs, which is an issue with the existing online transaction system. Double-spending is an issue with digital currencies due to the ease with which digital tokens may be copied and the incapacity of transaction parties to verify the digital currency's authenticity. Bitcoin has a mechanism in place to prevent double-counting and guarantee the authenticity of each transaction. Bitcoin is a peer-to-peer electronic cash system based on encryption, blockchain, and peer-to-peer transactions. Because there are no restrictions for establishing an account or investing in Bitcoin, the Bitcoin network is quickly growing. It is basically a network available to everyone. The fact that Bitcoin was the first decentralized digital currency adds to its popularity. This currency establishes a brand-new platform for financial transactions