Bitcoin is a cryptocurrency (digitized money) and is a worldwide decentralized payment system that is allowed and kept alive due to the technology called Block Chain. TheTnetworkTconsistsTofTpeer-to-peer transactions and these transactions are verified by using cryptography technology bank. Chain technology keeps the records of public distributed ledger. Bitcoins can be earned as a reward through mining. This currency can is convertible into other currencies, products and services. Bitcoin has been emerging as famous digital currency and getting popularity all over for quick transition. Moreover, bitcoin will be a financial asset because it has profitable results. The purpose of this research study is to explain complete working of bitcoins technology, highlights applications and research challenges to be address and current future international market scope of Bitcoin technology.