Innovative Technologies and the emergence of Virtual communities create new types of transactions and the accounting methods that go beyond the current state of knowledge in Economics and existing Legal solutions. These Virtual communities create and distribute their own medium of payment for the exchange of goods and services, thereby providing a means of payment, in which emissions or circulation central monetary authorities are not involved. The reasons behind the emergence of cryptocurrencies are not only the shortcomings of the traditional currency system which was unable to face numerous crises, but also the development of the Internet for which cryptocurrencies can prove to be a better suited form of money. Unfortunately they stir much legal controversy with the effect that their users are exposed to significant legal and economic risk. Cryptocurrency, an encrypted, peer-to-peer network for facilitating digital barter, is a technology developed eight years ago. Bitcoin, the first and most popular Cryptocurrency, is paving the way as a disruptive technology to long standing and unchanged financial payment systems that have been in place for many decades. While cryptocurrencies are not likely to replace traditional currency, they could change the way Internet connected global markets interact with each other, clearing away barriers surrounding normative national currencies and exchange rates. Technology advances at a rapid rate, and the success of a given Technology is almost solely dictated by the market upon which it seeks to improve. Cryptocurrencies may revolutionize digital trade markets by creating a free flowing trading system without fees. A study of Bitcoin is presented, which illuminates some of the recent events and movements that could influence whether Bitcoin contributes to a shift in economic paradigms.