A Study on the Progress of Bit-Coin Crypto Currency and Its Scope & Challenges

Since the inception of Bitcoin, it has been able to manage a significant progress in short span of time. The volatile progress of Bitcoin is in a pick time now. Consideration of Bitcoin has not been welcomed yet in all the countries of the world. But, in the financial market its visibility and uses are very much seen. This is a very interesting issue, where a substitute currency emerging and running parallel without proper support of government. Considering this issue in the financial market, present study has tried to narrate the progress of Bitcoin currency. Not so many studies can be found in this area or topic. Previous studies have emphasized on the progress and volatility and on some selected factors influenced Bitcoin performance. Here, data are taken from January, 2015 to November, 2020 of different web sites as needed. Level one ARCH model is formed and it has been found that the regression coefficient of gold and crude oil price have significantly negative relationship with Bitcoin price. A considerable increasing trend is also found in the volume of Bitcoin transaction. This is showing that Bitcoin may be a significant rival against other currencies. Government should consider this early in its policy formulation. The negative impact like bubble effect may also expected if not controlled it properly in time