This is a project on the challenges and the perspectives that have been taken on the acceptance of Bitcoin and cryptocurrency. Bitcoin has been understood as a successful cryptocurrency since its inception. Previous literature identifies different challenges and perspectives on the topic and the properties of the system such as the attacks, the possible compromises that could occur, the difficulties of using it, and the numerous factors that have led to the exponential growth of the currency. This project therefore provided an examination of the challenges and perspectives general users have faced when using Bitcoin. The quantitative study was based on the discussion of the acceptance of Bitcoin. Typically, the challenges that have been identified including the policies and regulations that have been put forward by governments and monetary institutions have pushed away the investment in the venture and have led to the reduction in the number of users. Countries like Vietnam have outlawed the use of Bitcoin in any transactions. The other issues that have been identified from the literature are the issues of scalability of the currency. This has been unpredictable and hence one is forced to take the initiative of either risking the acceptance of Bitcoin. Taxation issues have also arisen in the research studies as a challenge that has faced the development of the cryptocurrency.