Abstract
Today's globalized world economy is dependent on financial markets spread all over the world. These financial markets have various instruments of trade such as stocks, derivatives, currencies of various countries. The large number of currencies such as Dollar, Euro, Rubles etc. create high volatility while trade takes place in financial markets. This problem needs to be resolved to ensure economic development of all the countries in the world. Therefore, this paper is an attempt to statistically analyze certain aspects of a new evolving algorithmic based currency or virtual currency known as Bitcoin. In this paper, we have tried to statistically determine the strengths of Bitcoin by studying and analyzing data available over internet. These findings of this research can be utilized by academicians as well as those involved in currency trade for betterment of the economy.