The study focused on the risks and effects of these risks that can bring potential harm to cryptocurrencies’ users. Aside from that, this paper will also focus on the benefits and impacts of cryptocurrencies either it can evolve into a better medium for people to use as a medium of Interact email money transfer or known as E-transfer as virtual currency; hence as predicted to replace the current traditional currency in the near future. The characteristics of these virtual currencies such as unpredictable and inconsistency in its nature make it hard for peoples to predict what the future of these cryptocurrencies is as the value of it also fluctuated over the years. Thus, this paper will examine the probability of cryptocurrencies to evolve into a better form of digitalizing currency.