This thesis explores how, with the help of decentralized digital assets like Bitcoin and others, cryptocurrencies are revolutionizing established financial systems and creating new avenues for financial inclusion, creativity and economic growth. However, there are many difficulties due to their instability, unclear regulations and potential for abuse. From an economic standpoint, cryptocurrencies are changing established banking and investment systems and influencing financial markets, monetary policy, and international trade. It examines dangers, such as market volatility and threats to central bank authority, as well as advantages, such as reduced transaction costs and easier access to international markets. On the social side, we examine how cryptocurrencies affect social norms, including issues such as the digital divide, financial inclusion for those without banks, and the balance between cryptocurrencies' ability to support illicit activity and their role in promoting economic empowerment. It also discusses how trust develops in decentralized systems and how cultural perspectives on value and money are changing. From a legislative perspective, we examine the changing legal frameworks related to the regulation of cryptocurrencies, examining the conflict between promoting innovation and guaranteeing financial stability, consumer protection, and crime prevention. It addresses important topics such as taxation, anti-money laundering regulations and cross-border enforcement while analyzing regulatory methods in several jurisdictions, looking at best practices, shortcomings and future trends. This offers insights for companies, researchers, policy makers and the general public navigating the rapidly evolving world of digital currencies by providing a thorough analysis of the economic, social and legal aspects of cryptocurrency adoption.