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Security and privacy are the two terms that are well connected with the current trends in cryptocurrency, and this study gives an extensive review of the same. Cryptocurrency adds security to the transaction flow and regulates the formation of additional units of currency. The massive growth in the market assessment of cryptocurrency leads to misuse of deficiencies for profit by adversaries. In this study, a review was made to focus on the security and protection measurements of cryptocurrencies specifically on Bitcoin. This study describes cryptocurrency conventions, their usefulness, and communications within the framework.