It was circa 1955 when computer was used for the very first time in India and it was circa 1995 that internet services were first launched here. In 2015, one cannot imagine a life without the two. This goes to show how fast we adapt to the advancement in technology and make it a part of our daily lives. In this article, the authors seek to unfold the cryptographic world behind Bitcoins alongside the regulatory issues making the Indian Government wary of its usage in the near future. Pursuant to the warning released by the Reserve Bank of India; are authorities in the Indian Government in denial regarding Bitcoins increasing relevance in the business world?