From creating a buzz word to a disrupting economic innovation, Cryptocurrencies have come a long way. It does have the capability to transform our present economic structure and modify the way in which our banks and financial institutions operate. Much has been discussed about blockchain-based tokens lately, Prices of tokens have soared, startups are raising millions in token sales within seconds, and every venture fund in the world is now discussing what to make of tokens internally. In the course of this paper we shall evaluate the industry penetration and impact of cryptocurrencies as well as conclude on the future potential it holds.