Launched in 2009, Bitcoin is increasingly accepted and used more widely. With many advantages, Bitcoin has brought opportunities and challenges to the financial and noney market. Bitcoin has been accepted by many countries as a valid payment method such as Japan, South Korea, Singapore, Australia and so on. In Vietnam, Bitcoin has been introduced and has formed a community of users as well as developed the support platforms. However, Vietnam has not had the specific research and legal framework for this kind of currency to control it effectively. The paper analyzes the benefits as well as the risk of using Bitcoin. Furthermore, the paper emphasizes on effecting of Bitcoin on the financial and monetary market, socio economic and proposes some solutions to increase efficiency in Bitcoin management in Vietnam.