This tune was written by banjo legend Earl Scruggs. The arrangement is pretty straight forward. Practice it at the speed and difficulty level that matches your current ability. Try some licks to spice things up!
Pickers tend to play this tune super fast, sometimes around 160 BPM. It's very tough to play at that speed, but there's something you can do do play faster, sooner: lower the difficulty level. It's easier to play less notes at a higher speed, than it is to play more notes at a higher speed. You can practice more difficult version with more licks at a slower speed and work on getting that up to your goal tempo as a more long-term project.