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Bitcoin was developed as a decentralised global payment system; however, it has also been bought and sold in large volumes as a speculative investment. Ethereum uses blockchain technology to run an open software platform. It can process transactions, contracts and run other programs, which allow developers to create and run any program, in any programming language, on a single decentralised platform.

In the Ethereum blockchain, miners work to earn ether, which is the crypto token that drives the network. Ether can also be used to pay for fees and services within the network. Litecoin, like Bitcoin, was created as an electronic payment system; however, transactions on the Litecoin network are processed faster and there are more litecoins in circulation than there are bitcoins.

Some users see Litecoin as a 'lighter' version of, or backup for, Bitcoin. Ripple is a transaction protocol designed to complement Bitcoin by allowing real-time transfers between users in any currency. It is a database in which users can store and transfer value in any currency, including other cryptocurrencies, on a protected network.

Ripple uses tokens that were created by the developers, rather than mined or earned like other digital currencies. Some users don't see Ripple as a true cryptocurrency, but the technology has been popular with financial institutions. The exchange platforms on which you buy and sell digital currencies are not regulated, so if the platform fails or is hacked, you will not be protected and will have no legal recourse.

Cryptocurrency failures in the past have lost investors significant amounts of real money. In most countries cryptocurrencies are not recognised as legal tender and are only regulated to the extent that they fit within existing laws, such as tax laws. A cryptocurrency is not guaranteed by any bank or government.

Its value is based on its popularity at a given time, which is influenced by factors such as the number of people using it, the ease with which it can be traded or used and the perceived value of the currency and its underlying blockchain technology. Investing in virtual currencies is considered highly speculative, as values can fluctuate significantly over short periods of time.

Just as your real wallet can be stolen by a thief, the contents of your digital wallet can be stolen by a computer hacker. Your digital wallet has a public key and a private key, like a password or a PIN. However, digital currency systems allow users to remain relatively anonymous and there is no central data bank.

If hackers steal your digital currency you have little hope of getting it back. However, according to the Australian Taxation Office ATO , if you are using virtual currencies, such as bitcoins, for other purposes, you will be taxed. Here is an outline of the ATO's proposed tax treatment of crypto-currencies:. If you decide to trade or use virtual currencies you are taking on a lot of risk with no recourse if things go wrong.

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How cryptocurrencies work Digital currencies use blockchain technology. Digital wallets Cryptocurrencies are kept in a digital wallet and can be used to pay for actual goods and services from any person willing to accept them as payment. Popular with criminals The relatively anonymous nature of digital currencies has made them very attractive to criminals, who may use them for money laundering and other illegal activities.

Bitcoin Bitcoin is primarily a digital currency. Ethereum Ethereum uses blockchain technology to run an open software platform. Litecoin Litecoin, like Bitcoin, was created as an electronic payment system; however, transactions on the Litecoin network are processed faster and there are more litecoins in circulation than there are bitcoins.

Ripple Ripple is a transaction protocol designed to complement Bitcoin by allowing real-time transfers between users in any currency. The risks of investing in cryptocurrencies Fewer safeguards The exchange platforms on which you buy and sell digital currencies are not regulated, so if the platform fails or is hacked, you will not be protected and will have no legal recourse.

Values fluctuate A cryptocurrency is not guaranteed by any bank or government. Your money could be stolen Just as your real wallet can be stolen by a thief, the contents of your digital wallet can be stolen by a computer hacker. Sony reports shortage of cute robot puppies!

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