These digital currencies operate online in an unregulated market, providing direct payment for goods and services for various items.
Dogecoin is the latest with its moniker inspired by a Shiba Inu dog meme, which went viral last year and is mainly used for tipping on the internet.
It was meant to be a bit of a joke but now there are more transactions of the cryptocurrency than Bitcoin.
Still Bitcoin is the market leader, worth $10 billion.
In Australia, only a handful of bricks-and-mortar stores accept Bitcoin, with the first permanent venue being Sydney's Old Fitzroy Hotel.
Cryptocurrency stakeholders are also encouraging the government to work with key players in the market, to work out an appropriate regulatory framework, amid growing fraudulent activity associated with the new payment method.
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