The rise of Bitcoin has sparked the emergence of dozens of other similar cryptocurrencies around the world.
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29 Jan 2014 - 5:50 PM  UPDATED 29 Jan 2014 - 6:22 PM

These digital currencies operate online in an unregulated market, providing direct payment for goods and services for various items.
 
One of the latest, is Dogecoin, co-founded by Australian Jackson Palmer.
 
There are more transactions of the cryptocurrency than Bitcoin, although it is only worth a tiny fraction of Bitcoin.
 
Earlier this week though, its value surged by 400 percent, mostly in part to a Chinese investor, only known by his alias, Wolong, who was manipulating the currency.
 
We spoke with Jackson Palmer, to get his message to Wolong, who welcomed his support, but warned users to watch their backs because trusting such big investors can be dangerous.

Watch the video below to hear what Palmer had to say.


 
Stay tuned to SBS World News for our feature on the rise of cryptocurrencies in Australia.