Cryptocurrency is digital money. There is no physical coin or bank note. It is an online currency that is used for quick payments and to avoid transaction fees. Some might get cryptocurrencies as an investment, because value of online currency fluctuates every now and then.

1. Bitcoin: It was launched in 2009 by Satoshi Nakamoto and it is the largest and the oldest cryptocurrency.

It is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or a computer. People can send each other Bitcoins using the digital wallet and transactions are recorded in a public list called the blockchain.

Three ways of getting Bitcoin- People can buy Bitcoins using ‘real’ money. People can sell things and let others pay with Bitcoins or it can be created using a computer. One Bitcoin in India is equal to over Rs 25, 87,216 (as on Jan 12).

Ethereum was launched in 2015 by Vitalik Buterin. It is an open-source blockchain and Ether is the native cryptocurrency of this platform. It is the second largest cryptocurrency, after Bitcoin. Ethereum works well when people create and build distributed applications and smart contracts.

How can people buy Ether: In India, an online platform ‘ETHEXIndia’ helps in exchange and trade of Ethereum. Registration is free. After registering and getting access to ETHEXIndia, user can freely use the services offered. The current value of 1 Ethereum in India is Rs 81,906.

Litecoin is the third largest digital currency that started in 2011. Litecoin like any other digital currency, functions as an online payment system.

People can buy Litecoin from different online exchange platforms. One example of such platform is Coinbase, where people can buy and exchange Litecoin using the services available on the platform. Many people have invested in Litecoin in India and the current value of 1 Litecoin in India is Rs 10,494.

Bitcoin Cash was launched in 2017 and it was started by bitcoin miners and developers. Bitcoin Cash is able to process transactions more quickly than the Bitcoin network. The Bitcoin Cash can handle many transactions per second than the Bitcoin network.

People can easily buy Bitcoin Cash from the Bitcoin.com Wallet, once they create an account in the platform. In India, the current value of 1 Bitcoin Cash is Rs 35,601.

XRP was created in 2012 by an US company Ripple Inc. It acts both as Cryptocurrency and a digital payment network for financial transactions. It operates on an open-source and peer-to-peer decentralized platform which allows easy transfer of money in any form (USD, Yen, litecoin or bitcoin).

People can buy XRP from online exchange platforms like Bitstamp, Kraken, Gatehub and many more.