ONLINE currencies are booming currently as people decide to invest their cash in cryptocurrency.

Although the value of the currency can be extremely volatile many people have made a fortune by picking the right time to invest in all sorts of online coins.

2 Bitcoin cash has been steadily growing since it was formed from Bitcoin Credit: Shuttershock/Kathayut Kongmanee

What is Bitcoin cash?

Bitcoin cash was created by "forking" the original bitcoin protocol in 2017.

Forking is what happens what a blockchain - decentralised technology that records transactions across computers - goes into two potential paths going forwards.

This is either in regards to transaction history of a new rule deciding that a transaction is valid.

This development meant more transactions can be processed.

It has led to a speeding up of verification and confirmation of new blocks - where data is recorded.

2 Although the value of the currency can be extremely volatile many people have made a fortune by picking the right time to invest in all sorts of online coins Credit: Shuttershock/ Wright Studio

What is Bitcoin cash worth?

As this cryptocurrency "forked" in the summer of 2017 it has grown rapidly in a short space of time.

As of mid-January it was worth $1,950 a coin.

It hit a high of $3,830 per coin in December.

How to buy it and how is it different to Bitcoin?

The currencies are similar in many ways but what makes them different is primarily speed and size.

Bitcoin cash has a block size limit of 8MB — eight times more than Bitcoin.

This is why it can process more transactions each day which speeds everything up and keeps fees low.

Transaction fees are about $0.20, but they will increase once more people start using the currency.

It appears that there are many sites online which offer to help people buy Bitcoin cash.

But in all cases buyers must purchase a Bitcoin cash wallet, where the currency will be transferred through.

What are some of the risks?

Anyone thinking of investing in Bitcoin or another cryptocurrency should be very careful.

Their values are volatile, with the ability to plummet as quickly as they shoot up.

MOST READ IN NEWS WINTER ON WAY Brits enjoy late summer sun as polar plume threatens earliest snow in century COVID CLAMPDOWN PM unveils huge £10k fines for Brits who break covid self-isolation rules Exclusive 'HE'S DEVASTATED' Kyle Walker 'furious' after fiancée admits to lockdown fling with toyboy SHORT SHARP LOCK Pubs & restaurants could shut completely within days in two-week lockdown SHOP FEAR Surge in supermarket demand fuels fears Covid second wave will spark panic buying COST OF COVID Rishi Sunak plans benefits freeze to pay for soaring cost of virus crisis

And investors are frequently targeted by hackers and other criminals who seek to steal their crypto-cash online.

Be especially careful if you are using direct, peer-to-peer platforms to sell and buy cryptocurrencies.

These are the equivalent of something like Gumtree for Bitcoin – you never know who you might be dealing with.