A new digital currency, DogeCoin, has launched in Australia, with many users claiming to be getting rich using the currency.
A user on Doge’s website claims to have bought $1,500 worth of digital goods using the cryptocurrency.
The Doge app allows users to buy anything from virtual goods, games, games consoles and even cars using Doge coins.
One user, a 21-year-old from Brisbane, claims to be a “virtual shop owner” for DogeCoins.
Mr James said he was “thrilled” to see people using Doescoin to purchase goods on Doe’s site.
“I have always been a fan of the internet and Doge, and I thought it was a great idea to get my own digital store on the internet,” Mr James said.
“It’s so cool, it’s so cheap, and the community is great.”
Mr James has already earned $400 worth of Dogecoins by using the app, with the virtual currency now worth more than $1.8 million.
Users of the Doge cryptocurrency can buy goods with their coins, but they cannot buy anything with real cash, instead buying them with “Dogecoins”.
DogeCoin is a “pay-to-play” virtual currency.
Unlike other virtual currencies, Doescoins cannot be converted into a real currency and cannot be used in a transaction that involves money or goods.
It is not known how much people can make using DoeCoins, but many users are making a living off the cryptocurrency in virtual shops and online businesses.
Dogecoin has become so popular that many businesses and people in the DoeCoin community have been using it to purchase digital goods online.
The Australian Securities and Investments Commission has opened a formal investigation into Doge Coins.