Internet currency

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Internet currency was a form of electronic money for the Internet. Most sites offering the currency have either been shut down or acquired.[1]

History

The idea of Internet currency could possibly date back to 1995, when the first major website that used Internet trade was opened, eBay. The idea of trade over the Internet slowly got more popular, and more websites began opening stores over the Web.[2]

2001 shutdown

Two of the corporations providing Internet currency, Flooz.com and beenz.com, were shut down in August 2001. Flooz gave customers only four days to spend all of their money. If the money was not spent, the remaining money was rendered useless as the companies had shut down, thus transactions could not be processed. Many users of the currency lost money, and some complained to the site, and, specifically, to Whoopi Goldberg, who had been the spokesperson for Flooz.com.[1]

References

  1. 1.0 1.1 Kornblum, Janet (August 22, 2001). "You Flooz, you may lose". USA Today. http://www.usatoday.com/tech/news/2001-08-22-ebrief.htm. Retrieved 2008-01-02. 
  2. Yeomans, Matthew (September 28, 1999). "The quest for a global e-currency". CNN. http://www.cnn.com/TECH/computing/9909/28/global.e.currency.idg/index.html. Retrieved 2008-01-02. 
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