Internet currency
Encyclopedia
Internet currency was a form of electronic money
for the Internet
. Most sites offering Internet currency have either shut down or been acquired.
. The idea of trade over the Internet slowly got more popular, and more websites began opening stores over the Web. A new form of internet currency has recently sprung up known as "internets", though they hold no value they are often awarded to people by others who consider the content presented to be a fine representation of the internet as a whole.
, Flooz.com
and beenz.com
, were shut down in August 2001. InternetCash used pre-paid cards, either in physical or electronic form to distribute money which could then be used anywhere on the Internet or on specific site(s) (such as store-specific pre-paid cards). This proof of concept created a lot of customer demand and was followed up by several pre-paid store-specific cards. 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 Internet currency lost money, and some complained to the site, and, specifically, to Whoopi Goldberg
, who had been the spokesperson for Flooz.com.
Electronic money
Electronic money is money or scrip that is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems...
for the Internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
. Most sites offering Internet currency have either shut down or been acquired.
History
The idea of Internet currency could date back to 1995, when the first major website that used Internet trade was opened, eBayEBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
. The idea of trade over the Internet slowly got more popular, and more websites began opening stores over the Web. A new form of internet currency has recently sprung up known as "internets", though they hold no value they are often awarded to people by others who consider the content presented to be a fine representation of the internet as a whole.
2001 shutdown
Three of the corporations providing Internet currency, InternetCash.comInternetCash.com
InternetCash.com was a company that generated pre-paid cards, either in physical or electronic form, to distribute cash. The cash consisted of an InternetCash number together with a customer-selected PIN. The InternetCash e-currency could then be spent with participating online merchants...
, Flooz.com
Flooz.com
Flooz.com was a dot-com venture, now defunct, based in New York City that went online in February 1999, promoted by comic actress Whoopi Goldberg in a series of television advertisements...
and beenz.com
Beenz.com
Beenz.com was a web site that allowed consumers to earn beenz, a type of online currency, for performing activities such as visiting a Web site, shopping online, or logging on through an Internet service provider...
, were shut down in August 2001. InternetCash used pre-paid cards, either in physical or electronic form to distribute money which could then be used anywhere on the Internet or on specific site(s) (such as store-specific pre-paid cards). This proof of concept created a lot of customer demand and was followed up by several pre-paid store-specific cards. 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 Internet currency lost money, and some complained to the site, and, specifically, to Whoopi Goldberg
Whoopi Goldberg
Whoopi Goldberg is an American comedian, actress, singer-songwriter, political activist, author and talk show host.Goldberg made her film debut in The Color Purple playing Celie, a mistreated black woman in the Deep South. She received a nomination for the Academy Award for Best Actress and won...
, who had been the spokesperson for Flooz.com.
See also
- Anonymous Internet bankingAnonymous internet bankingAnonymous Internet banking is the proposed use of strong financial cryptography to make electronic bank secrecy possible. The bank issues currency in the form of electronic tokens that can be converted on presentation to the bank to some other currency...
- BitcoinBitcoinBitcoin is a decentralized, peer-to-peer network over which users make transactions that are tracked and verified through this network. The word Bitcoin also refers to the digital currency implemented as the currency medium for user transactions over this network...
- Ven (currency)Ven (currency)Ven is a global virtual currency used by members of a social network service Hub Culture to buy, share and trade knowledge, goods and services globally. It can be spent at any Hub Culture Pavilion or used for micropayments on the Internet at large. The value of Ven is determined on the financial...
- Private Payments System