A couple of years ago, there was a serious expectation that purchases and sales on the World Wide Web would create a demand for privately issued money to be used in those transactions. As one example, the Cato Institute sponsored a conference in May 1996 on The Future of Money in the Information Age, a conference at which some participants discussed possible currency used in online transactions and the implications for the economy. Such privately issued money would be represented by bytes on a users' hard disk and would be transferable from one person to another at low transactions cost in low denominations. The resulting currency would make online small-value transactions attractive that otherwise would be infeasible.
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