There have been numerous attempts to establish a currency that will work on the internet - eCash, eCheque, cashU - You name it. Most of them have failed, usually because they did not have the active support of the governments and/or of the banking system. Some might say Paypal is an exception, but it is not a currency, but rather a bridge to the conventional cash and credit card system.
Bitcoin is really an old idea that has been tried many times before and has most of the characteristics of those that have failed. Check out this article that goes into more detail.
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