Is there a future for cryptocurrency?

Last week, Tesla announced they would no longer accept Bitcoin to pay for their cars.

But that does not mean the cryptocurrency is going away as more companies make their way into the digital arena.

"Cryptocurrency is really due to innovations in computer technology and the internet," explained Geoffrey Smith, who is a Clinical Associate Professor of Finance at Arizona State University.

"What a cryptocurrency is... is kind of a currency that you don't need a banking system to use," Smith said. "It's just maintained by the internet in general."

Smith explained to the ABC15 Arizona In-Depth team that cryptocurrency is what some people are using to hold value, while others are hoping to gamble with it to make big profits.

"You have to get the timing right and you never know what's going to happen tomorrow," Smith said.

He believes cryptocurrency is just getting started and it is here to stay.

"If you get someone like Walmart or Amazon that starts accepting cryptocurrencies as payment, then they're legitimate forms of payment and they'll be around for a very long time," Smith explained.

Just as there are highs and lows with the stock market, Smith said cryptocurrency looks to be the same when it comes to risk right now.

However, he believes that giving the public some options with finances can be a positive.

"I think having another form of currency is probably a good thing because competition is always good," Smith said.