Is there a future for cryptocurrencies like bitcoin?

Due to rising global demand for lower costs, easier transactions by reducing the involvement of banks, focus remains on growing interest of alternative currencies.

The difficulty faced by cryptocurrencies is that they have no fundamental value. Bitcoin enthusiasts oppose that concept stating that, not unlike investments, a cryptocurrency's worth depends on what the market says it is.

It is seen that only time can tell whether cryptocurrencies such as bitcoin have a future by accessing their acceptance and value in the long run. Perhaps globally, nations will adopt new monetary systems by which cryptocurrencies will be used as alternatives.

A professor at Duke University, Campbell R. Harvey states that there certainly is a future for cryptocurrencies and for technologies they are based on.