While fears surround the crypto market because of how big projects and firms file bankruptcy one after the other, community members continue to remind the world of the best use cases for cryptocurrency.
On Twitter, the Cointelegraph social team asked the community to share their perspectives on what the best crypto use case is. From payments and self-custody to transparency and investment, community members gave a wide range of responses.
What is the best use case of crypto?
— Cointelegraph (@Cointelegraph) November 29, 2022
One community member highlighted the use of stablecoins like Tether (USDT) as payment methods while pointing out that other cryptos can be used as investment tools. On the other hand, another response brought up the transparency that crypto brings. Apart from these, one answer also raised the concept of saving, spending and self-custody, which recently became more talked about since the FTX collapse.
Meanwhile, another answer wrote the best use case is still how crypto provides a decentralized, peer-to-peer transaction mechanism that eliminates middlemen like banks and allows the bankless to have access to a financial instrument.
Contrary to some answers, a community member replied that the crypto space should target everyday utility. According to the Twitter user, decentralized finance (DeFi), nonfungible tokens (NFTs) and trading might not move crypto adoption forward to the rest of the world. The community member pointed out that it’s time for the crypto ecosystem to upgrade its utility.
Another Twitter user echoed the previous sentiments by highlighting that payments still remain the best use cases of crypto. The community member also pointed out the possibility of Dogecoin (DOGE) being implemented on Twitter as a means of payment within the social platform.
Amid the downturn of crypto markets, many community members believe that Bitcoin and crypto are here to stay. Some argue that the current FTX crisis is only a black swan event, while others reaffirmed their undying faith in crypto.