Crypto

What is the best use case for crypto? Community Responses

1 minute read

As fears surround the crypto market because of how major projects and companies file for bankruptcy one after another, community members continue to remind the world of the best use cases for cryptocurrency.

On Twitter, Cointelegraph’s social team asked the community to share their views on the best use case for crypto. From payments and self-custody to transparency and investment, community members gave a wide range of responses.

A member of the community Underline the use of stablecoins like Tether (USDT) as means of payment while recalling that other crypto-currencies can be used as investment tools. On the other hand, another answer raised the transparency that crypto brings. Apart from these, an answer also raised the concept of saving, spending and self-care, which has recently became more talked about since the collapse of FTX.

In the meantime, another answer wrote the best use case remains how crypto provides a decentralized peer-to-peer transaction mechanism that cuts out middlemen like banks and allows people without a bank to gain 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), non-fungible tokens (NFTs), and trading may not advance crypto adoption in the rest of the world. The community member pointed out that it is time for the crypto ecosystem to upgrade its usefulness.

Related: Will Ethereum ever overtake Bitcoin? Answers from the crypto community

Another Twitter user echoed previous sentiments by pointing out that payments still remain the best use cases for 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 in the crypto markets, many in the community believe that Bitcoin (BTC) and cryptos are here to stay. Some argue that the current FTX crisis is just a black swan event, while others have reaffirmed their undying faith in crypto.