One community member argued that the best use case for cryptocurrency is still the way crypto provides a peer-to-peer decentralized payment system that eliminates intermediaries such as banks.
Despite the crypto market being sceptic with fear due to the numerous bankruptcies of large projects and firms, community members are continuing to highlight the best use cases for cryptocurrency to the world.
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.
One community member highlighted the use of stablecoins like Tether
USDT as payment methods while pointing out that other cryptocurrencies can be used as investment tools. On the other hand, another response brought up the transparency that crypto brings. Recently, the concept of saving, spending, and self-custody has become more widely discussed, especially in light of the FTX collapse. In addition, one answer raised these topics.
In the interim, it was suggesting that the greatest advantage of cryptocurrency is its capacity to enable decentralized, peer-to-peer transactions that obviate the need for middlemen such as banks, thus providing access to financial instruments to those who do not have a bank account.
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 indicated that it was time for the crypto ecosystem to upgrade its usefulness.
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The preceding opinion was echo by another Twitter user who emphasized that payments are still the most advantageous application of cryptocurrency. The community member suggest that Dogecoin (DOGE) could be integrated as a form of payment on Twitter.
Amid the downturn of crypto markets, many community members believe that Bitcoin
BTC and crypto are here to stay. There is a debate as to whether the current FTX crisis is a black swan event or an opportunity to strengthen one’s conviction in cryptocurrency.
