Fear grips the cryptocurrency market as one major project and company declares bankruptcy one after another, with community members reminding the world of the best cryptocurrency use cases.
On Twitter, Cointelegraph's social team asked the community for their thoughts on the best uses for cryptocurrency. Community members provided a wide range of comments, ranging from payments and self-service to transparency and investment.
A community member highlighted the use of stablecoins such as Tether (USDT) as a payment method, while other cryptocurrencies can be used as an investment vehicle. On the other hand, another answer talks about the transparency that cryptocurrencies bring. Furthermore, after the FTX crash, the answer came with the concept of saving, spending and self-care, which has become increasingly popular recently.
Meanwhile, another answer explained how cryptocurrency offers a decentralized peer-to-peer transaction process that eliminates intermediaries like banks and allows non-banks access to financial instruments.
Contrary to some responses, one community member said that the crypto space should have a purpose of everyday utility. According to one Twitter user, decentralized finance (DeFi), non-fungible tokens (NFTs) and trading may not be driving cryptocurrency adoption in the rest of the world. A community member pointed out that it is time to improve the utility of the crypto ecosystem.
Related: Will Ethereum Ever Overtake Bitcoin? Response from the crypto community
Another Twitter user echoed earlier sentiments, insisting that payments are still the best use case for cryptocurrencies. A community member also hinted at the possibility of Twitter implementing Dogecoin (DOGE) as a payment method on the social platform.
With the cryptocurrency market down, many in the community believe that Bitcoin (BTC) and cryptocurrencies are here to stay. Some claim that the current FTX crisis is a black swan event, while others reaffirm their unwavering faith in the cryptocurrency.