10 Facts Nigerians Didn’t Know About Tapping & Mining

In the world of cryptocurrency, new trends and innovations frequently emerge, capturing the attention of enthusiasts and casual users alike. One such trend that has recently gained traction is tapping and mining. These activities, once largely unknown, have now become the focal point of various crypto-based platforms. Notcoin, Tapswap, and Hamster Kombat, among others, have pioneered these methods, drawing millions of users in their quest for digital currency through what is often described as effortless tapping on their devices.

Despite the enthusiasm that surrounds these activities, experts have begun to question the long-term viability of tapping as a reliable source of income. Uche Ikechukwu, a seasoned crypto expert, and content creator, recently shared his thoughts on this emerging trend, shedding light on the realities of tapping, its advantages, and the potential pitfalls.

While some early adopters of platforms like Notcoin made considerable profits, the rapid growth in the number of participants has led to diminishing returns, leaving many wondering whether tapping is a sustainable income-generating venture.

In Ikechukwu’s view, while tapping and mining may offer a brief period of financial gain for a small percentage of users, it is not a strategy that should be relied upon for long-term stability. The trend is volatile, with the success of each platform depending largely on the number of users and the token allocation.

As more users join, the value of the rewards diminishes, and the likelihood of substantial profit decreases. This unpredictability raises the question: is tapping a feasible way to earn, or is it merely another passing crypto fad?

In this content, Osun Defender delves into the intricacies of tapping and mining, uncovering ten facts that Nigerians may not know about these activities and their potential impact on the crypto landscape.

1. Origin of Tapping and Mining

Tapping and mining in cryptocurrency began with platforms like Notcoin, which pioneered the use of a telegram mini-app for users to earn tokens.

Initially, no one knew if the idea would take off, but it became highly popular, garnering millions of users within a few months.

2. The Role of User Volume

One of the key factors determining the success of tapping platforms is the number of users.

While Notcoin successfully managed a base of 30 million users, newer platforms such as Hamster Kombat grew to a staggering 300 million users, which significantly affected their ability to reward participants equitably.

3. Not Everyone Makes Substantial Profits

Although some early adopters, like Uche Ikechukwu, made significant profits (up to $1,000), most users earned much smaller amounts, often just $20 or $50.

The returns depend heavily on how early a user joins and the platform’s reward structure.

4. Airdrops Are a Common Reward Mechanism

Many tapping platforms, including Notcoin and Hamster Kombat, reward users through airdrops. This involves distributing free tokens to users as a form of incentive for participating in the tapping activities.

However, as more users join, the size of each airdrop decreases.

5. Token Allocation Determines Success

The proportion of tokens allocated to users significantly affects the success of a tapping platform.

For instance, Hamster Kombat only allocated 67% of its tokens to users, whereas a higher allocation might have led to better financial outcomes for participants.

6. Regulation Is Largely Non-Existent

Tapping and mining activities occur mostly within unregulated spaces. As long as users abide by the terms of the platform (often hosted on Telegram), they can participate without government oversight.

However, this lack of regulation also leaves room for fraudulent activities.

7. Some Platforms Have Scammed Users

There have been instances where tapping platforms have deceived users by asking for payments to increase points or token rewards.

These platforms often collapse, leaving users with little or no return on their investment, highlighting the need for caution in engaging with these trends.

8. Conversion of Earnings to Cash

Users earn cryptocurrency in the form of tokens, which can then be converted to more widely recognised cryptocurrencies such as USDT (Tether), which is backed by the US dollar.

This USDT can then be sold through Peer-to-Peer (P2P) exchanges, allowing users to convert their earnings to naira.

9. Tapping Is Not a Sustainable Job

While tapping may bring in some money in the short term, crypto experts caution against relying on it as a stable job.

The volatility of the trend means that profits can be unpredictable, and the trend may fade as newer forms of cryptocurrency engagement emerge.

10. Focus on Skills Beyond Tapping

Experts like Ikechukwu advise Nigerians to develop crypto-related skills beyond tapping.

The broader world of cryptocurrency offers numerous opportunities, such as trading, blockchain development, and digital asset management, which provide more reliable and sustainable income streams.