The cryptocurrency space in Nigeria has seen a surge in participation, especially with the rise of Tapswap, a new crypto project being mined via Telegram.
However, not all participants may profit, as several crypto experts and enthusiasts have raised concerns about the potential pitfalls.
Michael John, a Nigerian man actively involved in the Tapswap community, recently took to Facebook to express his concerns.
He stated that while many Nigerians have enthusiastically jumped on the Tapswap bandwagon, a significant number might not earn anything due to their lack of experience with cryptocurrency fundamentals, such as understanding wallets, decentralized exchanges (DEX), and centralized exchanges (CEX).
“Many who joined the Tapswap craze did so without adequate knowledge of how to manage their crypto assets. These emergency crypto enthusiasts could be setting themselves up for disappointment,” Michael warned.
He emphasized the importance of experience and caution when venturing into money-making activities like cryptocurrency.
Adding to the conversation, crypto expert Obani Ebenezer Nwokoma shared further insights with popular Nigerian print media.
Nwokoma advised Tapswap miners to be wary of using external auto clickers—automated tools that help mine cryptocurrency without manual input.
He recounted an incident during the launch of another crypto project, Notcoin, where users who relied on such tools were disqualified due to irregular clicking patterns, which the system flagged as bot activity.
“I will say this once: if you’re using an external auto clicker to mine Tapswap, you should minimize its use. During the evaluation process of Notcoin, many were disqualified because their accounts exhibited robotic behavior. It’s better to mine manually and avoid being disqualified,” Nwokoma advised.
As Tapswap’s launch approaches, the Nigerian crypto community is abuzz with both excitement and caution. While the potential for profit exists, experts like Nwokoma stress the importance of patience and proper understanding of the crypto space to avoid unnecessary losses.
