Surprisingly, even though two-factor authentication (2FA) has proven its security in many crypto services, most people do not use it until they are forced to. Perhaps they do not understand why it is so important for the safety of their funds, or they understand but prefer to ignore it.
In fact, until 2016, hackers were not particularly interested in cryptocurrency compared to the current daily “hunt” for exchanges. Moreover, the inherent orientation of cryptocurrencies to privacy further complicates the tracking of cybercriminals.
What is 2FA
Simply put, this is an additional level of security that is added to the existing method (username and password) that you use when entering crypto wallets and crypto exchanges. The added layer ensures that the website or wallet you are logging in “confirms” that it is legally you.
How 2FA works
If two-factor authentication is enabled, you will be allowed to access the website or wallet services after performing some additional steps.
This can take the form of a message sent to your mobile phone or to your email address with a code or link that you must confirm before your account is opened.
In addition to SMS and email, mobile applications such as Google Authenticator, Authy, LastPass, etc., are also available to add an additional layer of protection.
Why is it important for cryptocurrency security?
With 2FA you will be notified if someone else tries to access your currencies before they really take possession of them.
Some of the methods that provide an additional layer of security are safer than others. For example, SMS-based 2FAs are more secure than email-based 2FAs. Nevertheless, SMS-based 2FAs are less secure than using hardware-encoded 2FAs.
An additional level of security combined with a strong password is a great way to provide you with complete confidence in the safety of your funds.