What is Two-Factor Authentication (2FA)?

Two-factor authentication (2FA) is an additional security measure that users can implement to strengthen the security of their crypto accounts. When 2FA is implemented by a provider, crypto users feel more comfortable knowing that only they have access to their personal accounts and passwords.  Typically, crypto users who require 2FA as a clearance to access accounts can receive a text message (SMS) on their phone with a one-time code. They will then be prompted to enter a six-digit PIN before login.  In the unfortunate case where the hackers get hold of their account, they won’t proceed until they get hold of the PIN code under control of the real account holder.

How to Use 2FA in crypto

To begin using 2FA and access crypto services like exchange accounts and more, users have to set up an authentication app or service and link it to their crypto accounts. This app or service will send a one-time code to their phone.  There are a wide variety of authentication apps and services available for this service. Some of the more popular ones include Google Authenticator, Authy, and Duo Mobile. A rule of thumb when using an authentication service is that one should ensure that it is their accounts they are linking to. Otherwise, it can portend problems, leading to inconveniencing logging delays. Once the app is downloaded and installed either on Android or iOS devices, users can login and promptly activate their 2FA. This requirement ensures that the logging person is also the owner of the mobile device—a reliable identity verification step.

2FA makes Crypto Safer

2FA, or two-factor authentication, is a great way to add an extra layer of security to your crypto accounts. By requiring a second factor, usually a one-time code generated by an app on your phone, 2FA makes it much harder for hackers to gain access to your account. Even if they somehow manage to steal your password, they won’t be able to login without that second factor. So if you’re serious about keeping your crypto safe, 2FA is a must. 

Because 2FA is a security step, there are several ways it can be employed in the sphere, reducing exploits. For example, it has been revealed that if Binance users of the 2018 heist had activated 2FA, the hack leading to the loss of 7,000 BTC would have been stopped. This is enough evidence to point out that 2FA directly contributes to the security of crypto accounts.  When a user is required to verify their identity from their phones, a secure hacker-proof system is created. Overall, the requirement for 2FA goes a long way in preventing crypto account takeover, contributing positively to the sphere’s security.  

It isn’t perfect, but it’s a valuable security measure that can help to protect your crypto assets. If you’re not already using 2FA, you should start today.

What is the best 2FA for crypto?

There is no single best 2FA for crypto, as different exchanges and wallets will have different security requirements. However, some of the more popular 2FA options for crypto include Authy, Google Authenticator, and LastPass.