What Is 2FA And Why Is It So Crucial In Crypto World?

Cryptocurrency exchanges Google Fraud hackers

Surprisingly enough, given the two-factor authentication (2FA) has proven its security at many crypto services, most of people do not use it until they have to. Perhaps, they either just don’t get why it is so important for safety of their funds or they do but prefer ignoring it.

In fact, before 2016 hackers had no specific interest in cryptocurrency when compared with the current everyday hunt for exchanges. And the underlying focus on privacy cryptocurrencies have complicates tracing cyber criminals.

There is hope lingering on, however.

What 2FA is

Putting it simply, it is extra security level that is added to the existing method (username and password) that you use when logging in to crypto wallets and exchanges. The added level guarantees that a website or a wallet you enter confirms that it is legally you.

How 2FA works

With the 2FA enabled you are granted access to the website or wallet services only after some extra actions made.

This may a text message sent to your phone or e-mail containing a code or a link that you must confirm before opening your account.

Along with SMS and e-mail, mobile apps like Google authenticator, Authy, LastPass, etc. can also be used for adding extra security level.

Why this is important for crypto security

The 2FA on, you will be notified every time someone else tries to gain access to your currency before they actually seize them.

Some of the methods that provide extra security are safer than others. For instance, SMS-based 2FA are more secure than e-mail-based ones. In addition, SMS-based 2FA are less safe than hardware-coded 2FAs.

Additional level of security along with good password would be a perfect way to ensure complete security of your funds.