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Notes on Bitcoin 14

Two-factor authentication (2FA) enhances account security by requiring an additional token for access, reducing the risk of unauthorized access due to compromised credentials. Common methods include app-based solutions like Google Authenticator, SMS verification, and hardware tokens, each with their own advantages and drawbacks. While 2FA provides an extra layer of protection, it should be used in conjunction with other security measures for optimal safety, especially in decentralized environments like cryptocurrency wallets.

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5 views

Notes on Bitcoin 14

Two-factor authentication (2FA) enhances account security by requiring an additional token for access, reducing the risk of unauthorized access due to compromised credentials. Common methods include app-based solutions like Google Authenticator, SMS verification, and hardware tokens, each with their own advantages and drawbacks. While 2FA provides an extra layer of protection, it should be used in conjunction with other security measures for optimal safety, especially in decentralized environments like cryptocurrency wallets.

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prototype199191
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© © All Rights Reserved
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[ Two-factor Authentication ]

In recent years, it has become apparent that more layers of security need to be implemented on top
of the standard authentication protocols. One of the more popular solutions to tackle this problem is
called two-factor authentication (2FA), which requires an additional “token” to be entered when
accessing your account. Failing to enter the correct combination results in an error message. It’s not
uncommon for an unauthorized third party to get access to your username and password credentials.
This is not always a fault of the individual, as some online services may use unsecure methods of
storing these details. Enabling 2FA adds a layer of security on top of that to safeguard your data and
money.

2FA may be used in multiple ways, although not all of these forms are supported by every platform.
The most common type of 2FA comes in the form of Google Authenticator, which is an application
you can install on any mobile device. Using Google Authenticator is quite simple.

After you download the app to your mobile device, you set up a new account: Log in to the service or
platform you want to protect with 2FA. Scan an associated QR code with the camera of your mobile
device. Use that QR code to link to your authentication details, pairing it to your mobile device.

Every time you open Google Authenticator, it generates a new 2FA code for your account. These
codes remain valid for a very short period of time, after which a new code is automatically generated.
The validation of this code is automatically verified when logging in. Entering an expired code will
return you back to the login screen.

Even though mobile 2FA sounds very convenient, a couple of drawbacks should be kept in mind. You
need to carry your mobile device with you at all times, and it needs to be charged with enough battery
to generate a 2FA code. This will not be an issue for most people, but it can cause inconvenience at
certain times. If you lose your phone or it gets stolen, you also lose your 2FA credentials. Even
though there ways to remove 2FA security from your account and enable it on a new device, doing so
is quite the hassle and not a process you want to run through if it’s not necessary.

Other ways to authenticate your account through 2FA include services like Clef and Authy, available
from the relevant app store for your mobile device, and even plain old SMS verification. However,
these options — except for SMS verification — require you to carry additional hardware on you in
order to verify your credentials, making them less convenient. SMS verification also has its own
drawbacks. For example, if you are in an area where you get bad to no cellular signals, SMS
verification for 2FA purposes won’t work. Plus, if you are in a foreign country, additional fees may be
charged to you for receiving the 2FA authentication code.
The different kinds of two-factor authentication (2FA) crypto wallets are SMS-Based: SMS-based 2FA
sends the user a verification code to their mobile phone through a text message. Although this
approach is straightforward and easy to use, it carries possible dangers like SIM swapping attacks, in
which hackers clone a victim’s phone number to capture SMS codes.

App-Based 2FA: Users of app-based authentication must download an authenticator app, such
Google Authenticator or Authy. These apps create time-sensitive codes that users have to enter
together with their password. Since this approach relies not on telecom services, it is more safe than
SMS-based 2FA.

Hardware-Based 2FA: For crypto wallets with 2FA, hardware tokens such as YubiKey offer one of the
most safe means. To access your wallet, these physical gadgets have to be connected to your
computer or cell phone. Although safe, should they be misplaced, they can be expensive to replace.

Unlike traditional bank accounts that are under protection by centralized institutions, crypto wallets
are decentralized and uncontrolled. This implies that your money might be irretrievable should
someone find access to your cryptocurrency wallet. Especially for users with high-value assets like
asset backed cryptocurrencies or engaged in crypto trading bot development, the lack of 2FA or
inadequate security measures could be catastrophic.

Although 2FA offers an additional degree of protection, it is not an all-inclusive solution. As hackers
always change their techniques, it is imperative to combine 2FA with other security measures as cold
storage, multi-signature wallets, and strong passwords.

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