2FA is the English abbreviation for Two-Factor Authentication, which can be translated into French by two-factor identification. It is a protection that exists on most websites operating in the world of cryptocurrencies.
In this article, we will briefly discuss the value of crypto-investors in protecting their accounts using such a method. While it may seem boring to set up 2FA on your accounts, it is nonetheless a security that we advise all of our readers to use.
What is the Two-Factor Authentication protection used for?
If you’re in the crypto-asset business, you’ve most likely heard of the many scams out there. Some of these scams take place at the exchange level or during ICOs where 2FA protection could not have done anything to help investors, but others have been possible due to the negligence of some people.
In fact, Two-Factor Authentication makes it possible to better secure access to an individual’s account by asking, in addition to the classic password, for an additional code to be inserted during connection.
Generally, this second security is enough to prevent the majority of unauthorized connections to crypto-investor accounts, thus preventing ill-intentioned individuals from doing what they want once in possession of their unfortunate’s access. victim.
What are the different 2FA protections available on the market?
By default, the only protection that exists to secure an account is the password. While some passwords are very secure and in practice impossible to guess, it is possible for an experienced hacker to obtain this information. By using two-factor ID protection, it is necessary to successfully get hold of this second protection to gain access to a person’s account.
There are several different 2FAs out there, but we’re only going to cover two of them. First of all, the first two-factor identification method that is easy to implement is the one that requires you to receive a code on your mobile phone via an SMS. Without having the telephone number linked to an account at its disposal, it is therefore impossible to retrieve this code to connect.
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The second 2FA alternative is Google’s Authenticator app. This is a code generator that shows different numbers every 30 seconds. To be able to connect to your account, you must enter this code.
Are there any drawbacks to implementing two-factor identification?
If we speak from a security point of view, there is obviously no disadvantage at first glance to strengthen the protection of his account. However, this can be problematic on two levels.
First of all, it is important to always have the possibility to recover a SIM card with its phone number if you lose it. Otherwise, it would therefore be impossible to access your crypto account. The same goes for the code of the Google Authenticator application which should be kept preciously safe somewhere in case you change your phone.
Secondly, it can be off-putting to always have to have your phone next to you to check your SMS or the Google Authenticator code. Nevertheless, it is a habit that one quickly picks up.
Conclusion on 2FA
In the end, the advantages of having a Two-Factor Authentication outweigh the disadvantages of not having this protection on your account. The cryptocurrency industry is still young and regulations in the sector are still in their infancy.
In our opinion, it is important for a crypto-investor to properly protect access to their accounts, whether on exchanges or on their storage portfolios. There is no third party that takes care of securing digital assets, it is something that must be generated individually by each person.