I’m sure if you’ve made it this far into the cryptocurrency world, you have come across 2FA, otherwise known as 2-factor authentication.
So what is it? Why is it so important? Also, do I need to add it to my account?
For those of you who don’t know, 2FA is a second layer of security on your account. Enabling the use of an extra layer of protection requires a second confirmation via a code before being granted access to your account.
Implemented on many cryptocurrency exchanges, 2FA is used to create a two-step verification process, which in turn increases the security of your account and forces potential hackers to crack two systems to access client accounts.
Hacks are almost nearly impossible since a new code gets generated every 15 seconds.
Is it worth the hassle?
Some people might find adding an extra layer of security complicated and painful, as it can be much slower than single-factor authentication, but when an email and password combination is the only thing standing between you and hackers looking to steal your crypto, it’s better to stand on the side of caution.
Let’s use an example:
Say you have $100,000 worth of Crypto in your CoinField account, and a hacker gets ahold of your email and password. The hacker then has easy access to your entire Crypto portfolio and can easily withdraw funds from your account without you knowing a thing.
Conversely, if you were to have two-factor authentication set up on your account, they would face a much harder task, since they need to input a code sent directly to your cell phone, or cipher on your Google Authenticator app the regenerates every 15 seconds.
Although nothing can be considered 100% secure, 2FA protects your account far better than just a mere email and password (single-factor authentication).
If you have heard enough and you are ready to set up two-factor authentication on your account, make sure you set it up and keep your funds safe!