Blockchain

Best Tips to Secure Crypto Wallet with 2 Factor Authentication

Published on February 1, 2018

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While working in cryptocurrency and cryptoshere you surely heard of the term 2 Factor Authentication, and you might be heard that its more enhance security.

Well, that right 2 Factor Authentication enhance the security level to just another level ensuring that your account is secure well enough. Well working with this 2-factor authentication, some of us face a lot of problems, like loss of our mobile phones or any other.

Well in this article I am going to cover all the point including explanation and some tips that might help you know this term a lot better and you can use it on the best practice.

Another Article on security: How To Secure Your Cryptocurrencies From Getting Hack

What is 2 Factor Authentication?

Two Factor Authentication also known for 2FA is a two step verification, is an extra layer of security that is known as “multi factor authentication” includes SMS verification, Email, or with Google Authenticaton. This loggin requires not only a password and username but also something that only, and only, that user has on them, i.e. a piece of information only they should know or have immediately to hand – such as a physical token.

The 2-Factor Authentication can be included through by email link, email code verification, SMS verification login or through Google Authentication app.

Google 2-way authentication on Bitfinex

By the end of the article, I will explain which is the best one I am using with some tips on best practice of how to use them correctly.

Why we have to use 2- Factor Authentication?

I have to answer this thing, most of us think of this thing that the 2-factor authentication takes more time for the logging into their wallet of exchange and they simply don’t use it. Most of us think we not going to be a hack but we regret once we actually get hacked.

You should use 2-Factor Authentication; its bit long process for the login but it will enhance your security level to the next level with just a few more steps.

Google Authentication or Any Other?

Well google authentication is one of the secured and best practice 2FA to secure your wallet or exchange, but it always depends on you. I personally recommend using Google authentication.

Email 2FA might be good for those who are concern about the loss of there phone or don’t want to include their phone to link in these logins.

Poloniex Email 2FA

Binance Exchange Security

Binance slider verification

binance google authentication

Some important points relevant to security!

Some Tips for using 2FA And Security Tips

In case of Google authentication:- Always keep the backup of QR code or the 16-digit key that they provide when you enable 2FA. Just keep that QR code at a safe place or take out a print out and keep it safe.
2FA with QR and 16-Digit Key

Using SMS for 2FA is a bad practice: there are many possible reasons when SMS got delayed and sometimes not even delivered. In those cases, you going to lock out of the wallet or exchange with you coins inside and you can’t do anything but to contact support. So avoid SMS 2FA.

Make 2 Emails one for you and another one for your wallets: For Email 2FA link verification like in blockchain.info wallet, I recommend not to share your email with anyone. Make a new email id just for these wallets and never share with anyone.

Delete 2FA mail or any other wallet email once it has been used and not required anymore in future.

Don’t tell anyone how much Bitcoins or Ripple you got.

Enable phone lock on your smartphone, ensures no one can access your information in any way.

Always divide and keep your coins to different wallets, as if anyone gets hacked your others are safe.

Keep your coin to the wallet who provides you with your private keys. If you’re not holding your wallet’s private keys you not holding your coins. Some wallets who gives your private keys includes Blockchain.info, Exodus, Ledger Nano S, Myetherwallet, etc.

Changing your device?

(For Google Authy) No need to worry just go login from your old device and disable 2FA then re-enable it and link it to the new device and you’re ready to go. Make sure you make a backup of the key or QR code at some safe place or take print out.

Lost your device?

You can restore your Google Auth simply by scanning your saved QR code to a new device. But if you lost your device you can’t do anything but to contact their support.

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