2-FA is a subset of multifactor authentication and stands for 2 Factor-Authentication.
2-FA uses two components independent of each other to verify a users identity. Instead of just signing-in with your mail and password, you will have to provide one more input to prove, that it is really you logging in. Using 2-FA increases the security of your account against identity theft by someone who figured out your password tremendously. Even if someone managed to discover your password, they wouldn’t be able to enter the system since they are lacking the second factor needed for verification. By using 2-FA the most common scenarios for identity theft by phishing, viruses and hacking can be eliminated.
All in all, 3 different methods of identifying users:
- Something they know: the user knows something that no one else knows, such as a pin numbers, passwords or answers to security questions
- Something they are: something individual to the user such as an iris scan or their finger-print
- Something they possess: a typical example would be a bankcard or a key
For 2-FA most frequently used is the standard identification by password supplied by a one-time password generated via an authenticator or a notification sent to another device like a phone.
We cannot stress the importance of security when it comes to dealing with cryptocurrencies enough.
You might be familiar with 2-FA from your bank, that will always ask you to provide another PIN sent to your phone or generated via app to confirm bank transfers.
Similarly, we ask you to secure your account against phishing attacks to prevent anyone from gaining access over your account and ultimately your private keys. Since ownership of a wallet is entirely defined by ownership of the private key, when someone else gets hold of your keys them the famous principle of “not your keys, not your coins” (Andreas M. Antonopoulos) applies.
At Bitcoin.com Exchange we use a combination of password and one time passwords generated by the Google Authenticator to authenticate you.
To set up your 2-FA, log into your exchange account and go to Security under Settings. There you will find a link to download the authenticator if you haven’t already. After downloading the authenticator, you can simply scan the QR code provided on our website which will then automatically create one time passwords for you to log into your bitcoin.com exchange account.
If you have any questions or problems regarding 2-FA, feel free to contact us anytime at firstname.lastname@example.org or in our support chat.