Understanding Two Factor Authentication in Cryptocurrency and Why is it Important?

Criminals put a lot of effort into stealing your data and valuables from your internet accounts. If you own cryptocurrency, you should make it a routine to verify your account settings for any hardware or software you use for accessing or storing secret keys.

An additional security measure is the use of two-factor authentication. This is due to the fact that, in contrast to traditional financial transactions, there is no fraud protection or procedure to reclaim stolen funds if your accounts are compromised.

It takes a little time and technical know-how to set up two-factor authentication. However, the degree of security it offers makes the work worthwhile. In this lesson, we’ll discuss the importance of two-factor authentication and look at how to set it up.

Article Contents

So what is 2FA?

When you register for a crypto exchange, you’ll probably be prompted to configure your account’s security settings and locate something called two-factor authentication (2FA). Your Wallet is safeguarded by the crucial security measure which is 2FA.

Two-factor authentication is a security measure used by crypto exchanges to prevent unauthorized access to an account. The method demands that in order to authenticate the identity of the account holder and obtain access to the account, a second piece of information must be provided in addition to the password.

How does 2FA function?

To log into an account using two-factor authentication, you must utilize two distinct kinds of authentication. The second approach typically calls for you to have something in your possession that only you have access to (like your phone).

Through SMS

If you register a mobile device number with the account, text messages for two-factor authentication will deliver a login code to that number. 2FA is frequently used by both business and private accounts, and this version is the most straightforward.

Biometric 2FA

In order to access your account, biometric authentication necessitates the usage of a distinctive physical trait. Retinal scans using the camera on your computer or requiring your fingerprint on a tablet are two common biometric verification techniques.

Authentication Software

The 2FA (Two-Factor Authentication) authentication software works by creating a special code on your mobile device. After that, you must enter this code to access your account.

2FA apps don’t need the user to be connected to the internet like SMS messages do. You can access your account with any type of internet connection.

What advantages does 2FA offer?

Two-factor authentication offers a number of benefits, including:

Seamless Authentication

The purpose of 2FA is to safeguard user experience while also protecting personal information. Users can easily verify their identification by clicking one button by delivering push notifications rather than asking for a PIN.

Heightened security

Hackers find it more challenging to gain access to customer accounts using two-factor authentication. Potential intruders would need more than just one password to obtain access, such as their password plus a second code.

Decreased security management expenses

By enabling users to resolve their own problems, two-factor authentication can shorten and save money on time-consuming and expensive password reset calls. Implementing 2FA can also assist in lowering the operational burden associated with security restrictions.

Helps to increase client trust

Customers will trust websites more if more security measures are put in place on them. Knowing that everyone on the system must pass through the same stringent security as they did increases users’ likelihood to trust other users on websites.

Long-term viability of these services depends on creating a wide circle of trust within the community.

Setup Two Factor Authorization on Kucoin Account

One of the leading exchanges, Kucoin, is known for being a resilient and reliable security platform. Additionally, customers of this exchange can see current cryptocurrency prices, including the BRISE price and other cryptocurrencies.Here how to set up 2FA in Kucoin.

With Google Authenticator, two-factor authentication, you may better secure your KuCoin account. By requiring a six-digit one-time use code each time you access your account, this provides another degree of security to your logins, withdrawals, and other account adjustments.

First, for iOS or Android, you can download the Google Authenticator app and register an account with KuCoin. To access the menu, click the avatar in the top-right corner of your screen. Select “Account Security” in the drop-down menu.

Then choose “Security” from your device’s Settings menu, then click “Advanced” and “Google Authentication” on the subsequent screens. At the page that opens, either scan the QR code or input the “key” in the field below.

After you’ve saved the key to your account, launch the Google Authenticator app on your phone and scan the QR code there. To complete the process of setting up Google Authenticator as a second layer of security, enter the six-digit code that appears in your Google Verification Code box and click Activate.

The Takeaway

Businesses need to make sure that their cyber security is up to date in order to prioritize their customers. Two-factor authentication (2FA) provides a secure and convenient solution that helps both customers and organizations. Two-step verification is more secure than password protection alone, but multi-factor authentication is even stronger.