Topic: Is there a 2 way factor for bitcoin and ERC20 digital wallet? (Read 316 times)
As many have already said, Google authenticator. It is good however, make sure to backup the key — I have seen many forgetting it and then there is no way around it. Second note, wherever your Google authenticator app is installed, remember to pass/pin protect it. Otherwise anyone with access to your mobile can see 2fa codes.
I also still do not understand why in the purses there is no 2FA, this is the right solution for safe storage of assets. A lot of hacking due to the fact that people through phishing sites send their passphrases and private keys.
It is an ideal for every digital wallet to secured the cypto inside to it by doing a two way factor to affirm the transfer of crypto from the wallet to another digital wallet. A phone number could be which will be registered to that digital wallet and every time you will do transfer the process should ask a code that is being sent from your phone number in order to proceed. In this way hackers could not get the crypto that easily because you are holding the code on your phone before it will be transferred. Is there any digital wallet like this for bitcoin and ERC20 digital wallet?
Though new to crypto currency, i have not seen any wallet both for bitcoin and erc20 wallets that require a 2fa authentication, i have only come across 2fa authentication for COINEX exchange platform. but if this can be adopted for bitcoin and erc20 wallet, it will go along way to enhance wallet security. Is there any bitcoin or erc20 wallet that you know that uses such tech? please share if you do.
The two way factor can easily done to ensure the transfer of crypto from another digital wallet. Using this way hackers could not easily get crypt because it will move your phone code before transferring.
A phone number could be which will be registered to that digital wallet and every time you will do transfer the process should ask a code that is being sent from your phone number in order to proceed.
Using a phone number and SMS as your 2FA is inherently insecure as thieves can quite easily get your phone number transferred to another SIN, rendering the entire 2FA meaningless. You are much safer using something like Google Authenticator.
Anyway, Google Authenticator is very good so actually by using that 2FA, you canbe sure that your wallet is safe but this is normally in exchange wallet.
Phone numbers are not a safe option for verification as it can be hacked by the hackers and might cause us more damage. Google Authenticator will be a much safer option.
You can try something to integrate two factor detection. I have tried that before and I think this is somehow possible.I think Google 2fa will be the best one.
Use the Google Authenticator for the two factor authentication. Although it is a bit of a hassle of the connection of the internet gets slow, but it works.
The two way factor authentication does not hold a major role in case of software wallets. The hackers can easily track your number and be able to steal your coins. It is better to use a hardware wallet like Ledger, Trezor etc for maximizing the security.
if I think about bitcoin and ERC is one why it can be called one because bitcoin is stored in this wallet and you can try several ways to integrate the two Google Identification Factors for it, I tried it before, but I think this is possible. Google 2fa is the best.
Most wallets have 2fa
Bitcoin transfer with phn is useful and helpful method .There are some digital wallet for bitcoin we can store bitcoin assets with this wallet.
I do not think your proposal will enhance protection, but on the contrary, it is easy to access your SIM service using SIM Swapping.[1]
This quote will give you more information
For this reason, many platforms and wallets consider this type of protection to be low and ask you to enhance it in ways such as Google authentication.
Blochain.info web wallet can use your SMS message as a warning and protection if someone can access your account.
I'm not interested in ERC20, so I do not know about its wallets.
[1] SIM Swapping: How Hackers Stole Millions Worth of Crypto Via Victim’s Telecoms Operator
This quote will give you more information
SIM swapping is a process of leading a telecoms provider like, say, T-Mobile transferring the target’s phone number to a SIM card held by the attacker. Once they receive the phone number, hackers can use it to reset the victims’ passwords and break into their accounts, including accounts on cryptocurrency exchanges.
For this reason, many platforms and wallets consider this type of protection to be low and ask you to enhance it in ways such as Google authentication.
Blochain.info web wallet can use your SMS message as a warning and protection if someone can access your account.
I'm not interested in ERC20, so I do not know about its wallets.
[1] SIM Swapping: How Hackers Stole Millions Worth of Crypto Via Victim’s Telecoms Operator
Based on this situation you can try Google authenticator it will solve the two factor authorizations and it is little bit slow but great to use.
You can find many different ideas based on this but I think you can use Google authenticator because it will fulfill your requirement.
You could just keep your eth tokens on an exchange that has 2fa settings if there are no other options available. Not ideal long term but if the exchange is a reputable one and they have 2f then I can't see why not, especially if you plan on trading them or selling them frequently.
Using a phone number and SMS as your 2FA is inherently insecure as thieves can quite easily get your phone number transferred to another SIN, rendering the entire 2FA meaningless. You are much safer using something like Google Authenticator.
Quite easily? It's not easy at all. For a starters you need to know many personal details about the user. Name, address, phone number most likely and then be clever enough to social engineer the company into sending out the new sim to you. It's doable and has been done before but it's not widespread for obvious reasons. Using a mobile phone verification is certainly better than nothing at all. The hackers would still need to know your password and pins etc as well.
The 2fa is the buttons on the physical device. Nobody can take your coins without you being present to put in the pin and confirm it physically.
A phone number could be which will be registered to that digital wallet and every time you will do transfer the process should ask a code that is being sent from your phone number in order to proceed.
Using a phone number and SMS as your 2FA is inherently insecure as thieves can quite easily get your phone number transferred to another SIN, rendering the entire 2FA meaningless. You are much safer using something like Google Authenticator.
Quite easily? It's not easy at all. For a starters you need to know many personal details about the user. Name, address, phone number most likely and then be clever enough to social engineer the company into sending out the new sim to you. It's doable and has been done before but it's not widespread for obvious reasons. Using a mobile phone verification is certainly better than nothing at all. The hackers would still need to know your password and pins etc as well.
As far as I know, there is no 2 factor for Ledger wallets
The 2fa is the buttons on the physical device. Nobody can take your coins without you being present to put in the pin and confirm it physically.
Digital wallet are increasing day by day but all of them are not promising so be careful and find out the promising for being safe with your wallet.
Google Authenticator isn't such a wonderful app as it lacks backup. In a situation where I lost my Secret Keys to all the platform on the GA, it implies that I may not able to access those platforms anymore. But with Authy (which is my favorite), with the back in feature,.you can always get back all 2FAs of your platforms as long as you remember your backup password rather than storing long lists of secret keys.
The Google Authenticator is an excellent two way factor. It is safe and secure and is user friendly at the same time.
Digital wallet is very important part of crypto world. Because it's able to give the space to store your coin and tokens.
No there is no two way factor verification. two way factor is not secure for their site, it can not protect your wallet.
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