It’s always better to use hardware wallets if you can keep it safe. There has been news about sim card hijacking or cloning so 2FA is sometimes risky. You can also use email verification though. Some online or offline wallets also has multi level of securities like blockchain.info or Electrum. If you are holding in small amounts then use offline wallets and for long term use hardware wallets.
Topic: Someone could create a two way factor digital wallet? - page 2. (Read 339 times)
Your idea is indeed innovative, if a wallet with security like this has been produced, it will provide double protection when we are exposed to phishing from hecker
There is no doubt that it is really good and innovative idea and i strongly beliave that the team of bitcoin also think about it and soon they will work on it.
I like the idea that every time you do a transfer on your digital wallet to another digital wallet a two way factor should be indicated thus it will notify the owner if there is any transactions to be made so as to secure more the digital wallet being held. I wish that this is already applied on some digital wallets and if there is any please comment on the thread and i will checked on it. This will minimize hackers to hack digital wallet.
I think this will definitely happen sooner or later because this industry is constantly developing and two Factor identification is the future, we all need to be more secured with our funds that are so easy to steal from us if we are not aware. 
all average digital wallets already use a two-factor authentication system, I will not want to save my coins on a digital wallet that does not have strong security, because my coin is my asset, if it is lost or hacked it will make a huge loss to me, so I will always prioritize security
I use Ledger Nano S as my hardware wallet. It asks every time on the device itself whenever I transfer funds. I think that is what you are looking for.
Very sad that we haven't that kind of wallet for the Ethereum ERC20 Coins. Though I am using Coinbase and blockchain as a bitcoin wallet and here I found the 2FA Options and these are very strong! I am using Coinbase as a wallet from the beginning of my crypto life and it is really secure. Now we need an Ethereum ERC20 Wallet with this kind of facilities. Coinbase announced they will enable for ERC20 Coins but still they haven't added yet.
I always use telephone number verification as an opening key in my wallet, in my opinion it's very safe to use as a private key
Web wallets does have this 2FA and you have to apply it with the use of your phone.
Download first authy or google authenticator and connect it to that wallet. Blockchain.com wallet has this type of feature and that's email authentication.
Download first authy or google authenticator and connect it to that wallet. Blockchain.com wallet has this type of feature and that's email authentication.
I like the idea that every time you do a transfer on your digital wallet to another digital wallet a two way factor should be indicated thus it will notify the owner if there is any transactions to be made so as to secure more the digital wallet being held. I wish that this is already applied on some digital wallets and if there is any please comment on the thread and i will checked on it. This will minimize hackers to hack digital wallet.
What wallets are you using at the moment? They may already have 2 factor options. I would recommend investing in a hardware wallet though. Ledger Nano is my preferred one as they're relatively cheap and built pretty well. They can store a lot of alt coins as well and especially most of the big ones.
https://www.ledger.com/
They have a more expensive 'Blue' model with touch screen but I haven't used one. I likely will purchase one eventually but they're quite expensive.
There are already several wallets with 2fa. You have physical hardware wallets like Trezor and Ledger, and then web wallets like blockchain.info which has several layers of authentication if you set them all up. Blockchain.info can require email & phone verification, and then it also has a second password/pin which is an additional level of security. On the phone app you can also set it up for fingerprint log in. You could also use exchanges as an online wallet and any half decent one will have a few options available for two factor though I wouldn't recommending keeping coins long term on an exchange. I tend to use exchanges for holding small amounts of alt coins though because I don't want to download loads of different wallets especially for such small amounts.
You can trezor hardware wallet for storing as it asks you to confirm every transaction by clicking it, but I don't see any other decentralized way to use 2FA.
I don't think that there is any possibility for implementing two-factor authentication for the actual Bitcoin transaction itself that's why it becomes necessary to take care while doing the transaction.
Well, theoretically you can create a 2FA-like type of setup by using a n-of-m multi-signature scheme.
With a 2-of-3 scheme, your primary device holding one key and a secondary one holding another key, you basically got a 2FA since it requires 2 out of 3 signatures and the private keys do only exist on 2 seperated devices.
Electrum is kind of using this scheme. It generates 2 (out of 3) private keys for the user and 1 for trusted coin (the google 2FA service provider).
Your seed will be able to recreate 2 private keys, so you will always be in full control. But then initializing your wallet it only uses 1 key.
This requires you to 1) sign the TX with your local private key and 2) let trustedcoin co-sign your transaction (happens automatically inside electrum in exchange for a fee).
that would make even less secure digital transactions, there has been some cases where mobile 2fa was exploited .
and btw security in the end depends on you ,
and btw security in the end depends on you ,
Well, I am using the Trezor hardware wallet and it asks me every time before making any transaction and we have to confirm the transaction by clicking on the device itself. There is no such email authentication factor for Trezor hardware wallets like web wallet or exchanges. I don't think that there is any possibility for implementing two-factor authentication for the actual Bitcoin transaction itself that's why it becomes necessary to take care while doing the transaction.
I like the idea that every time you do a transfer on your digital wallet to another digital wallet a two way factor should be indicated thus it will notify the owner if there is any transactions to be made so as to secure more the digital wallet being held. I wish that this is already applied on some digital wallets and if there is any please comment on the thread and i will checked on it. This will minimize hackers to hack digital wallet.
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