What is Two Factor Authentication (2FA)?
What is Two Factor Authentication?
Said simply, Two Factor Authentication (2FA) is digital security measure that requires verifying the user's identity with something besides the user's password.
A common example of 2FA is the pin number required to access a bank account (the debit card is the equivalent of a password and the pin number acts as 2FA).
In the crypto space, you'll need to download Google Authenticator for all your 2FA needs. HOWEVER, it is imperative that you write down 2FA recovery keys when they are given to you!!!! Your Google Authenticator account is tethered to the specific device it is installed on. This means that if you switch your current phone out for a new one, your Google Authenticator account will not transfer from your old phone to your new phone MEANING THAT YOU WILL BE UNABLE TO ACCESS YOUR ACCOUNTS IF YOU DO NOT WRITE DOWN THE 2FA RECOVERY KEYS.
If you still have questions about how 2FA works, click HERE for more information (last accessed Jan. 11, 2018).
Should I Use 2FA?
If you're here, you're probably wondering whether or not you should be using 2FA. The short answer is yes, you should absolutely be using 2FA to secure your cryptocurrency accounts!! Two factor authentication provides an essential second level of added security. Hacking is an ever-present concern in the crypto space, but with a tiny bit planning, you can make your account damn-near unhackable.
Verdict: use 2FA to secure all accounts which store or access your cryptocurrencies