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Bitcoin trade google authenticatorSecuring Your Cryptocurrency With Google Authenticator - NewBitcoinUser
In this article, we will explain what two-factor authentication is and how to set up a Google Authenticator. Moreover, we will describe how to restore the app in case you have lost your mobile phone device. In recent years, we have seen a massive increase in online activities with many users doing everything digitally.
They open multiple accounts and protect their data with the most common form of user authentication: usernames and passwords. Whenever possible, users must improve the security of their online accounts with something stronger than just a password. For many, that tighter level of security is two-factor authentication. First, a user will enter their username and a password. Then, instead of immediately gaining access, they will be required to provide additional information. This could be simply in the form of a secret PIN or security questions.
It can also be done with the help of mobile device or applications such that you receive a message with access code. Alternatively, you can choose to receive an email to verify your identity.
The most advanced option would include voice recognition, biometric fingerprint or iris scan. Debit cards are one of the examples for understanding 2FA. Every time you make a purchase, you are asked to use your card and enter a secret PIN number. PIN acts as a second protective measure and prevents the misuse of the card by someone else.
Even if you lose your debit card, your funds will remain safe unless someone gets your PIN. Similarly, when you create an account on a cryptocurrency exchange, it is important to set up 2FA to protect your Bitcoins.
Even though hackers obtain your username and password, you will be assured of not losing your funds if you have this extra verification step. Only after your identity is verified in these two steps, you are allowed to access your account on the exchange platform.
The most popular application for securing your funds using 2FA is Google Authenticator. Google Authenticator is a software-based authenticator that implements two-step verification services using the time-based one-time password algorithm. In simple words, it is a specialized smartphone application that generates a six-to-eight digit one-time password which user must enter in addition to their usual login details. Once it is linked to your cryptocurrency exchange account, the application displays a constantly rotating set of codes you can use every time access is needed.
If Google Authenticator option is activated in your account settings, the website will prompt you to additionally enter an access code. Only after you enter this six-digit code, you will be allowed to access your account. It helps to improve the security of your account and prevents unauthorized users from gaining access to your cryptocurrency funds. Hence, it keeps your Bitcoins and other digital assets safe on the exchange platforms. You can protect your account further by enabling the Google Authenticator for funding and trading transactions.
To use Google Authenticator , the application has to be downloaded first from your app store and then installed on your smartphone. Then it must be set up for your crypto exchange account. We will use Kraken exchange as an example to set up the 2FA authentication. The process is quite simple and very similar across all other exchanges. Open Kraken exchange platform and login to your account using your username and password.
If you have just created your account and 2FA is not enabled, most exchanges will show a pop-up message on your account page. It will recommend that you set up 2FA. Click on this message or go to a Security page where you can find two-factor Authentication method options.
Authenticator App Setup page will explain how to enable two-factor authentication. Follow these 3 simple steps to synchronize your account with an authenticator. Download the Google Authenticator application on your mobile device. Straight to your inbox. Using Google Authenticator for two-factor authentication would be an option. Using more than one device means you have a backup in case one of them is lost or stolen. You can find the app here for iPhone and here for Android devices.
Create a Gmail account with another device. You need a gmail account to use Google Authenticator. If you already have one, you can use it. Log into your Google account and enable two-step authentication.
This will give you a QR code. You will use this to add devices. It would be a good idea to take a screenshot of the QR code and store it securely because then you can use it to add more devices later. You will also get backup codes that can be used to recover your account if the need arises. These should be stored as well. Scan the QR code with your devices that you will use with Google Authenticator. This produces an authentication code on each device.
When figuring out how to use Google Authenticator, this is the most crucial step: the generation of the token. Enable two-factor authentication for every crypto exchange account for which you want to use it. The steps will be more or less the same for each account.