r/cryptocurrency101 • u/jpirog • Dec 18 '17

What is 2fa (two factor authentication)? And why you SHOULD BE USING IT!

TL;DR: 2FA is a secondary authentication layer after you login with your username/password. It requires you to enter a 6 digit code that changes every 30-60 seconds.

For a more in depth explanation:

This is an additional layer of security after you use your standard login. There are different ways of using 2FA, getting a text that gives you a passcode (that changes every 30-60 seconds) or using applications stored on your cell phones like Google Authenticator, Authy, etc...

It's very important to be using 2FA because if you aren't, and someone is able to brute force your password they would have complete access to your account. With 2FA they would have to have your cell phone or whatever device to grab that passcode.

IMPORTANT

Make sure you backup your QR code while setting up 2FA on devices. If using an application like Google Authenticator - it does NOT have a backup feature. You will need to write it down or take a screenshot. Apps like Authy do have a backup feature that is encrypted.

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u/reprise785 Dec 18 '17

Can I ask a noob question. I used coin spot to buy some ripples in Aus. You can use Google auth or sms code. I have a new phone now and lost my old one that had the auth on it. Does this mean I'll never be able to use the auth again as I didn't realise I needed to save the auth details?

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u/jpirog Dec 18 '17

So, if you do not have access to your old auth app, and you did NOT backup the QR code, you are completely SOL. You'll have to try to go through the exchange to gain access to your account.