WHAT IS 2FA AND WHY IS IT IMPORTANT?

Whether or not is it internet banking security or Bitcoin wallet security, they both play big parts in our life as not to get our money stolen. If you are familiar with Internet Banking, I believe you are well aware that every online transaction you make, there will be this 6 digit number will be sent to your mobile phone in order to verify that no one else other than the owner himself is performing the transaction. Also, it is very important that the 6 digit number must not be known by anyone else even the banker as well.

DISCLAIMER: The proceeding article written is solely base on the contributor's experience of the product and deem useful for the audience. This article will contain links that will be affiliated to Hashflare and CEX.IO in conjunction to built awareness of security settings availabilities. Please note that this disclaimer is only applicable to this article and does not apply to any other or future article released. Each article will hold its own disclaimer statement accordingly for audience awareness of the purpose of the article published.

What is 2FA?

Second Factor Authentication also known as 2FA is known to make sure that it is the owner of the account that verifies a login access or making a transaction. Some companies create their own 2FA security system through e-mail validation. There are also companies which outsource 2FA security system to trust worthy 3rd parties such as Google Authenticator.

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So, what are the difference between solely own 2FA security system and 3rd party 2FA security system, or are they just the same? In my personal opinion, companies that uses 3rd party 2FA security system such as Google Authenticator are much better than the ones solely own. The reason is that, for any consequences happens, you available funds hold by the company with solely own 2FA security system have the upper hand to access to your funding account. Unlike Google Authenticator, the security pins are not sent by the fund holding company however, it is Google that sends you the security pins which avoids companies with ill intentions to use such security services.

Why Is It Important?

Knowing that 3rd party 2FA security system will not scrutinize your funding account, it is easy as an identification for any investment companies which provide opportunities for investors to gain trust and invest in their company. First of all, lets take a look on eWallet services such as Bitcoin wallets where we store our hard earned Bitcoins, we would not want them to be stolen by hackers right? Hence company like CEX.IO uses Google Authenticator to ensure their client's funds are safely kept and with their Google Authenticator security setup in their account, they do not need to worry about potential successful hacking attempts as hackers are unable to obtain the security pin generated by Google Authenticator.

CEX.IO Security with Google Authenticator

Another important factor about Google Authenticator is that we can easily identify an investment company is not running an illegal operation. First of all, lets take a look on a potential scam cloud mining website and see how their security setting is. The screenshot shown below is taken from telcominer.com. We are unable to see any 2FA security setting available. Only password. In such cases, if you are investing US$100.00, just expect you will be receiving back US$5.00 and after that, the website admin will just lock down your withdrawal setting with error message. You won't need to waste time hoping for another day which you will be able to make more daily withdrawal profits from your account.

Whereas, for cloud mining company such as Hashflare, they do provide Google Authentication security service for the sake of their client's investment safety. If in any case that Hashflare themselves would want to lock down the daily withdrawal function with an error message, they won't be able to reclaim the credited investment profit in their investor's account because they do not have the access to the Google Authentication security pin to make the transaction. Or worst case that you had use your email account on a scam site with the same password that you are using at Hashflare, the hacker may only be able to access your Hashflare account which is unlikely due to the 2FA pin number required to access and also won't be able to make any account balance withdrawal.

You can see that HashFlare 2FA security is ENABLED

 

Some other companies such as Kraken that provides cryptocurrencies exchange and trading services take a step further to make the login and transaction to use seperate Google Authenticator pin numbers.

With such security setting available, you won't need to worry much of your account balance to be stolen. Just make sure that every account that you register with is provided with 3rd party 2FA security system. This is a very important function that will not make you lose your money! For every login or transaction that you make, you will receive the code by having the Google Authenticator app installed on your mobile phone. These 6 digit pins will refresh every 60 seconds to change to a newer pin number.

So, now you know what is 2FA and its importance. Check your account for the setting and make sure it is ENABLED!

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