Google Authenticator: Securing Your Crypto Assets
Google Authenticator is a software-based verification system that generates unique one-time codes that are time-stamped to your cell phone.
What is Google Authenticator?
Google Authenticator is a software-based verification system that generates unique one-time codes that are time-stamped to your cell phone.
How does Google Authenticator work?
Before we get into how this software works, let’s talk about an event that helps us explain why and how this app successfully protects its users. In mid-2019, Bitrue, a Singapore-based company, suffered a hacking attack. About $5 million worth of XRP and ADA tokens were stolen. The hacker attack was successful on the grounds that the hacker gained access to customer credentials.
Much of the security procedures of online digital asset exchanges involve providing a username and password to log in and use the services. With the increasing power of malware and hacking tools, it has become quite easy to obtain these credentials and steal your cryptocurrency tokens. What can you do to protect your account from hackers? This is where Google Authenticator comes into play.
When you try to log in, Google Authenticator guarantees the security of your account by asking for a code that is time-independent and can only be retrieved from the app installed on your phone. Consequently, even if a hacker has login credentials, he or she will not be able to access your account without having full access to your phone. This also eliminates the possibility of SIM card hijacking because Google Authenticator’s two-factor authentication method ensures that the code is not stored on the SIM card. In addition, timing eliminates other security issues that users may have.
Google Authenticator allows you to verify a user’s identity in order to grant them access to websites and applications. This is a measure taken by many services to add an extra layer of security.
How do I use Google Authenticator?
- Download and sign in to Google Authenticator.
- Click the “+” sign, and then select “Scan QR Code.
- The QR code to link your account to Google Authenticator will appear on your binance account.
- Simply scan the code, and you’re done!
For final verification, Binance may ask you to enter a six-digit code that will be generated every 15 seconds in the Google Authenticator app. Do it right away, and now your account is securely linked to the app! Be sure to save your setup key!
Every time you sign in to your account by entering your username and password, the site or app will ask you for a six-digit code before allowing you access to your account.
The importance of Google Authenticator for cryptoinvestors.
Text “When creating an account on a cryptocurrency exchange, it is important to set up Google 2FA to protect your crypto-tokens. After numerous hacks in the history of cryptocurrencies, many exchanges have made this process mandatory. With its time-based code mechanism, the app not only makes it necessary to use multiple devices to regain access to your account, but also ensures that hackers don’t have enough time to hack into two devices to gain access.
If you are an active trader with significant digital assets in your trading account(s), it is highly recommended that you use Google Authenticator as an additional layer of security.
