When we talk about cybersecurity, we have to know that there are many types of security that we can use to protect the things we store online, including cryptocurrencies. There are so many wallets and exchanges that use different security for the safety of their customer's, here I will talk about the three most well-known security types, as well as their importance and differences.
Security features that I will talk about:
- 2FA - Two-Factor Authentication
- OTP- One Time Password
- Authenticator
1. 2FA - Two-Factor Authentication.
This is the type of security that is known more than all other types of security, I can also say that this type of security is the most used by many cryptocurrency wallets and even regular wallets for fiat. This type of security will help to protect your coins in the wallet by sending you an additional password that you will need to fill in when logging in to your wallet after entering your email and password for your account. This security uses email, so after putting in your email and password, you will not be able to access your wallet first but you will need to complete 2FA. You will be given special numbers that you will need to fill in and you will be allowed to enter your wallet. This is useful because no one will be able to access your account even if they have a password for your account unless they know your email and password as well.
2. OTP- One Time Password.
This is not that different from 2FA, but I can say it is better than 2FA. This type of security uses a phone number to send you a pin that allows you to sign in to your account. When you want to log in to your account OTP will send verification, when you want to send or withdraw the money you will be sent a verification number as well. This is great because it works well without having to rely on the internet, and those numbers that enable you to log in to your app are used directly sent to your mobile phone number. So using this security will be difficult for hackers to hack your account and steal money unless they steal your phone which has the number that has been connected to OTP.
3. Authenticator.
This type is one of the most powerful security and is used with a lot of wallets and some other software as well. The function of this security is to verify that you are the user of a particular account, whenever you want to access a wallet that uses this security. This security uses a mobile app to display code that you will need to fill in the wallet you use after entering your email and password. All you have to do to use this security is to go to the settings of the wallet you are using "if it uses this security" and connect your account to the mobile authenticator app by downloading the app and entering the code that the wallet will give you as your identity.
There are so many types of security in wallets, but I have defined these three as they are the most common and maybe someone wanted to know the differences.
So we found out that:
2FA - Two-Factor - Authentication uses email to protect your wallet.
OTP- One Time Password - uses a phone number to protect your wallet.
Authenticator - uses a mobile app to protect your wallet.
There are many security features used in different crypto projects, we will discuss them in the next articles. Good luck!
Follow me to learn more about crypto!