creating strong, unique passwords for each site, so youve got the knowledge factor under control. However, Bitcoins anonymity is also a powerful tool for financing crime. In doubt, you might want to keep a paper copy of your password in a safe place like a vault. Downloading, Installing, and Using Authy. The price on MtGox reached US0.50/BTC.
Bitcoin wallet 2 factor authentication
Bitcoin: a criminals best friend? Today, most people start with 2-factor by using a time-based one-time password generator ( totp ) app downloaded to their phone. How does it work? In security terms this is called authentication, which is simply demonstrating you are who you say you are. Encrypt online backups, any backup that is stored online is highly vulnerable to theft. Your phone meaning the device itself might be something you own. Checklist for Getting Started with Trezor or Ledger: Purchase Trezor or Ledger hardware wallet (no phone number required) Plug the wallet into your device and follow the manufacturers set-up instructions Set your access PIN Create your paper backup Store your backup securely (fireproof, waterproof, access controlled). Setting up the device will take about 15 minutes, but remember, it will work as both a cryptocurrency wallet and a 2FA device. Without the words, if something happens to your device, youll lose everything.