Bitcoin Forum

I just found out bitcoin and I chose to use online wallet but there is a fear feel that makes me often check did my bitcoin is still safe. I have read some articles there saying for me to use 2fa as additional security. is that true?

It's added security, yes.   How much safer it is depends on how the second factor is implemented.

Where I live, when you buy gas with a credit card, in addition to the physical card the machine asks for the owner's zip code (2fa).

Do I feel more secure  ???.   

It's definitely worth adding to any account. Better have more security than less.

Also invest in an hardwallet (Ledger Nano S) if you start trading with lots of coins and high value $$$s.

More additional security more secure i think. That was the purpose they added the function.

Hah. It's normal that you feel a bit paranoid since we are talking about money here.
2 Factor Authentication does help your bitcoin wallet become safe. But take note that it doesn't mean that it makes it invulnerable from thieves. But hey, an extra layer of security is definitely a big help.

What wallet are you using if you dont mind us asking?

P.S. Good for you for trying out Bitcoin!

Yes it is an added security, I placed a 2fa on my online wallet after I bought bitcoin a couple days ago.

yes is that by adding 2FA security in your wallet account so that make a double security other your password, 2FA is a additional security for make your account more safe.

Always use additional security if available, in this example 2fa.
It is not perfect security, but its additional security so why not.

This depends on what service you are using and what you mean by safe.

If you are using a service that allows you to connect your email account that is 2facator, but it is not as safe as having the 2 factor on your phone. If your email is hacked and your account is hacked they can withdraw your bitcoin.

If you have 2fa on your phone it is harder to hack you, because they have to steal your phone from you physically and also know your password to get into your phone.

Use a service that ties it to your phone for better security.

Online wallet are not recommended for storing bitcoins because even if you enable all security features if the site itself scam and run away then where will you go and claim your bitcoins. So it is much better to use hardware or software wallet like Electrum desktop wallet which is easy to use and you are in control of your wallet address.

2fa will only confirm that it's you trying to access your account with the service.  It doesn't make you 100% sure that the online wallet itself couldn't take your coins like BIT.AC seemingly did, for example.  

So it's good for preventing "hackers" through keyloggers and other things to access your online account, but it doesn't keep your coins safe, nor is holding your coins in an online wallet ever going to be particularly safe.

In the case of online wallets that are unlikely to fail with your coins e.g. Green Address, 2fa is a good idea.

Like I said, invest in a hard wallet (ledger nano s) and use your 2fa codes on your phone. That's the safest bet when it comes to safety.

If there is still a possibility to be hacked why online wallet advise me to add 2fa?

Because it makes the hacking harder. Specially if you keep the 2fa code on your phone. Nothing is perfect, but why not have the extra added layer of security?

Best thing to do is invest in a hard wallet for security.

I definitely recommend using 2FA. I use like all available levels of protection to protect my coins which are in the end my money. For my better sleep.

"Funny story" about 2FA. It isnt about wallet but I think it was in finex. My friend sold his macbook where he was trading coins and he forget to erase whole mac, so after like 2 weeks he was emailed by finex, someone trying to log at his account. Well, 2FA saved him.

But as was mentioned if you bought a lot of BTCs use hard wallet.

And welcome in Crypto community!

Yes, of course.

Even with 2FA, there is a possibility of you getting hacked.

Anything is possible. Your mobile phone might be compromised alongside with your login details, email address, and your PC. These things rarely happen but do happen. It's like collisions on the bitcoin network with private keys can be found but are extremely rare, so rare that it's better to solo mine than try to find private keys that contain balance in them.

By enabling 2fa you are essentially reducing the risk of you getting hacked. Not eliminating it, but reducing it. It's like insurance.

Hardware wallets are a 2fa device.  You don't need to use your phone with them, you can just put it into any computer and you'll have to verify the transaction on your device before you send (assuming that the Ledger Nano S works in the same way as the TREZOR).

The key difference between an online wallet's 2fa and hardware wallet's 2fa is that with a hardware wallet you control your private keys so you are not accessing an "account", you're accessing a real wallet, so inside jobs are not possible.

Enabling 2fa is recommend for all online accounts where possible not only wallets but email access too because it safe guards your bitcoins from unauthorized access from email or wallet direct access. I would say 2fa will keep your wallet safe and make it difficult to be hacked.

If your PC is hacked, even 2FA cannot be useful and especially if you use Google Authenticator, there can be a danger of not receiving the appropriate code and then if you lose access to your device, you won't be able to login to your account again. Using mobile verification is better IMO. Also, do not use/access your wallet on a machine that you login to the forum or use for regular purposes. It is more vulnerable to hacks/attacks. That's the best way to keep it secure.

Which wallet are you referring to? There are many wallets that have but others don't have the 2FA implemented.

As far as I know the desktop wallets do not have any 2FA implemented, at least not the electrum.

But the web wallets they have the 2FA as you login there as an account, email and password.

Two factor authorisation has its pros and cons. Basically it is a second layer of confirmation that it is a trusted device from where you are accessing the wallet. But if there is a change in the hardware of the device, there is also chance of being locked out of the system by yourself.

There are some good alternatives to not "lock" yourself in this situation, I use Authy and it allows to run the app in multiple devices.

So in case you lose access or in other cases you can't open the app and get the 2FA code then you have the right to open the app from another device (if you allowed it before).

You can reset the password of the Authy if you have access to the phone number that's why some website don't recommend Authy and suggest Google Authenticator.

Yes, it adds a second layer of security to your wallet but it cannot be taken for face value. The two factor authorisation system itself is not hack proof and someone may get access to it too. If you are using a online wallet, this validated the computer or device which you are using.