Bitcoin Forum

I just want to know that is it possible to have password in wallet just like we have in exchanges(if any popular wallet implement this then other will also do).
So that for any withdrawal we will be always asked for otp no matter if you mistakenly shared your phrase key or not

As of this many of us will be safe( Specially for those who are new in crypto)

I also had lost 700$ worth tokens 😭 and these type of scams are very popular in crypto

With Electrum (bitcoin wallet), you can set up a wallet with 2FA protection but if you use that type of wallet, you will be charged more fee. The 2FA is set up on a Counterparty (Trusted coin) so that you will be charged fee by them.

Download Electrum (https://electrum.org/#download). If you choose wallet with two-factor authentication, you will see this one.


I don't know wallet for tokens (ERC20 token) allow you to setup 2FA but I guess 2FA-wallets for ERC20 tokens are available.

If you set up a strong password and keep your device is clean, you can be safe. Don't think 2FA can protect you if you always do stupid things with your devices.

Yes you can, I use trust wallet, coinomi wallet, token pocket, they all have password and even finger print security in their settings, without the right password you won't be able to send out any transaction unless you import the recovery seed from scratch

Added layer of security for wallets is a crucial matter and would be ideal for anyone especially if holding huge amount of cryptocurrencies. But wouldn’t it also require charging extra fees as well? Although, fees would not be a big deal if greater amounts are being protected. If anyone could recommend such wallets with such feature please enlighten us so.

I really suggest you should use a hardware wallet like Ledger Nano or Trezor if you have a little budget amount I really think it's worth to invest something in the security of your cryptocurrency well you can use those for a long time and the safety is guaranteed.

I don't know, about the wallet you use. but I am very concerned about what you are experiencing at this time. actually there are many wallet applications that are safe for us to use, especially the erc20 wallet, one of which is metamasl.imtoken and others. if there is a wallet that has high security, why should you try a new wallet, friends?

electrum wallet as far as i know has otp or 2fa authentication on top of the password so your funds will be safer and most of the web wallets have this feature such as blockchain.info and coinbase but i do not recommend using web wallet in such purpose cuz the risk of losing your money is really risk because your funds is in danger of losing

Being very careful is one of the best things anyone could do in cryptocurrency. Electrum wallets is very good. You can use it with all features you want. Trust wallet and coinomi wallets are also good to keep your funds safe. Use them for your benefits maximally.

Sorry with what happened to you shubh. Just a correction for the spelling, it should be phishing not fishing.
Anyway, it's really a requirement to use 2FA apps like Google Auth or Authy whichever you prefer but I've seen experts are preferring more Authy. Would you mind to tell us what are those fake wallets and website that you've been a victim of? in exchanges and wallets, activate 2FA all of the time.

This is why it's advisable to download wallet apps only from the site at which you opened that account. Don't follow any other links. And be careful to check on the rating and reviews before downloading from playstore/apple too. This is what I always do. Concerning the OTP you mentioned, I think it's common with exchanges through 2FA. I haven't used a wallet that has it. May be there are those which have it but I haven't seen. And I haven't had any issues with the wallets I use even with just passwords. Just don't allow your passwords be compromised once you download from reputable sites. Sorry for your loss.

May we know what wallet did you use? Since you have mentioned "tokens", I'm not sure there's a non-custodial wallet that can accommodate all your hold tokens.

Sometimes even with OTP, it's the user's fault why they fall into such a scam or fraud.

That's decent money you have there but not able to research the security-related thing even the basics. Charge it to your experience.

I'm also using the same wallets and to be honest fingerprint security has a huge advantage. It's also advisable to choose apps with OTP for safer transactions. I guess you don't have to feel bothered as long as you always keep your keys safe. Just be careful in choosing the right wallet and try to avoid fishy transactions. We should always be observant especially when it involves our funds.

yes, i use trust wallet and i have no big issue until now, i think this wallet is recommended wallet
but, the OP should learn carefully before he use it and if he think it safe, just use it

Sorry for the loss, OP. What I will suggest to yourself & others is ALWAYS check the website URL of links when you get emails & search on Google. Where possible always type the URL you are visiting into the browser, do not use search engines.

Unfortunately there are scum bags everywhere in life preying on the naive & careless.

Its quite unfortunate that you lost such a huge amount of money to scammers I believed you fell into the hands of phishing sites who disguised as real site nevertheless are fake, alarm has been raised in this forum on numerous ways at which scammers subtly steal people money and ways to checkmate or prevent it mainly by activating 2FA. all the major exchange and wallets had already enabled this important feature which I believed will stem various ways at which scammers defraud people.

Electrum's your best shot.
Just want to correct you that you're probably referring to phishing site.
I almost got a victim of that in airdrops though and since MEW doesn't have any 2fa authentication, once I lost the private key. My coins surely lost forever.

Mind you that even if you set up a password on your wallet, if an intruder gets hold of your seed phrase, they'll still be able to import your funds into another wallet and spend it, your seed phrase and private keys should not be shared. Don't put your hope on passwords, 2FA or even if you're using a hw wallet, you still have the responsibility of keeping your private info secret, protecting your funds rests on you and not on the wallet you are using.

Having said that, as you're looking for a wallet that suits you, make sure you don't store your funds on web wallets, as "not your keys, is not your funds", choose a wallet that you control the private keys/seed phrase always, and then keep it private.

The topic is really relevant especially now. I think it's better to just play it safe, especially where you have a suspicion of fraud and use 2-factor passwords, this is all that we can do now. Most often, scammers usually take advantage of people's greed. It is worth offering something fabulously profitable and here a person selflessly clicks on links, transfers money, confirms the transaction. We must be realistic. If I know a way to easily get a million why would I share it with others?

When you are investing and holding precious coins you have to be extra careful online to stay safe.
I also encourage the idea of 2FA with pin or password to access a wallet and I think it should be offered by wallets for compliance and adoption.

phishing sites and wallets are very dangerous for your digtal asetes. So handal this problem with 2FA and strong password.Mostly use your hardwear wallet and don't shear your private key with others

Such scams exist in every industry. However, it has increased very rapidly in the crypto money market recently. Especially they try to do this by mailing. They change the names of the sites and applications by adding a few letters to the end. You have to be very careful.

That's their usual tactic, like changing "l" to "I" or adding one letter that you will  not notice at first. Before creating your account or signing up, make sure that you are in the authentic site or app. Even google play has fake apps as they can't track all these scammers. When you search the net, don't just open the first one that will appear in your search. Sometimes, these scammers will pay ad fees just to be on the top search.

no wallet require someone to set the same password as the Exchanges.  You also did not mention in detail what kind of wallet you are using.  sorry for the lost.
My advice is that you have to clean your computer because who would have thought a virus was detected and secondly, download a recommended wallet such as the Electrum wallet.

So you do talk about on having that logging in option just like on what you do saw on exchangers that do ask out some OTP?
Its not possible unless if you do make dealing with DEX ones where you do need to integrate your keys for you to log in or make trades.
All of wallets or storage doesnt really have this kind of feature excluding to those custodial wallets out there but of course it does
have its cons knowing that you dont own they keys of such wallet and in case there's some hack or the platform had ran away
then theres no turning back of those coins of yours.

There are a lot of crypto desktop wallets that have an additional layer of security and activating 2FA only takes a few seconds with a QR code. Download the Electrum for BTC and LTC transactions and after taking backup of seed you can enable 2FA for better security. For altcoins, Exodus and Trust wallet will cover similar features, so no need to worry about phishing websites or getting hacked. The hardware wallets are the best option to protect your financial assets from hackers but it is very costly to buy a $100 worth Nano S ledger. The new versions of the Nano ledger make it more pricy due to the supported altcoins and new features related the high-level security.

If the case is phishing, I think we should be more careful in looking at the url. Scammers usually try to clone a website by purchasing a domain url that is almost identical and may only be one letter different. 2FA is something that is mandatory as well now, be careful if we click anything on the internet

Asking for the OTP code is actually mandatory for security. but depending on the use whether to use these features or not. what kind of wallet is your problem and can you explain in more detail? if the wallet you are using is web-based, it is prone to phishing. if it has been opened by the hacker then usually the balance is immediately spent by sending it to their wallet. I hope you are always given patience  .

There are many of it that are also sophisticated. One of the bitcoin wallet that has been mostly copied was the electrum. In altcoins like ETH there are many too ERC20 wallets support being copied and that usually happen to MyEthereum Wallet. We do not have good support when it comes to being scam of this phishing site especially if it only had small amount so we need to be careful all the time to double check the site if it is correct.

what password in a wallet ? you mean otp ? because wallets do already ask for passwords . anything that have a sensitive data's inside the app or a site needs password for protection . the wallet that i use now starts requiring an otp and the code is either send in the email or in the number that is registered on the wallet .

 i didnt enable this but they forced this for all users which is great i think ? im thinking that other wallets strictly do the same thing but if your phrase key has been leaked , i dont think if otp can save you and by the way its phishing not fishing :)

Do you mean phishing sites?
Yes, this site and scam will never end as long as there are still crypto projects, there are still people who can be decided so easily with the very legit rewards look0like. in this case, we can see how the prospect of the project itself. We may not be able to determine the scam 100%. But at least, we can identify and ask for other suggestions and advice before vesting in a platform that is not reputable or trusted enough

Many wallets already has this feature you mentioned as most of them require you to link your authenticator as a means of increasing your wallet security.

Also keep in mind that if you are going to log into a web wallet you should first check whether the web wallet is correct or not, maybe this is simple but sometimes something goes wrong entering the wrong web. In my opinion, using wallet applications is more efficient like TrustWallet, Im token and many more. Besides that you can also provide security features such as fingerprint

The activity of phishing sites and fake wallets is one of the cyber crimes that often occur in cryptocurrency. Therefore, be sure to always surf the official sites and use a trusted wallet and apply additional security to the wallet. make sure your site or wallet already uses an SSL Certificate security system so that it is not easily broken into. Apart from that, you can also secure multiple site extensions and wallets at once to avoid potential cybersquatting.

It often happens to people who are new to cryptocurrency, they are very careless about using a wallet without checking it first. They should either find out the credibility of the wallet and download it or access it with  an original site.

I currently use a trust wallet, which has quite a lot of choices, this wallet application also provides security options such as fingerprints, passwords and pins when entering and making transactions.

Sorry for your lost, buddy yeah $700 worth of tokens is huge specially if you work hard for it.

Yes, 2FA or OTP can help you minimised this hacks, however, I will say that everything rest on your shoulder, what I mean is that you need to be very careful regarding those wallet sites you visited as they might be a scam or phishing site. And I do hope that you learn your lessons in a very expensive way, so that next time you will know what do you and not to fall for this scheme again.

BTW, I would like to ask what wallet and site you are using? because I doubted that you are using a reputable exchange nor you are using a wallet that has your own control and completely done with the 2FA. The common mistakes why many newcomers badly experience losses due to fake sites, phishing sites, and fake wallets is that because we are lazy sometimes to make a search just to know if that is legit or not.

yeah, scams and phishing sites are common that is why we need to be careful in visiting sites that we never know and especially when it is newly created.

First I think added layer of security works only when the application or software is installed in a particular device. For example, in Trust wallet or Imtoken wallet, you can install the application, and then go through setting to set up a pin and/or password such that if an unauthorized person access your phone he can't transfer your funds. But however, if anyone finds access to your private keys or backup seed, the person can easily import your wallet to another device and steal your funds. So in every sense, try your best not to expose your private keys because even with additional layer of security, your funds can still be stolen.
Also, I think OTP and 2FA works with exchanges, that is, when you are withdrawing and so on.

This amount of money shouldn't have be kept with negligence becasue the coins where huge, though there hasn't be any wallet with such layer of security as you requested but Electrum could be one of the wallet you might have a look at, or for huge sum you could buy hardware wallet for storing your coins more safely. Some of my coins are be kept in Hardware Wallet becasue scammers and hackers has increase in their numbers becasue of Bitcoin price that spiked recently.