Bitcoin Forum

I like the idea that every time you do a transfer on your digital wallet to another digital wallet a two way factor should be indicated thus it will notify the owner if there is any transactions to be made so as to secure more the digital wallet being held. I wish that this is already applied on some digital wallets and if there is any please comment on the thread and i will checked on it. This will minimize hackers to hack digital wallet.

Well, I am using the Trezor hardware wallet and it asks me every time before making any transaction and we have to confirm the transaction by clicking on the device itself. There is no such email authentication factor for Trezor hardware wallets like web wallet or exchanges. I don't think that there is any possibility for implementing two-factor authentication for the actual Bitcoin transaction itself that's why it becomes necessary to take care while doing the transaction.

that would make even less secure digital transactions, there has been some cases where mobile 2fa was exploited .

and btw security in the end depends on you ,

Well, theoretically you can create a 2FA-like type of setup by using a n-of-m multi-signature scheme.
With a 2-of-3 scheme, your primary device holding one key and a secondary one holding another key, you basically got a 2FA since it requires 2 out of 3 signatures and the private keys do only exist on 2 seperated devices.

Electrum is kind of using this scheme. It generates 2 (out of 3) private keys for the user and 1 for trusted coin (the google 2FA service provider).
Your seed will be able to recreate 2 private keys, so you will always be in full control. But then initializing your wallet it only uses 1 key.
This requires you to 1) sign the TX with your local private key and 2) let trustedcoin co-sign your transaction (happens automatically inside electrum in exchange for a fee).

You can trezor hardware wallet for storing as it asks you to confirm every transaction by clicking it, but I don't see any other decentralized way to use 2FA.

There are already several wallets with 2fa. You have physical hardware wallets like Trezor and Ledger, and then web wallets like blockchain.info which has several layers of authentication if you set them all up. Blockchain.info can require email & phone verification, and then it also has a second password/pin which is an additional level of security. On the phone app you can also set it up for fingerprint log in. You could also use exchanges as an online wallet and any half decent one will have a few options available for two factor though I wouldn't recommending keeping coins long term on an exchange. I tend to use exchanges for holding small amounts of alt coins though because I don't want to download loads of different wallets especially for such small amounts.

What wallets are you using at the moment? They may already have 2 factor options. I would recommend investing in a hardware wallet though. Ledger Nano is my preferred one as they're relatively cheap and built pretty well. They can store a lot of alt coins as well and especially most of the big ones.

https://www.ledger.com/

They have a more expensive 'Blue' model with touch screen but I haven't used one. I likely will purchase one eventually but they're quite expensive.

Web wallets does have this 2FA and you have to apply it with the use of your phone.

Download first authy or google authenticator and connect it to that wallet. Blockchain.com wallet has this type of feature and that's email authentication.

I always use telephone number verification as an opening key in my wallet, in my opinion it's very safe to use as a private key

Very sad that we haven't that kind of wallet for the Ethereum ERC20 Coins. Though I am using Coinbase and blockchain as a bitcoin wallet and here I found the 2FA Options and these are very strong! I am using Coinbase as a wallet from the beginning of my crypto life and it is really secure. Now we need an Ethereum ERC20 Wallet with this kind of facilities. Coinbase announced they will enable for ERC20 Coins but still they haven't added yet.

I use Ledger Nano S as my hardware wallet. It asks every time on the device itself whenever I transfer funds. I think that is what you are looking for.

all average digital wallets already use a two-factor authentication system, I will not want to save my coins on a digital wallet that does not have strong security, because my coin is my asset, if it is lost or hacked it will make a huge loss to me, so I will always prioritize security

I think this will definitely happen sooner or later because this industry is constantly developing and two Factor identification is the future, we all need to be more secured with our funds that are so easy to steal from us if we are not aware.

There is no doubt that it is really good and innovative idea and i strongly beliave that the team of bitcoin also think about it and soon they will work on it.

Your idea is indeed innovative, if a wallet with security like this has been produced, it will provide double protection when we are exposed to phishing from hecker

It’s always better to use hardware wallets if you can keep it safe. There has been news about sim card hijacking or cloning so 2FA is sometimes risky. You can also use email verification though. Some online or offline wallets also has multi level of securities like blockchain.info or Electrum. If you are holding in small amounts then use offline wallets and for long term use hardware wallets.

As you are looking for a more secured transaction you may go with hardware wallets like trezor and ledger nano. For web wallets Blockchain.info is the most reliable one; it has numerous coat of authentication. It will just require your email and phone number.

This is really good and innovative idea to make the transaction more secured. If any digital wallet has two way factor; it will notify if any transactions to be made and then the transactions need to be confirmed by clicking on the device itself. This system will minimize the digital wallet to be hacked by hacker. Though; at the end you need to be cautious about the security as well.

Certainly it is necessary for the security of the wallets. The moment a transaction happens it only notifies the receiver of the transaction. If the transaction notifies both the parties of the transaction by the digital wallet then the sending wallet will alert the user of the transaction.

It is possible to create two way factor authentication with Electrum as here a remote server functions on co-sign transactions and it also add an extra level of protection in the event of user’s computer while it is being compromised.

I think that you can create the digital wallet and protect the btc but i have heard that the best way is to use a hard wallet which i am also going to use soon after I buy btc when the price is better than now

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There are actually many average level of digital wallets out there which allows you to create two factor authentication. And to prioritize your coin’s extra protection this two factor authentication is very much essential to have
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From my perspective i think it’s a great and innovative idea and i also fell bitcoin will must think about this and work on it.

There are wallets with 2FA but according to recent studies hardware wallets are not safe because of some cases of sim hijacking happening all around the world. And after reading those articles and incidents; I feel like Email verification is much safer the mobile 2FA.

I don't trust mobile 2fa anymore because there has been some cases where people impersonating a bitcoin owner stole their sim from the telecommunication company and used the 2FA code to hack their wallet. Rather I would like to have an app that provides 2FA codes for the wallet to make transaction like Steam's 2FA.

I honestly appreciate your idea very much but I would like to advise you that it is better not to experiment with you wallet cause it can be bit risky this things store your coins but of course if you are sure about your decision then it is absolutely alright

good advice, and I have taken the preventive action.

but hackers always have other ways to steal our assets, pishing sites are one of their ways. so, not only using two way factors, but we also have to avoid every HYIP site.

Yes; there is 2 way factor in Internet wallet which will help you to secure your account and it will help to prevent hacking. So how to do it? You can use your phone number to verify it every-time you make a transaction. You can also use your email to verify it so that it ask for confirmation every-time a transaction is made. Or you can use third-party softwares to make your account safe.

Yes two factor authentication is a very good process to keep our wallet secure. As far as I know trezor; coinbase and ledger had this type of facility. You can look upon on them.

I agree with you. Bitcoin has faced fluctuations this whole year. There has been many ups and downs. The long bear market entered by July and the price was recovering till the last week Monday when the price faced a momentum again. I think this year has been full of challenge for cryptocurrencies.

There are other wallets which can give the feature that you are looking for here; for example Trezor. A  tow way factor will in fact complicate things further and may make the exchange vulnerable. 

Such idea is really creative and it is badly needed in this market of crypto currency. Now there are no such wallets in the market giving such type of advantages’ in the wallet but we can hope that in future we will have wallets like this.

I always use my sim number for verification as an opening input in my wallet. I think its very safe to utilize as a private key.

You can do this in the exchange wallet. For some peoples, they prefer using exchange wallet because it is more secure.
But actually, there are some exchanges have been hacked. So, there is not really very secure wallet.
anyway, i think you cannot use 2fa on your personal wallet.

I also believe it is the only decentralized way.