Can someone pls explain how this authentification system is installed?
Google search only shows that it s an authentification system to access your google mailbox.
No info on how it relates to other sites like bitcoin-central etc
I dont use mtgox
You have to see if your Wallet provider supports Google Authenticator. mtgox does. From Google Play (App store) download/install Google Authenticator on your mobile. It works similar to a secureID which adds another layer of security, so after login to your mtgox account as an example, it asks for the code that is displayed on Google Authenticator, a code that changes every 30 or 60 seconds.