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Author Topic: [ANN] Bitstamp adds support for two-factor authentication.  (Read 2356 times)
Nejc Kodric (BitStamp.net)
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June 21, 2012, 11:14:52 AM
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Dear Bitcoin community,

As part of our on going development, Bitstamp has added free support for two-factor authentication with instant setup. Details are included below.

We would also like to thank our customers and the Bitcoin community for making Bitstamp’s outstanding growth a reality.  Bitstamp now regularly ranks as the 3rd largest USD Bitcoin exchange, by 30 day volume, according to http://bitcoincharts.com/markets/.

For those unfamiliar with Bitstamp:
  • Bitstamp has been serving Europe and the world since August 2011.
  • Our website features a proprietary simple and easy to use user interface.
  • We offer free SEPA deposits and fixed 0.90€ SEPA withdrawals. Most transfers happen overnight.
  • We provide excellent and responsive customer support.
  • We actively develop Bitstamp to improve its services.

For more details, including our low fees and our volume discount program, please visit our site: https://www.bitstamp.net

Two-factor Authentication
Two-factor authentication better protects your account. Instead of just relying on a password to access your account, to access your account with two-factor authentication you will need your password and a particular device such as your mobile phone.

Google Authenticator
Google Authenticator is a free mobile application that allows you to generate 2-step verification codes on your smartphone without a network connection.

Supported Devices
  • Android version 2.1 or later
  • BlackBerry OS 4.5 - 6.0
  • iPhone iOS 3.1.3 or later



Enabling Google Authenticator
  • Login your Bitstamp account and go to the bottom of the Settings page.
  • Click on Enable two-factor authentication.
  • Scan QR code with your device to setup.
  • Insert 6 digit authentication code from your device and click Enable two-factor authentication.



How to login with two-factor authentication enabled
  • Login as usual: Enter your client ID and password.
  • Enter the 6 digit code displayed in your mobile Google authenticator
  • Click Authenticate.



What if I lose my phone
When setting up your two-factor authentication on your mobile phone you must note and safely store the provided 16 character code. With that code you can install authenticator to other devices if yours breaks down or gets lost. Without that code Bitstamp cannot grant you access to your account.

Questions, Comments, and Support
If you have any questions, comments, or require additional support please contact us at: support@bitstamp.net

Best regards,
CEO, Nejc Kodrič
Bitstamp d.o.o.

www.BITSTAMP.net
Trade USD to BTC in EU SEPA
Follow us on Twitter: http://twitter.com/Bitstamp
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garyrowe
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June 21, 2012, 12:10:36 PM
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Interesting approach. What would happen to your exchange if Google decided that it wouldn't authenticate your users any more?

Bitcoin enthusiast and Java programmer contributing to https://multibit.org and http://bitcoin.stackexchange.com
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June 21, 2012, 06:13:59 PM
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What would happen to your exchange if Google decided that it wouldn't authenticate your users any more?

While Google does provides the application, any web site can use it to authenticate.  In theory, the application does not need to contact Google per use and is unaware of which web site the application is being used with.

More information: http://en.wikipedia.org/wiki/Google_Authenticator
EnergyVampire
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June 21, 2012, 06:18:41 PM
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Very nice, Nejc Kodrič !

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June 21, 2012, 07:28:50 PM
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What would happen to your exchange if Google decided that it wouldn't authenticate your users any more?

While Google does provides the application, any web site can use it to authenticate.  In theory, the application does not need to contact Google per use and is unaware of which web site the application is being used with.

More information: http://en.wikipedia.org/wiki/Google_Authenticator

Now that clears it up. Every day I learn something new and useful.

Good work!


Bitcoin enthusiast and Java programmer contributing to https://multibit.org and http://bitcoin.stackexchange.com
Nejc Kodric (BitStamp.net)
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June 21, 2012, 08:54:47 PM
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Interesting approach. What would happen to your exchange if Google decided that it wouldn't authenticate your users any more?

I see Arthur already answered pretty nicely. Great thing about google authenticator is that it is free, simple to set up and instantly available to anybody with supported mobile phone.

Very nice, Nejc Kodrič !

Thank you

Best regards,
Nejc Kodrič

www.BITSTAMP.net
Trade USD to BTC in EU SEPA
Follow us on Twitter: http://twitter.com/Bitstamp
Stephen Gornick
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June 21, 2012, 11:22:41 PM
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What if I lose my phone
When setting up your two-factor authentication on your mobile phone you must note and safely store the provided 16 character code. With that code you can install authenticator to other devices if yours breaks down or gets lost. Without that code Bitstamp cannot grant you access to your account.

Please consider an exit address where there is a sane method of recovery if both your phone and the securely-stored 16 character code are lost.

 - http://en.bitcoin.it/wiki/Exit_Address

Nejc Kodric (BitStamp.net)
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June 22, 2012, 09:21:09 AM
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Thank you for your suggestion Stephen. We will consider that as well.

Best regards,
Nejc Kodrič

www.BITSTAMP.net
Trade USD to BTC in EU SEPA
Follow us on Twitter: http://twitter.com/Bitstamp
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