What is 2FA – 2 Factor Authentication?

Ever heard got the message to enable two factor authentication – 2FA? But what exactly is this and how does it work?

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What is 2FA?

2FA also known as two factor authentication or two step verification is an extra step added to the log-in process.

It is exactly what the name implies: two forms of identification instead of one. So instead of just entering your password, you now enter a code that helps verify your identity.

This provides your account an extra level of security that isn’t easily breached by malicious actors.

How does 2FA work?

The first step is always the same: to log in, you enter your username and password, like you always do. The second step will be entering a code that you receive through your mobile application.

After entering your code, the service recognizes your PC, tablet or mobile as a trusted device. This could mean that you don’t have to unlock 2FA again in the near future to log in.

For a more technical explanation of 2FA, click here.

How do I install 2FA?

One of the most common forms of 2FA on cryptocurrency exchanges, is a 6-digit code that you can obtain through a free app, Google Authenticator. We recommend using Google Authenticator that is available on Android and iOS. For Windows Phone, the application Authenticator can be used. Other apps, such as Authy can also be used for 2FA. Make sure to read further instructions for apps not listed in this article.

How do I download and use Google Authenticator for Android?

Install Google Authenticator from the Play Store.
  • Install and open the app.
  • Click on the red circle with a plus symbol, bottom right of the screen.
  • Click on “scan a barcode”, the camera will now be activated and the QR code should be visible to scan.
  • Now the online service will open that generates a unique code every 30 seconds.
  • Print/save the recovery codes as a back up in case your 2FA device becomes unavailable.

What if I have ‘Error: Incorrect code’ for Android?

In most cases this code is the result of a time synchronization error on the smartphone. With can be fixed following the next steps in the Google Authenticator app.
  • Go to three bullets in the upper right corner
  • Go to settings
  • Click on time corrections for codes
  • Click on “sync now”.
Don’t see an immediate result? Some smartphones need rebooting before the effect of time synchronization takes effect.

How do I download and use Google Authenticator for iOS?

Install Google Authenticator from the App store.
  • Install and open the app.
  • Click on the red circle with a plus symbol, bottom right of the screen.
  • Then click on “scan a barcode”, the camera will now be activated and in the image the QR code should be visible to scan.
  • Now LiteBit.eu will come into view where a unique code is generated every 30 seconds.
  • Print/save the recovery codes if your 2fa device becomes unavailable.

What if I have ‘Error: Incorrect code’ for iOS?

In most cases this code is the result of a time synchronization error on the smartphone. With can be fixed following the next steps in the Google Authenticator app.
  • Go to general
  • Click on ‘time and dateChoose ‘set automatically’
Don’t see an immediate result? Some smartphones need rebooting before the effect of time synchronization takes effect.

What happens if I lose my phone?

When you can’t acces your 2FA application, you will no longer have access to your funds. Therefore it is most important to print/save your recovery codes as soon as you set up two-factor authentication. If you don’t have acces to your recovery codes, you need to contact your exchange and provide information requested from them. Some exchanges are not prone to help so make sure to back up your keys!

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