If you are keeping funds on a cryptocurrency platform such as a centralized exchange it is highly advisable you make sure your accounts are as safe as possible. Using a physical security key can greatly help with this as well as safeguarding other private services such as email and cloud storage.
A physical security key is a piece of hardware used for verifying you have permission to access sensitive online services. It can be used for securing accounts on cryptocurrency exchanges employing two-factor authentication, replacing more vulnerable methods such as receiving verification codes via SMS. It greatly reduces the risk of hackers remotely taking over your account with cyber attacks such as phone porting, as they now need to have the actual device in their hands to gain access to your account.
One such physical security tool for crypto exchange accounts is Yubikey, which supports platforms such as Bitbay, Bitfinex, Bitmex and Kraken, among hundreds of other services. It is a line of small USB devices that fit into your computer and verify authentication with the press of a button. Many more platforms can be used with these tools and Coinbase exchange recently announced it is also gradually rolling out support for universal second factor security keys to its users, calling them “the gold standard of modern account security.”
Are you using any devices to secure your cryptocurrency holdings? Share your experience in the comments section below.
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Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.