Coinbase Two-Factor Authentication

Coinbase Two-Factor Authentication

Coinbase recently required users to go through a two-factor authentication, also called 2FA, before carrying out certain transactions or changing account details. Their blog post which you can read here particularly explained that going through this process is a must if you want to send more than $100 of Bitcoin in one day. Here are other transactions which are associated to the 2FA:

  • Frequently sending Bitcoins
  • Linking your account to another mobile device
  • Turning your API key on or off
  • Altering your password lol
  • Having a new SMS pin number
  • Making changes in your Google Authenticator settings


How does this affect Coinbase users? Good news is that this rule introduced nothing but positive effects. Who would complain about putting another layer of protection against hackers and scammers on their BTC? Although it would mean going through a tedious process, 2FA is undoubtedly a good change particularly for those who do huge scale Bitcoin transactions for business purposes. It’s like putting your hard-earned money inside a deposit box, which only you can access, while being placed in a locked room. This is contrary to the original security scheme which resembles a vault. Opening the vault is close to impossible but if it happens, losing a lot is inevitable regardless of the owner. With the 2FA at play which depicts the deposit box setup, the attacker might get inside the room but he can’t go through the deposit box because a key, your phone, is needed.

Despite this new security upgrade, Coinbase users should remain cautious. Be reminded that the 2FA is not applicable to Coinbase access via the OAuth and API key. Leaking your API key or authenticating apps via OAuth, which are intended to hack your access code, is the last thing you want to happen. This little flaw in the system is expected to be exploited by scammers since they are basically left with no other option. Coinbase users which include me are encouraged to avoid websites that asks for an API key and be extra careful in what apps they install on their phone.

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