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If there is one thing people should have learned from the Bitfinex hack, it is that security remains of the utmost importance. While users can’t do much about platform security beyond their control they should take appropriate steps to protect their own account. The new Microsoft Authenticator, which is now available on Android devices, may start making its way to Bitcoin exchanges soon.
There us nothing worse for Bitcoin users to have funds stolen from their account due to their own errors. Protecting an account with just a password is no longer sufficient. For some reason, two-factor authentication is not as common as it should be. That is rather worrisome, considering there are plenty of solutions available.
One of those new solutions comes in the form of Microsoft Authenticator. Albeit this product has been available to Windows users for quite some time now, Microsoft released an Android version not too long ago. Since most Bitcoin users rely on their mobile device for 2FA, this is another option worth considering.
Microsoft Authenticator Is A Welcome Alternative
What is even more appealing is how Microsoft Authenticator offers support for wearables as well. Those few people who use their smartwatch on a regular basis can set the device up as a multi-factor authentication challenger. Fingerprint scans through built-in smartphone hardware are enabled as well, for additional security.
For the enterprise user, there is yet another authentication method. Instead of using passwords, Microsoft Authenticator lets them log in through certificates. This technique is similar to how authentication through an E-ID works in several countries around the world. More security options is never a bad thing.
Keeping in mind how this solution is available on iOS as well, it would make sense for Bitcoin exchanges to integrate it. Most platforms use SMS authentication, or rely on Google Authenticator Microsoft Authenticator, on the other hand, has potential to become a mainstream solution and compete with these services
In the end, these precautions will only do so much to prevent loss of funds. The intermediary platforms we use for cryptocurrency purposes need to step up their security game as well. Without proper security implementations, an event like the Bitfinex hack will continue to occur on a regular basis.
Source: The Paypers
Header image courtesy of Shutterstock
