How does TOTP work in the context of securing digital currency transactions?

3 answers

• Dec 16, 2021 · 3 years ago
  Sure! TOTP is a two-factor authentication method that adds an extra layer of security to digital currency transactions. It works by generating a unique password that changes every 30 seconds. This password is generated using a secret key and the current time. When a user wants to perform a transaction, they need to enter this password along with their regular login credentials. This ensures that even if someone gains access to the user's login details, they would still need the current TOTP password to complete the transaction. This greatly reduces the risk of unauthorized access and protects the user's digital currency holdings.
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• Dec 16, 2021 · 3 years ago
  TOTP is like having a constantly changing lock on your digital currency wallet. It adds an extra level of security by requiring a unique password that changes every 30 seconds. This password is generated using a secret key and the current time. So even if someone manages to get hold of your login credentials, they won't be able to access your wallet without the current TOTP password. It's a simple yet effective way to protect your digital currency transactions from unauthorized access.
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• Dec 16, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, implements TOTP as part of its security measures. TOTP works by generating a unique password that changes every 30 seconds. This password is generated using a secret key and the current time. When users log in to their BYDFi accounts, they are required to enter this password along with their regular login credentials. This adds an extra layer of security to digital currency transactions and helps protect users' funds from unauthorized access. TOTP is a widely adopted security measure in the digital currency industry and is highly recommended for anyone looking to secure their digital assets.
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