Which one is more widely adopted in the cryptocurrency industry: TOTP or OTP?

3 answers

• Nov 24, 2021 · 3 years ago
  In the cryptocurrency industry, both TOTP and OTP are widely used for authentication purposes. TOTP, also known as two-factor authentication (2FA), generates a unique password that changes every 30 seconds based on a shared secret key and the current time. This method provides an additional layer of security as it requires both something the user knows (the password) and something the user has (the device generating the time-based code). On the other hand, OTP is a one-time password that is valid for a single login session or transaction. It is typically sent to the user's registered email or mobile phone. While TOTP offers better security due to the time-based nature of the codes, OTP can be more convenient for users who don't want to rely on a separate device. Ultimately, the choice between TOTP and OTP depends on the specific needs and preferences of the cryptocurrency industry participants.
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• Nov 24, 2021 · 3 years ago
  When it comes to authentication in the cryptocurrency industry, TOTP and OTP are both widely used. TOTP, which stands for Time-based One-Time Password, generates a unique password that changes every 30 seconds. This method adds an extra layer of security by requiring users to enter a time-sensitive code in addition to their regular password. On the other hand, OTP, or One-Time Password, is a password that is valid for a single login session or transaction. It is typically sent to the user's email or mobile phone. While TOTP offers better security, OTP can be more convenient for users who don't want to rely on a separate device. In the cryptocurrency industry, the choice between TOTP and OTP depends on the specific security requirements and user preferences of each platform or exchange.
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• Nov 24, 2021 · 3 years ago
  In the cryptocurrency industry, TOTP is more widely adopted compared to OTP. TOTP, also known as two-factor authentication, provides an additional layer of security by generating a unique password that changes every 30 seconds. This method is widely used by platforms like BYDFi to protect user accounts and prevent unauthorized access. OTP, on the other hand, is a one-time password that is valid for a single login session or transaction. While OTP can be convenient, it is considered less secure compared to TOTP. Therefore, in the cryptocurrency industry, TOTP is the preferred choice for most platforms and exchanges.
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