When you set up an account to receive your cryptocurrency, you are given a “wallet” to receive your Bitcoin. This wallet has its own unique ID code which you give out to anyone that wants to send you cryptocurrency.
Before you can receive or send cryptocurrency to or from your wallet, you will be asked to set up “two factor authentication”(2FA) which helps you protect access to your valuable cryptocurrency.
Before you can conduct a cryptocurrency transaction you will need to enter a unique code as part of the transaction. This will involve you installing an “Authenticator” app on your mobile device. This app will generate the dynamic code that you need to access your wallet. This code changes every 60 seconds and is automatically provided by the authenticator app on your device.
When you open the authenticator app to add your cryptocurrency account to your device, you will be asked to scan a QR (Quick Response) code.
This is a once-off QR code generated by the sending Bitcoin mining company, or digital currency exchange facility. The QR code will appear on screen and you will need to scan it with the device that you are using as part of the Authenticator app installation process. If you have a spare smart phone then install the same “Authenticator” app on it and also scan this QR code. You will then have a spare phone that can provide the 2FA as a backup in case something happens to your primary phone.
After you scan the QR code into your device, take a screen shot of this unique QR code.
If you lose the app on your phone for any reason, you can scan the QR code that you have a screen shot of , to once again add the cryptocurrency account so that you are not locked out of your ability access your Bitcoin. If you have a spare phone, install the “Authenticator” app and scan the QR code mentioned above and use this to also add the Bitcoin company’s QR code.
Finally, if your Bitcoin company offers it, use the manual back up method to back up your Bitcoin access account. This involves you being given 12 words which you should write down and keep safe, should you lose access to your Bitcoin account in the future for any reason. These 12 arbitrary words are case sensitive and also position sensitive.