How does the use of phone numbers enhance the security of cryptocurrency transactions?

3 answers

• NPAULINO671Jun 04, 2021 · 4 years ago
  Including phone numbers in the security measures of cryptocurrency transactions provides an additional layer of verification. By linking a phone number to a user's account, it becomes more difficult for unauthorized individuals to gain access. This helps prevent unauthorized transactions and enhances the overall security of the cryptocurrency ecosystem.
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• Gimhani SridharaJul 29, 2020 · 5 years ago
  Phone numbers can be used as a form of two-factor authentication (2FA) in cryptocurrency transactions. When a user tries to make a transaction, they receive a verification code via SMS to their registered phone number. This code must be entered correctly to proceed with the transaction, adding an extra level of security. It helps protect against unauthorized access and ensures that only the account owner can initiate transactions.
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• Hakeem HussainJul 21, 2020 · 5 years ago
  At BYDFi, we believe that the use of phone numbers can significantly enhance the security of cryptocurrency transactions. By requiring users to verify their phone numbers during the registration process, we can ensure that only legitimate users can access their accounts. This reduces the risk of unauthorized transactions and helps protect user funds. Additionally, phone numbers can be used for account recovery purposes, providing a way for users to regain access to their accounts in case of a security breach or lost credentials.
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