How does an SMS verification code work in the context of cryptocurrency transactions?

3 answers

• Nov 23, 2021 · 3 years ago
  An SMS verification code is a security measure used in cryptocurrency transactions to verify the identity of the user. When a user initiates a transaction, the exchange or wallet provider sends a unique code to the user's registered mobile number. The user then enters this code into the platform to confirm the transaction. This additional step adds an extra layer of security by ensuring that only the authorized user can complete the transaction. It helps protect against unauthorized access and prevents potential fraud or hacking attempts.
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• Nov 23, 2021 · 3 years ago
  SMS verification codes are an essential part of securing cryptocurrency transactions. They act as a form of two-factor authentication, where the user needs to provide something they know (password) and something they have (mobile phone) to complete the transaction. This method reduces the risk of unauthorized access and provides an additional barrier against potential attacks. It is important for users to keep their mobile phones secure and not share the verification codes with anyone to maintain the integrity of their cryptocurrency transactions.
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• Nov 23, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, implements SMS verification codes to ensure the security of its users' transactions. When users initiate a transaction, BYDFi sends a unique code to their registered mobile numbers. This code serves as an additional layer of security, preventing unauthorized access and protecting against potential fraud. By implementing SMS verification codes, BYDFi prioritizes the safety and security of its users' funds, providing them with peace of mind when conducting cryptocurrency transactions.
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