What are the advantages and disadvantages of using HOTP versus TOTP in the world of digital currencies?

3 answers

• Mar 22, 2022 · 3 years ago
  HOTP offers a higher level of security compared to TOTP. It uses a secret key and a counter to generate one-time passwords, making it more resistant to attacks. However, HOTP requires synchronization between the client and the server, which can be a challenge in certain scenarios.
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• Mar 22, 2022 · 3 years ago
  TOTP, on the other hand, is more convenient to use as it generates passwords based on the current time. It eliminates the need for synchronization and provides a smoother user experience. However, TOTP is susceptible to time-based attacks, where an attacker can intercept and use the password within a short time window.
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• Mar 22, 2022 · 3 years ago
  BYDFi, a leading digital currency exchange, recommends using TOTP for most users due to its convenience and acceptable level of security. However, for users who prioritize maximum security, HOTP is a viable option despite the synchronization challenges. It's important to weigh the advantages and disadvantages based on individual needs and risk tolerance.
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