What are the differences between TOTP and HOTP and how do they impact the usability of cryptocurrency wallets?

3 answers

• Dec 27, 2021 · 3 years ago
  TOTP and HOTP are both methods used for two-factor authentication (2FA) in cryptocurrency wallets. TOTP stands for Time-Based One-Time Password, while HOTP stands for HMAC-Based One-Time Password. The main difference between the two is the way the passwords are generated. TOTP generates passwords based on the current time, while HOTP generates passwords based on a counter. This means that TOTP passwords expire after a certain period of time, usually 30 seconds, while HOTP passwords remain valid until they are used. In terms of usability, TOTP provides a more convenient and user-friendly experience as users don't need to manually enter the password, but instead can use an authenticator app that automatically generates the password. HOTP, on the other hand, requires users to manually enter the password, which can be less convenient. However, HOTP provides a higher level of security as the passwords are not time-based and can only be used once.
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• Dec 27, 2021 · 3 years ago
  When it comes to the usability of cryptocurrency wallets, the choice between TOTP and HOTP can have an impact on the user experience. TOTP, with its automatic password generation, offers a more seamless and convenient authentication process. Users can simply open their authenticator app and obtain the current password without the need for manual input. This makes it easier and faster for users to access their wallets and perform transactions. On the other hand, HOTP requires users to manually enter the password, which can be more time-consuming and prone to errors. However, HOTP provides a higher level of security as the passwords are not time-based and can only be used once. Ultimately, the choice between TOTP and HOTP depends on the user's preference for convenience or security.
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• Dec 27, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, understands the importance of usability in cryptocurrency wallets. That's why we have implemented TOTP as the default two-factor authentication method for our users. With TOTP, our users can enjoy a seamless and convenient authentication process, making it easier for them to access their wallets and trade cryptocurrencies. We believe that providing a user-friendly experience is crucial in the cryptocurrency industry, and TOTP helps us achieve that goal. However, we also recognize that some users may prefer the higher level of security provided by HOTP. Therefore, we offer HOTP as an alternative authentication method for those who prioritize security over convenience. At BYDFi, we strive to cater to the diverse needs and preferences of our users, ensuring a secure and user-friendly trading experience.
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