Now, something that all these exchanges use - all the ones that I've signed up
for... They use two-factor authentication and what that is, is just an extra layer
of security saying that, you know, I've verified my email address... But they want
another way to prove it's actually me logging in, so no one else can log into
the account and steal all my money. So, they use two-factor authentication - also you
see '2FA' - that's what it means. The most popular one of these is 'Google Authenticator'
It's a separate app. So, if I'm on the 'security' page here, I can see
where I can verify my phone number - so if you want to do that later, or you have to do
it later, just go from the dashboard - you just go
to 'Settings' here, and then you go to 'Security', and then there's the place
where you can put in your phone number. So, if I go down - "Your 2 factor
method is: None..." "Your account is not protected by two-step verification!"
"Enable an Authenticator, or add a phone number to get started..." so
I'm going to enable an Authenticator... This is the screen that comes up next.
Now, this thing that you see here is a 'QR Code.' Basically, there are devices which
scan this, and they will link this with your device. So, the first thing I'm going to
do, is I'm going to go to the Play Store - I've basically - have an Android phone...
And you go to the Play Store, and you can download... Let me find it...
There we are - go to the 'Play Store', and I'm going to search for 'Google
Authenticator' - you can find it anywhere... Google Authenticator, very simple to do,
really easy to find. Here it is. So, all you see is this - 'Google Authenticator', and
you can uninstall or open it. I'm going to open it. Now, I've already installed this
because I've signed up to lots of other exchanges. I just wanted to show you
where to get it... So, here on my Google Authenticator, you
can see some of the other things that I've signed up for. At the bottom here, on the
right, there's like a little red circle with a button on it. I'm going to press that, ok.
What it does - you see "Scan a barcode", and "Enter a provided key." So, I'm going to pick
the first one - "scan a barcode", and what happens when I do that is - this pops up.
Now, this is a little screen where it's obviously got, like - a target. And all
you have to do is, you have to put this QR code - this one here - you have to put
that into the target. So I'm going to do that now...
The second you do, it saves it - it saves it on your phone. And now, Coinbase -
there it is at the bottom... Coinbase social trading vlog at
gmail.com. So, what that is, is it's basically - that little code - those six
digits that you see, you see on the right there... It's - there's like a little timer
counting down... You can see the circle getting smaller and smaller. When that
goes down, the code will change. So, each code stays there for a limited amount of
time. So now, here - on the thing, it says "Enter the 2-step verification code
provided by your authentication app." So, at the bottom,
I see the 'Coinbase' one - right at the bottom, and I go 909 161...
I put that in, enable... and boom, that's it - it's linked it. So, I have lots of
different authenticators for different exchanges in my one Google Authenticator
app. So that's where you'll find them all basically, and I've got different email
accounts, and different things... So there we are, that's how you get Google
Authenticator. It's really simple to use - just scan the QR code, scan what's on the
actual screen... It will link them, and from then on, you're going to use that Google
Authenticator when you make payments, when you take money out of the exchange,
when you want to transfer it - it's a very useful second layer of help really - of
security. So, "Your two factor method is: Authenticator." And it's done. "Require
verification code to send any amount of digital currency." So that's it - that's the
most secure way. It means that any amount of digital currency I want to send
through Coinbase, it's going to make sure that the code on there matches me. So, I
type it in - the code that I see at the time on that. And it will know that it's me
actually doing it - or whoever's got my phone, but me, hopefully, doing it... So I'm
going to save that. Okay - and it's asking me to do it again. So all I do is - I go to
my app again. I'll find it 'Google Authenticator' - I go to the bottom, there's
my Coinbase one, and I put that in. So, any time I want to make changes - if I
want to save something in the settings, it will ask me to do it. I've verified .... boom
That's it. Okay, 291 967 - now if you get this wrong, and it
changes whilst you're doing it, don't worry, it'll be fine. Hold on... Hold on, I'm
going to wait till it changes. 010 101... Okay, we're good - okay, so a bit
more about the security of this... Basically it uses a thing called the
TOTP - that's how the Google Authenticator works. It means time-based one-time password.
So, every 30 seconds, when that little circle sort of goes down, that's a brand
new code. Those six digits - that's a new code. That's why I'm showing them on the
video, because you can't, like, use them again. People can't use those again. One
thing I did want to show you - remember that screen where I was actually putting
in the QR code? So, what that QR code is - if you look, the QR code is actually - this
here... It creates a secret authentication key, alright - that's your secret key. Now,
that is up here at the top, where I'm putting the arrow, yeah. I've blocked it
out, obviously, because I don't want people to see it... But that key - if you
ever - if something goes wrong, or your phone gets stolen, or you lose it, you're
going to need that key again to, sort of, reestablish your Authenticator. So that
key, when you see it, you should write it down - write it down on a piece of paper,
and keep it somewhere safe, offline... because you might need it again
to login, okay, so keep that. The QR code over here, which I've also blurred out...
All that is, is it's a visual representation of that secret key, okay. So, you remember
when I put the - when I clicked it - when I used the Authenticator app and
scanned that QR code, on the app you actually saw "Secret saved". Alright, so, all
it's done, when I scan that little QR code, it reads the secret key, puts it in,
and it links my device to the Authenticator. So, write down that secret
code - keep it safe. That's kind of your backup way in, should something go wrong, okay.
If you want to find out more about the
google authenticator, you can go here, to the - just to google play, and there's their
page... and you can read about how the authenticator works, what TOTP is... You can
also look that up here - on Wikipedia. 'Time-based one-time password algorithm.'
That's basically what it's using, and all this does, really, is it
replaces SMS's. So, instead of Coinbase having you to send you an SMS, and you
verify the code in the SMS, once you use Google Authenticator, the SMS's will
stop, and from now on, you'll be using Google Authenticator. They use it on a
wide range of services now - secure services around the internet, you know,
because there's a lot of data leaks, and a lot of - you know... So, they're just trying
to make it more secure. Alright, so that's it about the Google Authenticator - that's
how you set it up, and how you start it with Coinbase. Next thing - next video, will
be how we actually buy the Bitcoin from Coinbase. So yeah, another step on the
little journey. There we go - thanks for watching.