Which one is more commonly used in the cryptocurrency community, TOTP or HOTP, and why?

3 answers

• Jan 13, 2022 · 3 years ago
  In the cryptocurrency community, TOTP (Time-Based One-Time Password) is more commonly used for authentication compared to HOTP (HMAC-Based One-Time Password). TOTP generates a unique password that changes every 30 seconds, providing an additional layer of security. This is particularly important in the cryptocurrency industry, where protecting digital assets is crucial. TOTP is widely supported by popular cryptocurrency wallets and exchanges, making it the preferred choice for many users.
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• Jan 13, 2022 · 3 years ago
  TOTP is the go-to option for most cryptocurrency enthusiasts. Its time-based nature ensures that the generated passwords are constantly changing, reducing the risk of unauthorized access. This added security measure is highly valued in the cryptocurrency community, where the stakes are high. HOTP, on the other hand, generates passwords based on a counter, which may not provide the same level of security as TOTP. Therefore, TOTP is more commonly used in the cryptocurrency community.
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• Jan 13, 2022 · 3 years ago
  In the cryptocurrency community, TOTP is the preferred method of authentication. It offers a higher level of security compared to HOTP, as the passwords generated by TOTP change every 30 seconds. This time-based approach makes it more difficult for attackers to gain unauthorized access to cryptocurrency wallets and accounts. At BYDFi, we also recommend the use of TOTP for our users' accounts, as it aligns with industry best practices and ensures the safety of their digital assets.
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