Airbitz, a bitcoin-based start-up, has recently started the "One-Touch 2-Factor Authentication" for its mobile bitcoin wallet for iPhone and Android devices for enhancing security.
Two-factor authentication (2FA) involves the use of two or more different components to identify a user. The components fall into three categories. The first has to be something that the user possesses, like a bank card, set of keys etc. The second component could be something that the user knows like usernames, passwords, PINs, etc. The third component has to do with what the user is and includes fingerprints, other biometric features.
The start-up has come up with the latest version of its mobile app in which a user can enable 2FA at the tap of a button. It does not remove the 2FA but makes the process much more convenient.
