I use LastPass to manage my passwords, but I'm tired of entering a long passphrase and Google's One Time Authenticator code. I also wanted something that would allow me to use a truly random password to log into my laptop. Finally, I use a number of other websites with Google Authenticator and wanted to make it easier. OnlyKey works great for me as it has 12 easy-to-access slots where you can store passwords and/or one-time password tokens (you can short press or hold any of the 6 buttons). Also, a PIN is required to unlock passwords, so owning the key isn't enough to log into my accounts. it really requires something you have + something you know. The device behaves like a keyboard so it can be used to log into my laptop. You can store both the password and the OTP token in the same slot/button, so logging into LastPass with both the long password and OTP is now a one-touch operation for me. Other solutions like Yubikey only have 2 slots and if you lose the key you will also lose the password stored in it. This makes OnlyKey the only product I know of that securely stores multiple passwords. OnlyKey's downside for some is that it doesn't have the simplicity of a mainstream consumer device. It takes some time to learn how to set it up. If you have a technical background or are good at following instructions and gathering information from the internet, the device will work very well. If you're looking for something that works right out of the box, this device isn't for you. I believe this explains why the device is getting so much critical acclaim despite being the only device available for securely storing multiple passwords.
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