The first cryptocurrency hardware wallet to be released was the Trezor wallet. You can store, send, and receive a variety of cryptocurrencies safely using this hardware wallet. The wallet was first made available in 2014 by SatoshiLabs, a Czech company.
What Is Trezor Wallet
The first popular hardware wallet to reach the market is the Trezor. It was created in 2012 by the startup Czech company SatoshiLabs and released to the public in 2014. At SatoshiLabs s.r.o. The business is headquartered in the Czech Republic., Kundratka 2359/17a, 18000 Prague 8. Trezor has grown immensely in popularity among cryptocurrency users and is regarded as one of the best hardware wallets available because it was the first hardware wallet in the cryptocurrency space. Even on compromised computers, the Trezor allows for secure crypto transactions and safely holds and stores a variety of cryptocurrencies.
Pros & Cons Of Trezor
Pros
- Top-notch security
- A very well-known crypto wallet
- Holds a huge number of cryptocurrencies
- Constant firmware updates
Cons
- Pricey
- Has been subject to unauthorised access before
How Does Trezor Work?
Similar to other cryptocurrency wallets, Trezor hardware wallets operate. You can send and receive money using the wallet’s unique address. The way that money is kept in a Trezor hardware wallet versus a software wallet is the main distinction. Hardware wallets perform cold storage, or the storage of digital currency on a device not connected to the internet.
- PIN safety: You have the option to set a PIN when configuring a Trezor wallet for the first time, protecting your data from unauthorized users’ physical access. Even if keystrokes were monitored, the PIN input layout’s order changes, making it difficult to decipher.
- Connection via USB 2.0/3.0: The Trezor One and Trezor Model T are the only devices that support USB 2.0 and USB 3.0 connections. Both models’ packaging includes a USB cable (the Model T uses a USB type C cable, while the other uses a USB type B cable) for users to connect the wallet to their devices. The absence of Bluetooth and Wi-Fi is a deliberate decision made by the company to reduce security risks.
- Support for Android: Trezor wallets can be connected to Android phones via WebUSB after which the Trezor Suite web browser application can be accessed on Google Chrome. To connect a wallet to the Trezor Suite, it’s advised to use a wired USB connection.
- Trezor Suite: Users of the Trezor wallet can view and manage their cryptocurrency funds using the Trezor Suite desktop or web browser interface. As previously mentioned, you can access it by downloading a desktop app or by syncing your Trezor wallet with the Google Chrome browser. With the Trezor Suite, you can control device security settings, connect multiple wallets, view your dashboard, exchange and trade cryptocurrencies, and more.
How Secure Is My Trezor Wallet?
Despite the strength of the aforementioned security measures, a hardware flaw in the Trezor device was discovered in 2017. Several cryptologists claim that there is a way for hackers to get access to a person’s PIN number and 24-word backup passphrase.
Although the Trezor team has since fixed the flaw, it serves as a timely reminder that no device is ever completely secure from hackers. What do you think so far about the Trezor hardware wallet now that you have a solid understanding of the security features? The next topic we’ll cover in this Trezor wallet review is setting up and using the device, so if you’re looking to buy one (or you already have one), that’s great!
How to Use My Trezor Wallet?
Step 1. The Trezor wallet needs to be connected to your computer’s USB port first. When you do, the Trezor screen ought to display a lock image and a website for you to visit.
Step 2. Before directing you to wallet.TREZOR.io, the website will provide you with additional advice on how to safeguard your Trezor wallet. Click the link above if, for some reason, it doesn’t redirect you.
Step 3. Installing the Trezor wallet will now enable your hardware wallet to interact with the blockchain. The Google Chrome extension can be downloaded directly to your device or installed on Google Chrome. I’ll use the Chrome extension in my tutorial.
Step 4. You will now be prompted to choose whether to update the firmware. Don’t forget to click “Yes, Install.”
Step 5. You will now be prompted to confirm that the “Fingerprints” displayed on the device screen of your computer and the Trezor hardware screen are identical. If everything looks good, click “Continue”
Step 6. Currently, you must remove and then re-insert your Trezor wallet’s USB cable from your computer. Afterward, return to wallet.TREZOR.io.
Step 7. You will now be prompted to give the Trezor wallet a name. You can choose anything you want for this, and you can always change it later.
Step 8. One of the most crucial steps in the setup procedure is now complete: setting up your PIN. Here is what you will see on your computer screen.
Step 9. You’ll see the next picture on the Trezor hardware wallet screen.
Step 10. This is where things start to get a little murky. Nobody can tell which keys you are pressing because the positions of the numbers that are displayed on your screen are random.
Step 11. Your Trezor hardware wallet will now display your 24-word backup phrase after you’ve entered your PIN number. It is crucial that you record these and keep them secure because you will require them in order to get your money back if your wallet is ever lost or stolen. You can list them on the 24 lined piece of paper that you should have received along with your Trezor!
Is Trezor One Safe?
Your private keys are kept offline by being stored and isolated inside the hardware. All transactions must be confirmed by pressing the physical buttons on the hardware wallet, which is connected to a device via a USB cable, after entering a PIN code to gain access to the wallet.
You can create a different account that is secured by a passphrase as an added security measure. You are free to store whatever assets you want here, making sure that even if your PIN is stolen, they cannot be accessed. This makes it more difficult for your assets to be compromised if they are stolen or lost.
The 24-word recovery seed phrase is the last feature of the Trezor One. The 12-word recovery phrase is another option. Trezor also supports Universal 2nd Factor (U2F), another security feature.
Conclusion
Trezor wallets continue to be among the best cryptocurrency wallets that users can purchase, despite recent phishing attempts that culminated in a MailChimp data breach. Consider the benefits and drawbacks of Trezor and whether maintaining a hardware wallet is right for you before forking over the hard cash for cold storage. The Wiki manual for Trezor guides users through setup and offers advice on best security practices. Even though there are a lot of important advantages to be aware of, it’s still important to take the necessary security precautions, such as unplugging your wallet from exchanges after trading, protecting PINs and seed phrases, and securely storing the physical device. When trading in cryptocurrencies, you should always conduct your own research, confirm connections, and assess your comfort level with risk.