What is Trezor?
Trezor is a type of hardware wallet that was created by SatoshiLabs. Hardware wallets are used to store cryptocurrency private keys and allow users to safely secure and transfer their cryptocurrency in an easy to use interphase. Trezor supports all of the major cryptocurrency and has been widely accepted by the cryptocurrency community.
Overview of Trezor models
- TREZOR Model T – 149 EUR (excl. VAT)
- TREZOR ONE – 69 EUR (excl. VAT)
Note: Prices may change, the updated ones can be found from Trezor’s official website.
The main difference between the main two models lies in the screen size and supported coins. With the Model T the screen can hold more lines of text and make it a little easier to execute transactions, while the One White can only hold one line of text. Both models have support for over 1000 different coins however some popular coins are only supported on the Model T (Ripple, Cardano, Monero and Tezos).
The currencies that are supported by both models include for example:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
- Stellar (XLM)
- Dash (DASH)
- and over 1000 more
Trezor safety – Is Trezor safe?
Trezor is one of the best hardware wallets with its proven track record in keeping cryptocurrency safe. Some precautions should be taken however when using any cryptocurrency wallet. Since cryptocurrency has an irreversible nature with transactions, hacks can be devastating. Trezor should only be accessed through the official website and it is recommended that users only purchase the hardware wallets from the official site, as some people that are selling Trezors cheaper could be planning an attack. Example of a popular scam: If someone is selling a Trezor individually they might have already accessed the wallet and received the seed phrases. So as a buyer opens the wallet they might not see this, and transfer coins to the Trezor wallet which has been exploited. The seed phrase can open up the private key, and so if the scammer has the seed phrase already written down they can open up an online wallet using the seed phrase. This would allow the scammer to then steal your coins, so it is always recommended to purchase from the official site. The Trezor wallet runs independently as a piece of hardware, so if the company or website is hacked then your cryptocurrency on the hardware will be untouched. This is because the private key is never seen or sent when interacting with the device. Other online wallets, although handy to transact with can be hacked and exploited directly.
What are the safety measures?
Since the Trezor wallet is uses an offline method your coins are extremely secure. The device does not share your private key directly, and so without the device in hand along with other information your cryptocurrency will be safe from hackers. Trezor is constantly interacting with the community and so they have proven to take customer service and community support as a top priority. If you are a programmer then you will be happy to know that the code is open sourced so you can check it out, and see for yourself the steps they are taking.
Why should I use Trezor?
No one likes to lose money. So Trezor is one of the best options to shield scammers and fraudsters from your precious cryptocurrency. Trezor is extremely easy to use and so it can be accessed by virtually any cryptocurrency user or enthusiast.
Good use cases
Typically it is suggested to use a Trezor wallet if the amount of cryptocurrency within the wallet is greater than the purchase price of the product. For example if someone was going to purchase the 69 EUR wallet, they should have 69+ EUR worth of cryptocurrency on the wallet. If someone has less than the purchase price then it might not be economically sound to make the purchase. If you are running a business the Trezor wallet is still recommended as you don’t want to lose profits or clients’ money in an online hack.
What coins are supported by Trezor?
- Common support: Bitcoin, Litecoin, Ethereum, Ethereum Classic, Dash, ZCash, Bitcoin Gold, Bitcoin Cash, Nem. ERC-20’s
- Exclusive support with the Model T: Ripple, Cardano, Monero, Tezos, Zencash,
- For a full list of support visit: https://trezor.io/coins/
How to use a Trezor wallet?
Below will be a guide on how to get started with your Trezor after it is purchased. This 10 step process should only take a few minutes to be complete and will be one of the best investments of your time as it will save you from expensive hacks.
- Step 1: Make sure that the security seal is on the package to make sure that it has not been tampered with, if it is not present then contact the official Trezor Support immediately. It is always recommend purchasing the devices directly from the official site.
- Step 2: Connect the Trezor to your computer via the USB cable that is provided in the package. The USB will be connected to your Trezor device and your computer.
- Step 3: Now you will need to open up the webpage and select the device that was purchased.
- Step 4: You may need to update your browser if it is not on the current supported setting, and there is a link to do that on the page after you selected your device. Now you can begin to download the available plug in for your device.
- Step 5: It will ask if you would like to download the latest firmware for the device and you will want to accept it.
- Step 6: Your device will have a confirmation for you, in which you will have to select the right button.
- Step 7 : Trezor will direct you to unplug the device and plug it back in and then it will direct you to set the device up.
- Step 8: You will be able to name your device and set up a pin.
- Step 9: It will ask you to verify your pin on the device, in which it will show the numbers in a random order and ask you to replicate it on the site.
- Step 10: A recovery seed will be given to you in which you will need to write it down, and make sure to never share it with anyone. Trezor will ask that you repeat it in order to confirm that you have written it down correctly.