Why Would You Use The Trezor?
With the increasing interest in cryptocurrency and the advancements in blockchain technology, investors are buying and holding a greater variety of coins – gone are the days when the only crypto to buy was Bitcoin. If you have amassed a portfolio of coins, you will want to protect them from hackers and thieves? Currently, your options available to you are either leaving them on the exchange (not advisable, especially long-term), use a separate wallet for each coin (not practical, use a web/mobile phone wallet, or go for a hardware wallet – such as the Trezor wallet.
For me, a hardware wallet is always the best option, especially if you are planning you hold your coins longterm. Even if you like to day-trade, whenever you have a profitable day, sending any gains to a hardware wallet is advisable.
I am a big fan of the Trezor wallet, I personally own two of these devices. In this review, we’ll take a look at the features you will need to know before deciding if the Trezor is for you or not.
What’s Do You Get In The Trezor Box?
- Trezor wallet device & USB connector
- Tamper-proof box. If the packing looks like it has been tampered with or the seal is missing, contact Trezor and arrange to have it replaced – do not use it.
- 2 X seed recovery cards
What Coins Does The Trezor Support?
Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash, Bitcoin Gold, Ethereum (+ all ERC-20 tokens), Ethereum Classic, Expanse, UBIQ, NEM, Namecoin, Dogecoin and Bitcoin Testnet.
How To Install & Step-up The Trezor Wallet
Installing and stepping up the Trezor is fairly easy. You connect the Trezor to your computer and have a bridge installed (which allows the Trezor to have interaction with the computer, use Google Chrome’s extension for Trezor.
1. Connect The Trezor to your computer using the USB cable.
2. Go to MyTrezor and download and install a browser plugin (which allows the Trezor to have interaction with the computer). Your process is automated, however, you will need to allow the plugin to be installed.
3. As soon as the plugin is activated, myTrezor will ask you to choose a PIN. You don’t actually type in PIN, using your mouse, you have to click on an obscured numerical pad displayed in the browser.
A great feature of the Trezor is that the position of each number changes randomly, so each time you enter the PIN you’ll have to look at Trezor device to see where each number is in the layout
4. After that, you need to jot down the randomly generated sequence of 24 words, generally known as a ‘seed’.
- The seed will enable you to recover your Trezor wallet if the device is damaged, lost or stolen. This is the only backup that can be used to recover your wallet.
- Trezor uses BIP39 and BIP44 standards for creating new wallets, so the generated seed can be recovered and used by other compatible wallets.
- Important: Never, ever make a digital copy of your recovery seed. You get two 2 seed recovery cards with the Trezor. You could even make a 3rd copy if you choose. Consider storing the seed copies somewhere and in different locations.
Security: Is The Trezor Secure?
The most important feature of any wallet is its security. The Trezor is often called among the best Bitcoin wallets for a reason – it works of keeping its users’ coins secure. Since your coins are offline, it is nearly impossible to hack them without having access to the physical device.
Passphrase: This is, in effect the 25th seed, so even if your device and seed card are stolen, they will not be able to access your wallet without this passphrase. This is something that the Ledger Nano S does not currently have. The passphrase shouldn’t be written down anywhere and should be memorized.
Pin Code: The Trezor device will display your keypad and the numbers, will always randomly shuffled on the device.
Recovery Seed: Contains a sequence of 24 words — uniquely and securely generated inside your the TRezor device.
Trezor Pros and Cons
- Affordable price
- Multi-currency support for popular coins
- Second screen capability
- Passphrase security
- Easy to set up and use
- I am a huge fan of NEO. Unfortunately, the Trezor does not offer wallet support at the moment.
Thanks for taking the time to read our review. If you found it useful please consider visiting the Trezor website using our affiliate link below.