Trezor – The Original and Best Hardware Wallets
So you’ve bought some Bitcoin and you want to store it in the most secure place. Made by SatoshiLabs, and with security at its core the Trezor hardware wallet is the best hardware wallet on the market.
Since launching the first hardware device in 2014, developer SatoshiLabs has built a reputation of hardware wallet expertise and has become the most trusted cold storage technology for Bitcoin.
SatoshiLabs has two Trezor wallets on the market, and both Trezor One and Trezor Model T are universally compatible with Windows, macOS, and Linux.
The main differences are the price, and the Model T stores a few more altcoins and has a colour screen. There are a few other technical variations, but they’re both very secure hardware wallets.
Both wallets offer everything you need to utilize modern cryptography and secure your bitcoin. They’re both easy to set up and use and come with clear instructions for anyone new to Bitcoin.
But what is it that gives Trezor its most trusted reputation for Bitcoin cold storage? Let’s take a deeper dive and see what makes Trezor the best hardware wallets.
What is the Trezor Wallet?
The Trezor wallet is the original Bitcoin hardware wallet to offer Bitcoiners a safe place to store, send and receive bitcoins, and since launching they have sold over 1 million Trezor hardware devices.
Created by SatoshiLabs, a Czech Republic company formed in 2013, the first Trezor wallet was released a year later in 2014.
After years of success with the Trezor One, SatoshiLabs then released their ‘next-generation’ Trezor Model T in February 2018, and both hardware wallets are as secure a device as you can get to store your Bitcoins.
What Makes Trezor The Most Secure Hardware Wallet
With any Trezor wallet your private keys are cryptographically stored in the device. Your hardware wallet never needs to connect to the Internet, making it virtually impossible for hackers to access your hardware wallet.
Phishing attacks are thwarted by the confirmation of data displayed on your device. Any computer might easily be hacked, but even if hackers have full access to computer your screen, they will not have access to your device screen, and you need both to make any transaction from your Trezor device.
The Trezor PIN number, which I discuss below, also makes your hardware wallet extremely secure. Not only is your PIN your personal choice and that only you know it, but if you choose a good PIN number of up to 9 numbers, it would possibly take hundreds of thousands of attempts at guessing your PIN.
And every time a wrong PIN is entered, the waiting time between the attempts increases by the power of two, and the device automatically wipes itself after 16 unsuccessful attempts.
Firmware updates are regular and done within the Trezor interface, and official Trezor firmware is signed by the SatoshiLabs master key.
Installing unofficial firmware is possible, but if you make that mistake it will wipe the device storage, and Trezor will show a warning every time it starts.
If your computer is stolen, it will not affect your device at all. Your device can work on any computer as long as you have the PIN access and back up seed.
Hacking SatoshiLabs servers might be a concern for some, but SatoshiLabs takes security very seriously, so this is extremely improbable.
If you prefer, you don’t even have to rely on SatoshiLabs servers anyway.
Instead of relying on SatoshiLabs servers, you can run a local instance of Trezor Wallet on your computer. It takes a little technical knowhow, but this way you can be completely independent from connecting to SatoshiLabs servers.
What if SatoshiLabs shuts down? I hear you say. Well if for some unforeseen circumstance, SatoshiLabs did shut down, your Trezor device is compatible with other BIP32, BIP39 and BIP44 compatible wallets.
And if this was to ever happen, Trezor code is open source, so developers can maintain it and add new functionalities as and when they choose.
All these security features make Trezor the most secure hardware wallets on the market.
Getting Started With your Trezor Wallet
When you first purchase a Trezor wallet you should ensure the hologram sticker hasn’t been tampered with. If it has, send it back and ask for a refund. And only buy from reputable places, such as the Trezor Shop.
When you first open your Trezor, plug your USB cable into your computer and goto Trezor.io to get started.
Here you should choose the device you have and follow the instructions. It will give you some safety advice which is worth reading.
Then you’ll be directed to the Trezor Wallet Interface which is the link you should bookmark for future ease of access.
You’ll then be directed to connect your Trezor hardware wallet with the Trezor interface. This will allow future connection to the Bitcoin, or any other cryptocurrency blockchain you need access to.
You can connect through your device or through a Google Chrome extension. Both are safe and secure, so choose the method you prefer. Personally I chose to do it through my Trezor device as I don’t want too many Chrome extensions on my computer.
Once you’re connected you should update the latest firmware if instructed. (From time to time, you’ll be directed to update the firmware. This is completely normal and takes less than 1 minute each time.)
Once the firmware is up to date, you’ll be shown ‘Fingerprints’ on your Trezor screen. If it matches everything on your computer screen click ‘continue’. If it doesn’t match, you’ll have to follow instructions, but as long as you buy a brand new device from the Trezor Shop, everything should be fine.
Then you’ll be asked to unplug your device, and re-plug it before giving it a name. Don’t worry about this as it’s just a personal thing and it can be changed at any time.
Then you’ll be asked to create a PIN number, which is needed every time you need to gain access to your hardware wallet. This can be from 4-9 random numbers just like your ATM card.
Choose your PIN number on your device, and then it will ask you to confirm it twice. Your Trezor device will show you a randomly displayed grid of numbers . For security reasons, this changes every time you need your PIN.
Your computer screen will show you the grid, but without the numbers. So, simply click your chosen PIN on the places where the numbers are displayed on your device. When you have confirmed this twice, your PIN number will be set up.
You will then be directed to write down a 24-word seed. This is your back up password in case anything goes wrong.
You can recover your wallet with the 24-word seed if your Trezor wallet is lost or damaged. You can do this by inputting your seed into another Trezor hardware wallet.
The seed is basically the keys to your safe. If you give this to anybody, they will potentially have access to your bitcoins. Write it down a few times on the special cards that comes with your hardware wallet, and make sure you keep them in different and safe locations.
The 24-word seed is made up of random words and is generated using RNG from the device and your computer. The seed is generated offline and displayed on your Trezor screen.
You’ll be directed to write the words down and then confirm on the device that each word is correct and in the correct order.
For extra security, you can add your own memorable phrase. This acts as a 25th word, but you must remember this because the 24 word seed won’t valid if you forget your own phrase. This is optional and offers another layer of security, but if you choose this, don’t forget it.
And that is it. Once this is complete, your Trezor wallet is connected and ready to use.
Using Your Trezor Hardware Wallet
Your Trezor will connect with the Trezor Wallet interface and everything will be conducted through there. Remember, your Trezor device will never connect to the internet even though you’re using the Trezor Wallet interface.
When gaining access to your Trezor wallet, you’ll need to type in your PIN number. Once you have put in your PIN number you have access to your Trezor wallet and simply click on the cryptocurrency you want access to.
How To Receive Bitcoin To Your Trezor Hardware Wallet
When your Trezor device is open and you’re in your Bitcoin (BTC) wallet you have full access to all funds in there.
You can use multiple Bitcoin accounts in your Bitcoin wallet in case you want to keep funds separate. It’s still the same wallet, but just a different page on your Trezor Wallet interface.
To receive bitcoins, click the ‘Receive’ tab and it will generate an address for you to send it to. You’ll be directed to check the address on your computer screen and your Trezor device match. If they match, click ‘Confirm’ on your Trezor device.
You can then copy paste the full address into the form you’re sending the bitcoins from, and follow the instructions of that platform. Whether you’re sending Bitcoins from another wallet or an exchange wallet, the directions are similar.
Always check a few times that you have the correct address because if you send it to the wrong address, your bitcoins might be gone forever.
Once you have completed the form, click send and the bitcoins will arrive in the address you have sent them to.
Do this every time you send BTC to your wallet. You can generate a new address for every transaction and the Bitcoin will go to the account in the wallet you have chosen.
How To Send Bitcoin From Your Trezor Hardware Wallet
Sending Bitcoin from your Trezor wallet is similar to receiving it, but obviously you’re doing the opposite.
To send Bitcoin, click ‘Send’ and you’ll be asked to fill the recipient’s address, amount of BTC and the transaction fee you wish to pay.
The fee is set at the normal rate, but if you want to send the BTC quickly you can pay a higher rate and the Bitcoin miners will pick up your transaction and send it on quicker than if you choose to pay at a lower rate.
Don’t worry about this, it’s a function of Bitcoin, and however much you choose to pay, your transaction will be sent, eventually.
How To Buy Bitcoin On Your Trezor Hardware Wallet
You can now buy Bitcoin in your Trezor wallet without moving your Bitcoin to an exchange. You will pay a bit more for the convenience, but it saves time and of course transaction fees if you’re sending Bitcoin to exchanges anyway.
To buy Bitcoin, click on the ‘Buy’ tab and it will direct you to the Buy Bitcoin page. Here you can put in the amount of currency you want to spend. For example $1000 worth of Bitcoin, or type in the amount of Bitcoin you want to buy.
You can pay using many world currencies. Simply click on the currency you wish to pay with, the country you want to make the purchase in and your Trezor device will look for the best deals for you.
Then click on the best deal available, and follow the instructions. It will automatically show you the address it will be sent to in your device. As always, check the address matches on your device, and if it does, click ‘Confirm’ on your device, and then follow payment instructions on your computer.
How To Sell Bitcoin On Your Trezor Hardware Wallet
You can sell Bitcon in your Trezor device, but you can only sell it for gift cards.
To sell Bitcoin, click ‘Sell’ and it will direct you to the ‘Sell Bitcoin’ page. Here you can choose the geo-location and the gift card you wish to purchase.
You can trade Bitcoin for many types of gift cards, including Amazon, Apple, and Walmart.
When you find your gift card of choice, click on the the image and it will open up a window to purchase the amount you wish to buy.
Your gift card will then be sent to your email of choice and be available to spend at the place you choose.
Trezor – The Best Hardware Wallet
Trezor is the original and best Bitcoin hardware wallet. Made by SatoshiLabs, a company formed in the early days of Bitcoin and with expertise in Bitcoin cold storage.
A hardware wallet is all about security, and Trezor exceed every expectation in this department. You know if your device is lost or stolen then your wallet can be accessed on a new device with your back up seed.
Buying any hardware wallet isn’t really about convenience, as they’re more for storing Bitcoin, but Trezor offers the convenience of buying and selling Bitcoin all from within the wallet.
Whether you’re a day trader wanting to store your bitcoins securely overnight, or a HODLer, then the Trezor wallets are the best hardware wallets.
The Trezor Model T is better in a few slight ways, but the Trezor One is the original and has almost every feature the newer Trezor Model T has, and is quite a bit cheaper.
Whichever one you decide to buy, you can be assured that your bitcoins are extremely safe, and you’re buying the best hardware wallet on the market.