Is Trezor One Cryptocurrency Hardware Wallet Best?

Trezor Cryptocurrency Hardware Wallet
Trezor Cryptocurrency Hardware Wallet

Overview

The Trezor One Cryptocurrency Hardware Wallet stores cryptocurrencies and private keys safely with advanced security features. It connects to PCs and USB compatible Android devices using a USB cable.

Trezor encrypts all stored private keys and coins. One of the oldest existent hardware wallets, it set a standard for other hardware wallets which continues to be one of the most popular methods of storing cryptocurrency.

While increased security usually equals less functionality and slower transactions, the Trezor One seems to provide the best of both worlds. It is a highly secure cold storage offline wallet offering a great deal of spending flexibility.

It has an attractive design and is small enough to easily carry it on a Keychain or in your pocket. Store your Bitcoins offline and access them whenever and wherever you want.

Like a computer mouse, the Trezor One uses a limited USB connection. This means that the computer knows where the wallet is but it cannot control it. This restricts back-and-forth data transfer to Bitcoin transactions. So, even if you use a compromised or infected computer your Bitcoin will be safe in the Trezor One.

The Trezor has a small inbuilt screen. This will display once you connect the device to your phone or laptop.

Trezor One Hardware Wallet

55.00
9.6

Cost

9.6/10

Functionality

9.4/10

Security

10.0/10

Usability

9.4/10

Pros

  • Encrypted password and private keys
  • Ethereum integration
  • 2-Factor authentication for online accounts
  • GPG Encrypted emails and documents using
  • Admin Secure Shell (SSH) access
  • Message verification
  • Third party wallets and services integration

Cons

  • Pricey compared to free software wallets. Especially, if on a budget

 

 

Trezor One Cryptocurrency Hardware Wallet Review

Trezor hardware wallets are among the best cryptocurrency wallet solutions around.

While web-based hot wallets are popular and convenient for storing small a smaller amount of currency, they can’t compete with the security of a hardware wallet.

The Trezor hardware wallet was created to address issues of security. They offer superior security and are impervious to hackers and keyloggers.

Trezor stands out as one of the best hardware wallets on the market. Trezor was formed in 2012 and is based in Prague, Czech Republic.

Trezor One Dashboard

 

Type of Wallet

The Trezor is a Cold Storage Hardware Wallet

Included with Wallet

  • Trezor device
  • One USB cable
  • Two small booklets to write down your recovery seed
  • Trezor User Manual
  • A Lanyard
  • 4 stickers

 

 

Benefits

Multiple Accounts: Trezor allows management of multiple BTC accounts

  • Improve privacy by using multiple accounts
  • Create three accounts: personal, business and private
  • Track all your Bitcoin balances and transactions

Wipe Device Feature: Ability to wipe all the data from your Trezor

  1. Connect your Trezor to your PC or phone
  2. Access your Trezor Wallet
  3. Navigate to your Trezor and click on the “Advanced” tab
  4. Press Wipe Device

Change Recovery Seed: Enables you to change your recovery seed.

Safety & Security

The Trezor Cryptocurrency Hardware Wallet is a cold storage device for Bitcoin and private keys. It was designed to prevent hackers from accessing a hacked wallet and to securely carry out Bitcoin transactions.

Within the devices chip, there is a unique key that ensures the integrity of your wallet. It is impossible to access this key from a PC or phone. This prevents unauthorized access even when using a compromised computer.

Trezor doesn’t use usernames or passwords. The Trezor itself acts as your credentials. So, without the actual physical device in hand, access to your account is impossible.

Normally, should someone get their hands on your device, the keys could be at risk. To prevent this, Trezor has integrated a passphrase solution for extra protection. Simply set up a passphrase for extra protection. This will prevent unauthorized access even if the device itself is taken.

For extreme security, you can set up multiple passphrases. Each will give access to a different amount of coin. Should someone be forcing you to give up your passphrase, you can reveal the “decoy” passphrase making available only a small amount of your coins. While keeping the majority of your coins safe, secret and secure.

While NOTHING is 100% secure, Trezor has put a lot of thought into producing the most secure Bitcoin storage solution available.

One example of vulnerability is a phishing attack. There’s nothing Trezor can do to prevent someone from fooling you into voluntarily sending Bitcoins. So, take care! Make sure the person you are sending your Bitcoins to is who they say they are.

Backups

Trezor offers a great cold storage solution that can be backed up.

 

Usability

Trezor is pretty straightforward and easy to use the device. However, set-up can be a bit tricky, so take your time and follow their instructions carefully.

Installing The Trezor Cryptocurrency Hardware Wallet

  1. Once unboxed, connect it to your computer or phone with the USB cable
  2. Go to: MyTrezor.com in your browser
  3. Download the Trezor Chrome plugin
  4. Install the plug-in (Chrome only)
  5. Add your PIN by clicking on the Trezor device (not on the browser number display pad). The pad displays dots representing numbers on your Trezor device.

Your Recovery Seed

  1. The seed is generated during the setup process
  2. Do NOT unplug the device until the setup is complete.
  3. Setup takes less than 15 minutes
  4. Write down the 24-word randomly generated seed
  5. The Seed is used to restore your wallet if the device is lost or damaged. So, keep it SAFE!
  6. The seed is recoverable and can be used with Mycelium 2.0 wallet, Multibit HD wallet and Wallet32 to recover the seed

Daily Use

Daily use has been simplified and is very user-friendly. After setup, things are straightforward and easy to use.

  1. Enter your PIN to access your wallet
  2. Approve transactions on your Trezor device

Receiving Bitcoin

  1. Launch my Trezor Web Wallet
  2. Click the Account button
  3. Click the Receive button to get an address
  4. Scan the QR Code displayed next to your new address for mobile transactions
  5. Wait for confirmation to receive your Bitcoins

Sending Bitcoin

  1. Go to my Trezor Web Wallet
  2. Click “Account”
  3. Enter the recipient address and the amount to send
  4. Click Send

Entering Your Trezor PIN

  1. Connect your Trezor to your computer
  2. Enter your PIN to access the device

Confirming Transactions

  1. Clicking “Send” and entering your PIN to initiate Send-transaction
  2. Your device will display the destination address, amount and the fees
  3. Double check the destination address and the amount
  4. Select Confirm to complete the transaction from your device
  5. click on Cancel if you have entered the wrong address or amount

Compatibility

The Trezor is compatible with several useful products and services.

Hot WalletsWebsitesWallet RecoveryCurrencies
  • ArcBit
  • Blockonomics
  • Copay
  • Chrome Extension
  • Electrum
  • Electrum-DASH
  • Electrum-LTC
  • Etherwall
  • Mycelium
  • Trezor Wallet
  • Sentinel
  • Bitex
  • Bitstamp
  • Bitwala
  • Coinmap
  • Coinpayments
  • Osclass
  • Strip4bit
  • WordPress
  • Copay (Windows, Linux, Android, IOS, Windows phone, OSX)
  • Electrum (Windows, Linux, Android, OSX)
  • Mycelium (Android)
  • ArcBit (IOS)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Dash (DASH)
  • Zcash (ZCH)
  • Stellar (XLM)
  • Ripple (XRP)
  • Plus, more than 700 other coins and ERC-20 tokens

 

 

Reputation

Trezor One is manufactured by Satoshi Labs. Satoshi Labs was founded in 2013. They are known for several Bitcoin projects including Trezor wallets (Trezor  One and Trezor T) and Slush pool (popular Bitcoin mining pool).

They are a very well regarded company and the Trezor is considered one of the best cryptocurrency wallets available.

Customer support

They have excellent and reliable customer service.

Feedback

Generally, Trezor Cryptocurrency Hardware Wallets are very well received. They are popular storage solutions and considered by many to be their best option.

 

Costs

Price

As a hardware wallet, the device comes at a price. It is one of the more affordable hardware wallet options.

Trezor One retails for around $80 to $109 (depending on the retailer).

Fees

  • Transaction fees are charged when sending any cryptocurrency.
  • Fees are calculated by your Trezor wallet, charged to your account, and applied to the Bitcoin Network.

 

Final Verdict

EXCELLENT

The Trezor One wallet is not the best option for daily transactions. It’s best used to store BTC and fund your mobile wallet. Think of it more as your personal Crypto-Bank vault. Use it to keep your currency, passwords and private keys safe. Transfer a limited amount to the mobile to make transactions.

That said, it is EXCELLENT at doing what it is designed to do!

It has a compact design for easy carry and can safely connect to any computer whenever you need it.

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Trezor One Hardware Wallet 55.00 9.6 Cost 9.6/10 Functionality 9.4/10 Security 10.0/10 Usability 9.4/10 Pros Encrypted password and private keys Ethereum integration 2-Factor authentication for

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