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 smaller amounts 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.
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 the 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
- Connect your Trezor to your PC or phone
- Access your Trezor Wallet
- Navigate to your Trezor and click on the “Advanced” tab
- 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 carry out Bitcoin transactions securely.
Within the device’s 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, the keys could be at risk if someone gets their hands on your device. 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 coins. Should someone force you to give up your passphrase, you can reveal the “decoy” passphrase making only a small amount of your coins available. At the same time, keep most 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. Trezor can do nothing to prevent someone from fooling you into voluntarily sending Bitcoins. So, take care! Please make sure the person you send 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 a pretty straightforward and easy-to-use device. However, set-up can be tricky, so take your time and follow their instructions carefully.
Installing The Trezor Cryptocurrency Hardware Wallet
- Once unboxed, connect it to your computer or phone with the USB cable
- Go to: MyTrezor.com in your browser
- Download the Trezor Chrome plugin
- Install the plug-in (Chrome only)
- 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
- The seed is generated during the setup process.
- Do NOT unplug the device until the setup is complete.
- Setup takes less than 15 minutes
- Write down the 24-word randomly generated seed
- The Seed is used to restore your wallet if the device is lost or damaged. So, please keep it SAFE!
- 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 to use.
- Enter your PIN to access your wallet
- Approve transactions on your Trezor device
Receiving Bitcoin
- Launch my Trezor Web Wallet
- Click the Account button
- Click the Receive button to get an address
- Scan the QR Code displayed next to your new address for mobile transactions
- Wait for confirmation to receive your Bitcoins
Sending Bitcoin
- Go to my Trezor Web Wallet
- Click “Account”
- Enter the recipient’s address and the amount to send
- Click Send
Entering Your Trezor PIN
- Connect your Trezor to your computer
- Enter your PIN to access the device
Confirming Transactions
- Clicking “Send” and entering your PIN to initiate Send-transaction
- Your device will display the destination address, amount and the fees
- Double-check the destination address and the amount
- Select Confirm to complete the transaction from your device
- click on Cancel if you have entered the wrong address or amount
Compatibility
Trezor is compatible with several useful products and services.
Hot Wallets
- ArcBit
- Blockonomics
- Copay
- Chrome Extension
- Electrum
- Electrum-DASH
- Electrum-LTC
- Etherwall
- Mycelium
- Trezor Wallet
- Sentinel
Websites
- Bitex
- Bitstamp
- Bitwala
- Coinmap
- Coinpayments
- Osclass
- Strip4bit
- WordPress
Wallet Recovery
- Copay (Windows, Linux, Android, IOS, Windows phone, OSX)
- Electrum (Windows, Linux, Android, OSX)
- Mycelium (Android)
- ArcBit (IOS)
Currencies
- 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
Satoshi Labs manufacture Trezor One. Satoshi Labs was founded in 2013. They are known for several Bitcoin projects, including Trezor wallets (Trezor One and Trezor T) and Slush pool (a 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 are 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.
