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Many users still use web wallets aka hot wallets to store their coins. Although the wallets allow you to complete transactions faster, they are vulnerable to attacks, such as malware and DDOS attacks. Another problem with a web wallet is you are not in control of it. All your coin information is held by a third party.
TREZOR and other hardware wallets were created to address these issues, especially security-related issues. They offer better security than any other crypto wallets and they are impervious to hackers and keyloggers. TREZOR office headquarters are located in Prague, Czech Republic. TREZOR was created in 2012 by Pavol “Stick” Rusnak and Marek “Slush” Palatinus of satoshilabs.
What is TREZOR?
TREZOR is a hardware wallet that provides storage and advanced security for your cryptocurrencies and private keys. It is a mini computer that you can connect to your PC using a USB cable. It also connects to an Android device if the device has a USB host support.
All your private keys and coins stored on TREZOR are encrypted. The wallet is like a small impregnable crypto fortress, and you can use it to confirm transactions. TREZOR is impervious to virtually any kind of attack so it can be used safely on a PC that has been comprised.
A little-known fact is that TREZOR was the first Bitcoin hardware wallet for storing BTC and other digital currencies. It has set a standard for other hardware wallets and still remains as one of the most preferred methods of storing cryptocurrency.
Trezor supports the following cryptocurrencies:
TREZOR retails at €89, which equates to roughly $109.
A transaction fee is charged each time you sent BTC or any other cryptocurrency. The fee is calculated by your TREZOR wallet and charged to your account. According to satoshilabs, the transaction fees do not go to the company; instead, they are used for funding the operations of the Bitcoin Network.
In case, you lose your TREZOR wallet or it gets damaged, you can gain access to your coins using your backup and any of the following wallets:
- Copay (Windows, Linux, Android, IOS, Windows phone, OSX)
- Electrum (Windows, Linux, Android, OSX)
- Mycelium (Android)
What’s in the box?
This is what you’ll get once you receive your shiny TREZOR box.
- Your TREZOR device
- A USB cable to connect your device to a laptop or an Android device with a USB Host Support
- Two small booklets to write your recovery speed
- TREZOR’S User Manual
- A Lanyard
- 4 stickers
You will notice your TREZOR device has a small screen, which will not display anything until you connect the device to your phone or laptop.
TREZOR’s Special Features
TREZOR allows you to manage multiple BTC accounts and track all your Bitcoin balances. The thing with Bitcoin transactions is that they are online and in public view. However, the public does not control any Bitcoin account. If you want to keep your transactions private, you will need to own more than one account. You can choose to have three accounts: a personal, business and private purchases account.
If you are the type of user who sends coins between accounts, then it goes without saying that you are the owner of the accounts. This is why this privacy feature is very useful particularly for advanced users.
Wipe Device Feature
This feature allows you to wipe all the data from your TREZOR. To do this;
- 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
This feature allows you to change your recovery seed. To do this make sure you still have your recovery card.
Is TREZOR safe?
Is Trezor legit? One thing that is clear about web wallets is they are vulnerability to attacks. If your web wallet is hacked, the hacker will have access to your private keys and your coins. This is the reason why TREZOR was created, to address this issue.
It was not created to facilitate Bitcoin transactions. It was created primarily as safe cold storage for Bitcoin coins and private keys. There is a unique key in the device’s chip that ensures the integrity of your wallet is not compromised. It is not possible to obtain this key from a PC or phone, so no one can gain access to your wallet.
So, yes. TREZOR is safe. Furthermore, you do not need to disclose any personal details when you buy the product.
How to use TREZOR?
Installing TREZOR is pretty easy and straightforward, but it does require some patience. Therefore, it is important to follow the instructions provided in the user manual because you are dealing with a device that will store your precious coins and private keys.
The first thing to do once you remove your TREZOR device from its box is to connect it to your laptop or phone. Once you have plugged it in, open myTREZOR.com on your browser and download the TREZOR Chrome plugin. Remember, the plugin can only work with Chrome browser. If you are using Linux, you will need to do some configuration on your system to set up the plugin.
Once you have downloaded the plugin and it is installed. It will prompt to key-in a PIN. This is the amazing about the plugin. You don’t literally type in the PIN; instead, you click on a number pad displayed on the browser. The numbers are not displayed on the pad, but rather on your TREZOR device. The pad is labeled in dots and each dot represents a number, which displays on your TREZOR device.
So even the genius of all genius hackers cannot determine the numerals because they are displayed on your TREZOR device and not on the pad on your browser.
Recovery Seed Generation
The next step is to jot down a 24- word randomly generated seed. This seed is important as it will enable you to restore your TREZOR wallet if the device gets lost or damaged. This is your backup and it is the only one that can help you recover your TREZOR wallet if you lose it or is stolen.
TREZOR uses Bitcoin Improvement Protocol standards (BIP39/BIP44) for generating new wallets. So the seed is recoverable and can be used with Mycelium 2.0 wallet, Multibit HD wallet and Wallet32 and other compatible wallets to recover the seed.
TREZOR uses its own built-in random number generator and the host computer’s external entropy to generate the recovery seed, which is a mnemonic code of 12, 18 or 24 words.
The seed is generated during the setup process and you should not unplug the device until the setup is complete. The entire setup does not take more than 15 minutes, so you won’t have to wait for long.
Convenience and daily use
The TREZOR design is quite remarkable because it adds an extra layer of security and simplifies the user experience. The only part that requires a bit of effort is the setup. Once that is done, using the device becomes easy-peasy.
You can approve a transaction in just a matter of minutes with a few clicks and with very little interaction with your device. However, you have to key-in your PIN to access your wallet, and every transaction is approved on your TREZOR device.
Making Transactions with TREZOR
To receive a payment on your TREZOR, launch my TREZOR Web Wallet and click on the Account button. Then click on the “Receive” button to get an address. If you are transferring your crypto from a mobile wallet, you will be required to scan the QR Code displayed next to your new address.
- This address will be displayed on your TREZOR device. Note that the address is generated by your TREZOR. To receive your payment, wait till the transaction has been confirmed. Once it has, you will receive your Bitcoins.
To make a payment, go to my TREZOR Web Wallet and then click on the Account page. Enter the address you want to send the payment to, and the amount to send (this can be in Bitcoins or fiat currency), then click the Send button.
Enter your TREZOR PIN
Plug-in your TREZOR and enter your PIN to open the device. Keep in mind that every time you plug-in your TREZOR device, you always have to enter your PIN.
Once you have clicked on “Send” button and keyed-in your TREZOR PIN, you will be required to confirm the transaction from your device. From your device, you will see the destination address, amount and the fees.
Double check the destination address and the amount, which will be displayed on the small screen. If everything is okay, press Confirm to complete the transaction. If you have entered the wrong address or amount, just click on Cancel and go back to My TREZOR Web Wallet to enter the right address or amount.
- Password and private keys encryption.
- Ethereum integration.
- 2-Factor authentication for online accounts.
- Encryption of emails and documents using GPG (GNU Privacy Guard cryptographic software).
- Admin Secure Shell (SSH) access
- Message verification feature
- Third party wallets and services integration.
- It is a bit pricy, especially for those on a budget
Despite its many advantages, TREZOR is not an OTG (on-the-go) device that can be used to make daily transactions. Instead, it is a product that cryptocurrency users can use to store their BTC and fund their mobile wallets whenever they want to make a transaction.
Technically, the device was designed to target Crypto enthusiasts, small businesses, and BTC hoarders. So instead of looking at it as a wallet, look at it as a vault where you can store your precious coins and important information like your private keys and passwords.
It also has a compact design and so you can carry it around easily and connect it whenever needed.