A physical cryptocurrency wallet such as a Trezor One should be an investor’s first purchase. You’re willing to spend your hard earned money on projects, then an investment of under $100 to secure these assets should be the first stop. With the increasing threats including, malware, phishing, scams and more – a hardware wallet is paramount.
COUNTRY OF ORIGIN: Czech Republic
FOUNDER: Marek “Slush” Palatinus
HACKS TO DATE?: 2018-02-12 a chip issue lead to a Supply chain attack which was fixed by the firmware update 1.5.2.
SUPPORTED CRYPTOCURRENCIES : BTC, BCH, LTC, ETH, ETC, DASH, ZEC, NMC, DOGE , ERC-20 Tokens
What is a cryptocurrency hardware wallet?
Cryptocurrency Hardware wallets are classed as ‘offline storage’ that stores your private keys offline and never exposed online. Your keys are stored on the device with a back-up multi word phrase and a pin code. Web wallets or desktop wallets require users to store a wallet file or key somewhere which can usually be easily accessible or has already been exposed online at some stage. A offline storage option such as a hardware wallet is your safest option.
What problems is a hardware wallet solving?
Safety and security of your coins and assets is the number one priority for any investor and trader. The world of Cryptocurrency wallets for the first time user or even for an experienced campaigner can be obscure and not often easy to use with the constant risk of flaws or hacks. Luckily the team at Ledger are leading the charge in asset security – solving the major problems to date, which are;
1. Lack of safe, trusted wallets
2. Non-user friendly/hard to use
3. Accept very few currencies
4. No longstanding brands or credibility to evaluate on.
Why a Trezor wallet? What are the benefits?
The Trezor wallet was the first cryptocurrency hardware wallet to be released on the market. It’s a hardware wallet that allows you to safely store, send and receive a wide range of cryptocurrencies.
How do I purchase a Trezor wallet?
Click HERE for a link to the Trezor website. Always be cautions when buying off third party suppliers, we would personally always buy off the official website only.
What’s in the box?
Your new Trezor will come in a small box with a safety seal (check it is intact) to assure you is it brand new and not been tampered with in any way. Open the box and you will see;
- USB Cable
- Instruction Card
- x2 Recovery Seed Cards
Trezor wallet Competitors?
Trezors’ main competition is Ledger. Click HERE for a review on the ledger nano S
How do I setup my Trezor device?
First, you must link the Trezor to the Trezor wallet.
There are four ways to do this, decide from those below which fits you best.
1. TREZOR Bridge
The first piece of software mostly used is Trezor bridge. Go to the TREZOR Wallet website. Download the TREZOR bridge and follow the on the screen instructions.
2. TREZOR Chrome extension
The TREZOR Chrome extension can be used on platforms with Chrome-based browsers. If using Linux you will need to do some additional configuration of your system. Check out Setting up Chrome extension on Linux for more info.
3. TREZOR Manager for Android
- Using an android phone open Google Play store. You need an OTG cable to connect the TREZOR to your phone or tablet.
- Download and install the application from the Play Store.
- Open the app and plug in your TREZOR with an OTG cable. Follow the setup instructions, save your seed phrase and your ready for setup.
4. Offline with Python tools
- Only to be used by advanced users! Not recommend to use, unless you have knowledge in a command line and Python. If this is you, visit the Trezor Github repository for more info.
Next you must setup the TREZOR with TREZOR Wallet
TREZOR comes without firmware installed
**STOP WARNING, PAY ATTENTION!!**
There should be NO pre-installed firmware on the device, this is so you know it is 100% new and safe. If your Trezor comes with pre-installed firmware DO NOT USE IT and contact support immediately. If there is none installed firstly you will be asked to install the device system firmware. Confirm the installation and follow instructions to complete the installation.
After you successfully install the firmware, plug your TREZOR back in, and you will see a welcome page where you can choose to Create a new wallet or Recover wallet. Click “Create new” button and we are ready to go. TREZOR offers a 12, 18, or 24-word recovery seed which you must save incase you lose your device, this will allow you to connect a new device to your account and continue with nothing lost aside from the time it takes to get a new device.
For more details on how the recovery process works, see Trezors official recovery guide
Proceed with the backup and store your recovery seed immediately. The final step is to set a PIN number. It is best to choose a strong PIN to protect your device from unauthorised access.
Congratulations you are now ready to use your Trezor!
Trezor would have slightly superior wallet software than Ledger, allowing transaction information to be synced to a DropBox account and an easily accessible password directory. However they have a smaller coin selection so the choice between the two top competitors on the market currently really comes down to the coins you wish to store and your personal preference to the design/style. They had one security issue resolved last year (handled with speed and transparency) and are still one of the current safest ways to store your online currencies.