What is a Trezor Wallet and how does it work?

November 3, 2020

Reading Time: 4 minutes

Developed by the SatoshiLabs, Trezor was the pioneer of cryptocurrency hardware wallets. Trezor has brought innovation to the cryptocurrency ecosystem by allowing crypto asset owners to safely store, and make transactions on a wide range of cryptocurrencies.

In contrast to Software wallets, the Trezor wallet emerged as a new legacy of storing digital assets. They are incredibly safe, as private keys for cryptocurrencies are held on physical devices rather than Software wallets, which were prone to various hacks and malicious breaches.

In this article, we’ll be diving into how Trezor Wallet pioneered the line of impenetrable cryptocurrency hardware wallets and how it became the best option for users today.

The origin of the Trezor Wallet

The Trezor hardware wallet was invented, curated, and developed by the hardworking team at SatoshiLabs. It launched on August 14 under the supervision of the talented team led by Marek Palatinus, Pavol Rusnak, and Alena Vranova. The team developed, manufactured, and eventually delivered the world’s first cryptocurrency hardware wallet from the Czech Republic.

What is a hardware wallet?

A hardware wallet essentially allows users to interact with their cryptocurrencies without exposing the private access keys to the Internet. As its widely known cryptocurrencies consists of Public and Private keys. The private keys are used to access, interact, and use the Cryptocurrencies.

Saving cryptocurrencies on Software wallets on the internet elevates the risk of private keys being exposed to malicious users. Fortunately, Trezor introduced a way to alleviate the dangers of malicious exposure by enabling users to store, interact, and access their cryptocurrencies physically through Hardware wallets.

Using The Trezor Wallet

Out of all the hardware wallets in the market today, setting up and using the Trezor might be the fastest and easiest to do. The Initial setup is user-friendly and can be completed within minutes. Moreover, using the Trezor is as simple as just plugging it into your PC, and voila!

The Trezor wallet can allow users to receive, send, buy, and exchange cryptocurrencies under a protected, impenetrable environment. Trezor is easily the most secure way users can interact with their cryptocurrencies without the fear of exposure to malicious users.

In contrast to its counterpart, the Ledger Nano S, which requires users to download a bunch of prerequisite extensions and applications for each cryptocurrency; The Trezor wallet natively supports over 1400 different cryptocurrencies today.

Setting up

Setting up the Trezor wallet is very simple, too; All you have to do is visit the Trezor Wallet website, install Trezor Bridge, and follow the instructions. The instructions are always updated, straightforward, and newbie-friendly.

Note: The Trezor device doesn’t come with any firmware installed. Therefore users must follow the instructions manual that comes with the device. Installing a Trezor wallet is straightforward; go to their website, login to your Trezor Wallet, and navigate the Install firmware option.

Security

The Trezor Wallet enables users with various security options. Users can opt between a range of different levels of security options such as

  1. PIN
  2. Passphrase
  3. Firmware verification that takes place every bootup of the device to keep the Wallet up to date, secure, and write-protected
  4. Ultrasonic Tamper-proofing
  5. Support for BIP39
  6. Recovery seed

Interestingly, the use of strong Passphrases and PINs allows users to protect their wallets against all sorts of attacks, remote or physical. Trezor’s impenetrable security would take years from even the most powerful adversary of guesswork to break the device with certain hacking breaches.

Moreover, Trezor has set up various countermeasures against diverse malicious breaches such as attacks from Malicious firmware, Physical tampering, and Server attacks.

Additionally, Trazer wallet also offers a fast and reliable recovery to prevent an instance of device loss, theft, and or damage. Users can restore their data to a new device in a matter of seconds.

Support

The Trezor wallet is easily the most industrialized and popular offline cold storage solution for cryptocurrencies asset holders. Notable cryptocurrencies such as Binance, Litecoin, and Ethereum are compatible with Trezor wallets.

Moreover, Trezor wallets are also compatible with altcoins and ERC20 token. Users can utilize the web interface to interact, access, send, and use their ERC Tokens without having to access MyCryptowallet or MyEtherWallet.

Trezor supports multitude of cryptocurrencies including Bitcoin, litecoin and other ERC20 tokens.

Users can access the whole list of supported coins on Trezor’s website and log into their wallets. As of now, Trezor supports over 1400 cryptocurrencies, and that’s not all. Trezor advocates universality by continuing to expand its support of various upcoming cryptocurrencies.

Pricing

The official price listed on Trezor’s website is the following

  1. Trezor Model One for 69 Euros
  2. Trezor Model T for 149 Euros

The prices may vary across different retailers; However, the Model T is their newest addition to their lineup. The Trezor model supports a new updated version that outclasses the Model One with its features with

  • Support for more cryptocurrencies
  • Unique features such as SD card slot and mobile compatibility
  • And an interactive, colored Touchscreen.

Review

It is no doubt that Trezor has introduced the world to a much-needed innovation. It is among the safest ways to store cryptocurrency. User private keys are always kept offline alongside impenetrable and well-thought-out security measures.

Users can access their wallet any time, whether it’s to receive, interact, access, or send their assets. Users are always safe from data loss instances, with frequent backups protected with their special security measures.

The Trezor wallet can be expensive and might not be the best option for people who don’t have large amounts of cryptocurrencies. While Trezor wallet may be the next step to keep your cryptocurrencies safe, it is much advised to use Software wallets unless you hold large amounts of cryptocurrencies.

Moreover, users should also consider how often they plan to access their Trezor wallets to make transactions. Every time users want to send funds; they will have to plug their wallets into their personal computers and enter their PINs, which may not be the most convenient method to access your cryptocurrencies

So what’s your take on this wallet ? Do you think you’ll be buying it any time soon? Or are Software wallets still your preference?

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