Trezor wallet – is it the best hardware wallet?

Trezor wallet – is it the best hardware wallet?

Trezor wallet

Have you been one of those conscious traders who don’t want to leave their crypto assets with someone whose security has a big question? Looking for a better place to store them safely? Or do you have any plan to acquire a hardware wallet, which you can keep and use whenever you want? Whatever be the case, the Trezor Wallet is something you can literally swear by.

So, read ahead and learn how this wallet can be of benefit to you:

What is the Trezor Wallet?

As the first cryptocurrency hardware wallet, the Trezor wallet prides itself for being one of the valuable things that a cryptocurrency trader must have. Since its release in 2014 by SatoshiLabs, this hardware wallet has proved itself useful for numerous types of cryptocurrencies.

Precisely, it has turned out to be a safer hardware wallet as compared to traditional software options. Not only does it keps cryptocurrencies but can also store private keys safely so that only their owner can use them. The best part about having this hardware wallet is that it doesn’t require an internet connection to work, meaning that no hacker or someone else can access it virtually!

Considering its incredible features and safety standards, this Czech Republican developer has managed to sell over a million of devices. Sounds amazing, right? That’s not it. They used to introduce new and better versions at certain time intervals so that buyers’ expectations can be met. The latest Trezor model is the Trezor 2 or Trezor T.

In order to get one for yourself, you will have to pay a certain amount, as mentioned on its price tag. However, just be careful about why you need it. For instance, if you have limited numbers of coins, then it wouldn’t be a wise decision to invest in it or vice versa.

Trezor Package

Trezor Wallet Versions

So far, SatoshiLabs has managed to introduce two versions of their hardware wallet.

Trezor One

With the title to be the world’s first hardware wallet, developed in 2011, it is designed to work as an easy and simple bitcoin wallet. Its interface is quite simple and users can easily learn its functions. The best part of Trezor One is its minimalistic design that resembles a keychain and therefore, is handy and can be carried or concealed to anywhere.

Trezor Model T

This is the next/second generation of hardware wallet that is designed with some features of Trezor One. Other features: more coins, full color touchscreen, higher security protection, FIDO2 authentication, microSD card. SatoshiLab’s flagship is something that has caught attention with its perfect blend of the power hardware and an intuitive and modern interface.

Trezor One And Trezor Model T

Facts and Features of the Trezor Hardware Wallet

Compatibility with Coins

SatoshiLabs has managed to introduce a multi-currency hardware wallet that is capable of storing around 1400 coins that no other wallet can do. It is particularly ideal for traders who have a huge collection or portfolio of coins and haven’t found a reliable and safe place to store them yet. The thing that would help the Trezor wallet to gain customers is its ability to store all types of coins at one place. Traders would no longer have to manage multiple wallets individually.

Cash

Setting Up and Initialization

Developer of the Trezor wallet has made it easy for traders to setup their wallets. You can either go for the command line or myTrezor.com, whichever is easy. Once you are certain about the method, you will have to setup the PIN code, wallet/device name followed by password to secure it.

Backup Speed

Here, the developer has used some creativity and created a 24-word line that is necessary to initiate backup. You will have to write them down in order to begin the process of recreation of your Trezor wallet. Here, you can be rest assured about one thing that all data, setup, storage and other settings will be similar to what they were when Trezor hardware wallet was damaged, lost or stolen.

The thing that makes Trezor wallet different from the rest is the availability of a paper on which you can write anything that could be on use to you.

What is PrivacyPros Billfodl and Why is it Important?

If you are someone who is paranoid about keeping data and information safe and secure or have stored something private and confidential in Trezor wallet, then PrivacyPros Billfodl should be of significance to you.

It is a stainless steel backup option that has the ability to store a 24-word backup seed on the material. It is resistant to water, electricity, fire and other dangers that may harm your backup seed. Feeling confused? Still don’t get what Billfodl actually is? Here is the example to make it simple for you to understand:

If a person stores cryptocurrency worth of $1 million backed up on a recovery seed which is kept inside this stainless steel solution and a natural disaster like flood hits his/her house, there would be no harm to the data stored. The best thing about this backup option is its ability to resist damaging effects from a number of things. Billfodl has the ability to protect the seed from potential floods as well as fire. In other words, spending $80 or above will definitely be going to reap results in the long run.

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Wallet UI

For beginners and professional traders, the Trezor wallet UI is equally easy to understand and use. It makes trading in cryptocurrency easier as it enables traders to easily receive or send different types of crypto assets and digital assets from Trezor directly followed by review previous transactions.

But, if you are willing to use the Trezor wallet software, then make sure to hide your IP address because Trezor would keep monitoring and analyzing your IP address. All you need to do is to use a Tor or VPN to restrict Trezor from accessing your IP address.

Also, in case of not hiding your xpub (with a full node), Trezor will have access to your transaction details. It is, therefore, necessary to connect a node to broadcast transactions.

Trezor One

Trezor CLI

If you are using Trezor One model from the Trezor wallet serious, then a command line interface could be one of the best features for you. It provides full functionality from the hardware wallet where you can easily run commands on the Trezor directly, instead of the wallet software.

But, why not use a wallet software?

With command line interface, it will be quite easy to monitor the outcomes being providing by the Trezor. In case of using a wallet UI, you would not be able to know if something happens to the software.

U2F and Password Manager

Another important feature that you would not find in other wallet software is the password management option. The Trezor wallet is capable of handling U2F authentication along with password management. You can conveniently store passwords of multiple accounts in the Trezor.

Password Manager

Multipsig Support

If you are in a situation where you thing it is necessary to do multisig instead of seed sharding, then always go for the Trezor wallet. Its Trezor One version is compatible for this purpose but, it would take some time for it to setup things as it doesn’t have native support for it.

So, if you want a better solution, then go for a software wallet such as Electrum. Not only does it allow you to setup multiple signatures but would also let you use many hardware wallet brands, including Coldcard and Ledger.

Compatibility With Other Wallets

The Trezor wallet prides itself for being compatible with numerous other wallets like Blockstream Green and Electrum for desktop, myTREZOR.com for the web and Mycelium for Android. Gone are the days when users had to add a Chrome extension for Trezor On; today, Trezor Bridge has turned out to be the worthwhile option as it can support and connect multiple browsers with myTREZOR.com.

Comparison with Other Wallets

Other than that, many crypto experts compare the Trezor wallet with other top wallets available in the market. Some of such comparisons are:

  • Trezor V.S. Ledger Nano S: It’s quite common to see comparison between the two. One of their major differences is that Ledger Nano S works on a secure chip while the Trezor wallet has all features of a mini computer.
  • Trezor V.S. Ledger Nano X: When compared with the Trezor One, Ledger Nano X always turns out to be better as it has better and advanced features. It has got a sturdy body with good display and Bluetooth connectivity. It is particularly ideal for traders who are looking for better alternates of Trezor One.
  • Trezor V.S. KeepKey: KeepKey works as a clone for the code and firmware of Trezor. Though, it doesn’t go well with firmware updates and therefore, experts have declared it a bigger danger for the data it stores or manages. On the other hand, Trezor is highly professional, manageable and safer to use as a hardware wallet.

Trezor And Ledger

What Coins does the Trezor Wallet Support?

The Trezor Wallet has turned out to be compatible with numerous coins, including Litecoin, Bitcoin Cash, Cardano (ADA), Monero, Ripple (XRP), Ethereum Classic (ETC), Ethereum (ETH), Zcash, DASH and many more altcoins. Wallet developers are also free to integrate the wallet’s support based on the type of cryptocurrency that has to be stored. The wallet is itself compatible with ERC20 altcoin tokens, which is a good thing for people involved in their trading.

Stack Of Cryptocurrencies

Is Trezor Wallet Safe?

When it comes to ensuring that the Trezor Wallet is safe and secure for the users, two things should be taken into consideration- Security and Privacy.

Let’s discuss each of them in detail.

Security

Trezor has top-notch security policies for Bitcoin (BTC) traders. They are rest assured about the protection of both virtual and physical theft.

Considering the fact that it is an HD wallet, you have all the control with the private keys provided in the wallet. The developers have made it easy yet secured for the users to back up their wallets by using a 24-word seed, which are generated on setup by the system. This original seed of 24 words is generated by RNG from the computer and the device. It doesn’t require an internet connection as the recovery seed is not meant to be an internet-connected utility.

The system will need a PIN code to proceed with its setup as well as spending from it. If you enter an incorrect PIN, there will be wait intervals in-between each attempt that will increase by a power of two at every try. Here, the Trezor Wallet has given an additional feature to its users- they can add a passphrase after the 24th word that will be a 25th word in the sentence. If you also go for this option, then make sure that you remember it as long as you are using the wallet because the recovery seed wouldn’t recover all data and cryptocurrencies without it.

If case of damage or loss, you can easily recover the wallet with the seed and passphrase, in case of using it. Another worth considering thing is that you can use a new Trezor wallet or from any other service provider like Mycelium or Electrum to recover.

The screen of Trezor shows the name of the intended recipient where the wallet is recovering but, what you should be concerned about is that it’s a bit difficult to prevent it against phishing or malware attacks.

Defense against attacks

Here is how SatoshiLabs prevent the wallet from different types of attacks:

  • Phishing: To be safe, you should always confirm the receiving address present on the Trezor device or use a second channel like a face-to-face meeting, SMS or phone call in order to authenticate details.
  • Brute Forcing the Trezor PIN: As mentioned above, users have to enter a PIN code based on the guidelines provided. If the PIN is good, it would need thousands of attempts to hit the correct code. On the contrary, if the PIN is wrong, the waiting time in-between the attempts would increase by the power of 2.
  • Reflashing With Malicious Firmware: You should only install official Trezor firmware because it is signed by the developer and doesn’t do any harm to the storage. However, if you opt for an unofficial firmware, then chances are high that it would wipe off the storage and the wallet would give warning of something wrong every time you start it. Also, make sure that you receive an unopened and tamper free Trezor package.
  • Evil Maid Attack: Always make sure that you have the original and real Trezor wallet as there are many third parties who are into the business of replacing fake wallets with real ones. This way, they get access to the users’ funds and go as much harm as they can. So, to avoid this theft, the developers suggest to sign the back of the wallet or set a custom wallpaper on the screen in order to identify the real and fake devices easily.
  • User’s Computer is Stolen: If someone else up stealing your computer, don’t worry about the funds because they are safe and secured. The best thing about Trezor wallet is that it can be easily used with another system. The theif cannot find any way to access the owner’s funds through his/her stolen laptop.
  • Having Developer’s Servers: SatoshiLabs are extremely careful about the security of their users’ data. They have got one of the best security systems and therefore, it is improbable to think of the servers being hacked.

Can Trezor Wallet be Hacked?

Contrary to the developers’ claims that Trezor is not prone to hackers’ attack because of no connection with the internet, Kraken Security Labs revealed that the scenario can be put upside down! According to their experts, all it takes is the extract private keys to hack Trezor and its derivatives within 15 minutes or so.

Based on their experimentation, they revealed that a physical intervention is required on the hardware wallet either by to extract the chip and put on a special device or connecting a few critical points. The chip is then connected to a glitcher device who is responsible to transmit signals at a specific time. As soon as it happens, the built-in protection system collapses and there would be a restrictive line for external devices who try to gain access to the chip’s memory. This trick would enable the hacker/attacker to access wallet’s critical parameters- even the private key seed.

So, with that being said, Kraken recommended Trezor users not to let anyone access their wallet or else, things would go worse for them.

Hacker

Privacy

The developers have made the Trezor wallet quite efficient in maintaining privacy of the users. Their system has been designed in such a way that inly the owner of the wallet has access and all the details about the actions being carried out. Since there is no serial number and the software is open source, it is impossible to track it. There are no usernames or passwords to get access to the wallet.

So, how could one be rest assured about privacy? If there are no basic requirements, then how could the Trezor wallet be safe? Well, the wallet is operated with Trezor: Mycelium and GreenBits on Android, myTREZOR.com on web and GreenAddress and Electrum on desktop. Avoid using Trezor’s myWallet because it might end up leaking your data. Always go for a full node support such as Electrum.

How do I Access my Trezor Wallet?

Now that you are aware of the need of the Trezor wallet and how to make it safe and secure, the next worth considering element is to know how to get access to the wallet. Unlike other wallets, the criterion is quite precise and simple.

The first and foremost thing is to make sure that the Trezor wallet comes in the tamper proof seal. It is something that should always be there because it is responsible to protect the device from potential damages that might be caused during its delivery to the buyer. Once you receive the device, here are the next steps you should follow:

Connect the Trezor Wallet to Install the Trezor Firmware and Bridge

  • Connect the Trezor device through the USB cord and sign-up or log-in to Trezor’s official website. Make sure that you have an updated version of Google Chrome or Mozilla Firefox.
  • Once you land on the page, select your version and install its Trezor Bridge followed by refreshing the page.
  • Once the Trezor wallet install bridge, it will direct you to the installation of the firmware. Follow the steps and wait until the firmware is installed and the wallet reboots. Once done, you might have to disconnect and reconnect it multiple times to let the system complete the installation.

Trezor Model T

Backup Recovery Seed

After the firmware is installed, create a new wallet from its web interface and do the actions as required to generate a recovery seed.

Make a PIN Code

  • The next important step is to make a PIN code for the wallet. Since the code is intended to protect cryptoassets from unauthorized access, it should be better 4 and 9 digits.
  • Every time you want to access the wallet, this PIN code is required.

Receive Cryptoassets in the Trezor Wallet

  • To begin with, you will have to specify which cryptocurrency you want to receive. There will be a list of support coins by the version of wallet you are using. You can select any of them.
  • Here, you will have an option to search for the addresses. The Trezor web wallet enables users to show new public addresses, which can be used to conduct transactions for certain cryptocurrencies. Though, if you want to use different address for most of the transactions, then it’s allowed as well.
  • After the completion of transaction, the new balance will be updated at ‘Account £ 01.’

Sending Cryptoassets from the Trezer Hardware Wallet

  • Just like the process of receiving cryptoassets, start by selecting the cryptocurrency you want to send.
  • After that, you will have to provide receiver’s details like name, address, amount etc. To make your transaction process faster, pay a high transaction fee and it will be sent right away.

Wrapping Up

Now that you are well aware of some of the important details about the Trezor Wallet, it’s high time that to decide that you want make a purchase. However, if you are overwhelmed with the options available, then ask for expert advice.

CoinCasso Team

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