A device called TREZOR One is perhaps one of the oldest hardware wallets that managed to survive, and that is all due to its great qualities and convenience of use. This article will discuss everything one has to know before getting TREZOR One — TREZOR hardware wallet.
Key Takeaways on TREZOR One
TREZOR One is a hard-proof hardware wallet. It is a device that allows the use of a huge scope of cryptocurrencies. The device has a very appealing price. Satoshi Labs, a company that is at the head of Trezor One, is a very reliable company in the Bitcoin business. This hardware wallet is very beneficial due to several reasons: it has extreme security measures such as PIN codes and passphrases, so it is a safe place for your coins. In case you would like to know more, then make sure to read the following article. Today we will cover an overview of TREZOR One, the system behind the hardware wallet, the coins that TREZOR One supports, how to set it up, what’s the cost of TREZOR One. We will also discuss whether it’s hackable or not and compare it with the Ledger hardware wallet. Finally, we will cover FAQs, and I will say my final word on Trezor One.
Hardware Wallet and Reasons To Get One
When things come to Bitcoin security, one can notice that if the method is safe, it will surely be less flexible in terms of spending coins. For instance, if one would keep coins on a very safe paper wallet, he or she would only be able to deposit coins. To withdraw the funds, one would need to get a Bitcoin wallet and export the private key to it.
And here we arrive at our matter of the debate — TREZOR One. An offline Bitcoin Wallet. It can carry one’s private keys, and it knows how to sign a transaction completely offline, with no internet connection. It is absolutely a perfect mix as it is a safe cold storage device, and it allows one to spend the coins whenever needed.
One of the other advantages of such a device is that it is small, and one would be able to wear it on the keychain or in the pocket. This way, one would be able to store Bitcoins on a cold storage device, and whenever one would need them, they could withdraw the funds or somehow speculate with them, make transactions. One would just need to connect the TREZOR Model One to the computer and be ready to take action. Moreover, one would be able to connect the Trezor One to the laptop simply using a USB port and micro USB to USB cables, like your keyboard or mouse. This is very safe, as we all know that the mouse governs the computer and can move the cursor, while the PC can do nothing literally to the mouse.
Did you get the analogy? Only Bitcoin transactions can go from PC to the Trezor One and vice versa. That is exactly the reason why even endangered devices and PCs with viruses can be utilized securely along with TREZOR One so that the users may be assured of the security of the device.
A Few Words on SatoshiLabs
SatoshiLabs, an organization founded in 2013, is, basically, governing the TREZOR One and some other hardware wallets.
The enterprise itself is as well directing the popular Bitcoin projects on the list below:
- All of the TREZOR Wallets thing: TREZOR One and TREZOR Model T;
- ‘Slush’ pool. It is a well-known Bitcoin mining pool. It has received its name after Marek Palantius. He is the CEO of the company;
- CoinMap. It is a virtual map that shows places where Bitcoin is acceptable. The map is worldwide.
The organization is very reliable and valid in the World of cryptocurrencies and is still actively participating in the Bitcoin community.
Which Coins Does TREZOR One Support
Overall, TREZOR Model One allows the use of roughly 1000 coins and ERC-20 tokens. The most well-known supported coins are Bitcoin, Ethereum, Bitcoin Cash, Dash, Litecoin, Zcash, and Stellar. However, with such cryptocurrencies as Ripple, Monero, and Cardano, you would not be able to use TREZOR One, as they are not in the list of supported coins. Not to mention, the vast majority of coins demand some external wallet and won’t be able to connect with TREZOR’s wallet.
One can find a comprehensive list of all coins that are supported by TREZOR One by clicking on this link.
Getting Acquainted With TREZOR One
The device is accessible in black and white colors, and it has a plain design; the device comes in a cardboard box. The device also has an OLED display. Moreover, it is straightforward to set up this hardware wallet.
Setting up the TREZOR One is pretty simple. You should simply connect the wallet to the PC, put some kind of a ‘bridge’ that will permit the TREZOR to interact with the computer. Then, just follow the guidelines.
1. PIN code: Make a Right Choice
The PIN, as usual, serves as a method of protection. Additionally, it will be utilized to define that you are the real keeper of the TREZOR when you connect it with the computer.
Another important thing to mention is that it is tough to steal your PIN code, as the setup process involves using both the wallet’s screen and the computer. For protection purposes, it will demand from you the entering of the relevant number in your PC screen, while the actual numbers would be visible on the Trezor Wallet screen. This is beneficial because if some person is trying to monitor your keystrokes, he or she will not be able to get your PIN code. So, no one would be able to see your PIN and make any kind of transaction.
Furthermore, when you first set up your TREZOR Model One, you will need to enter the PIN code two times. That is another security feature. Between the entries, the PIN code numbers on the screen will change.
2. Record the Seed: Your Master Private Key
The next step of yours is to make up a recovery seed. A recovery seed is a secret list of words that one will utilize to recover assets if your TREZOR Model One would be lost or broken. The device will display 24 words, and one will need to remember them and write them down. Make sure to acknowledge that this method is not employed only for TREZOR. Such a backup method is keywords is something like a standard in the world of Bitcoin.
If SatoshiLabs, hypothetically, quit the market, one would be able to still utilize the seed interacting with another popular wallet, for example, Electrum. It will allow retrieving the Bitcoins through the seed. To my mind, it one of the greatest features of the seed.
The key point is that your list of words is your funds, literally. If someone gets to know it, they would be able to steal your Bitcoins. So, the word combination should be secure. My advice for the word protection is to utilize something like a Cryptosteel. And you are safe!
When you are done with the setup, you will have to connect the hardware wallet to some PC or computer and get to wallet.trezor.io. That’s the interface for your TREZOR One: here, you would be able to speculate with your bitcoins, send them to somebody, make exchanges, and so on.
What is the Price for TREZOR One?
Well, the current fair market price is 55 dollars, without VAT, for one piece of device. So, it is really inexpensive. A great offer from the Web is to buy a pack of 3 TREZOR crypto hardware wallets: you will save roughly 20 dollars due to the bulk order of products.
Is There a Possibility to Hack TREZOR One?
TREZOR One has many advantages, as already mentioned, and one of them is the fact that there’s no ‘username’ or ‘password’ for the account. Your personal data is your TREZOR. In this way, in case there is no physical access to the tool, there is no access to the account! Moreover, there is a thing called TREZOR Password Manager. But we do not recommend using the password manager and hardware wallet simultaneously, and it would be better to use one at a time. So, at first glance, everything is great in terms of security features.
But if somebody gets access to the device of yours?
The attack called ‘Evil Maid’ is a type of attack that is done physically on a PC. In other words, the hacker gets access to connect to the PC multiple times when the owner of the PC does not know about it.
For Extra Security, Get a Passphrase
Your seed (your private key) will surely be at risk in case the ‘Evil Maid’ attack is in full force. And to eliminate this problem, the TREZOR One allows getting a kind of protection called a passphrase. It is one of the security features of the device. This implies that one will remember a set of words that will be utilized to get your Bitcoins from the wallet. The main thing is that the password should be memorized. It is better not to write it out anywhere, even on paper.
Is Extortion a Problem?
In case the hacker would not be able to access your TREZOR One in any regular way, he or she can go by a physical force path. Such an attack is also called the ‘five-dollar wrench attack.’
In case you experience such an attack, you can use various passphrases. Each one should lead to different amounts of coins. In this way, you will ‘give away’ the bait passphrase that would lead to a tiny number of coins, at the same time keeping most of your coins safe.
Does TREZOR One Guarantees Full Safety?
Of course, not, as nothing can be 100% safe. The only thing that is left unprotected is the possibility of phishing attacks. This implies that somebody may attempt to trick you by sending Bitcoins from your TREZOR to the wrong address. Nonetheless, it is not a problem of the device, and it is a problem of a human. You will have to be assured that the person to whom you send the Bitcoins is exactly the one who they say they are (I experienced such an attack).
In case you would like to know more about the potential TREZOR threats and how to cure them, you will have to go through the official FAQ section of TREZOR.
TREZOR vs. Ledger
TREZOR and Ledger are the hardware wallet companies that take the leading positions in the market nowadays. As for me, I utilize the wallets from both of the leaders, so I can easily compare the products.
First of all, they both are great, and they do not differ much from one another. Anyway, the TREZOR One and TREZOR Model T have a greater reputation level than the Ledger Nano S and Ledger Nano X. Ledger Nano S, in turn, supports more coins than Trezor One. Moreover, the interface of the Ledger (it is called Legger Live, by the way) is much more user-friendly. Both have a minimalistic design.
In case I would have been in a situation where I had to choose one or another, I would give my preference to the Ledger Nano S. But as I already mentioned, they are very similar to each other, and it is very close competition.
Another important thing to cover is that TREZOR Model T is also a crypto hardware wallet, but it has a built-in touch screen, and it supports more cryptocurrencies: XRP, XMR. However, it is not as affordable as a regular TREZOR hardware wallet. One can read my full article about TREZOR T There.
To sum up, I had a really great experience with such a hardware wallet as TREZOR One. The setup process is simple, and the wallet itself is pretty unintuitive and secure, which is extremely significant. I should also mention the team of professionals who made the TREZOR, and they seem to be extremely skilled in the field of crypto security.
In case one is serious about their Bitcoins, they should 100% get a hardware wallet, and TREZOR One would be a perfect option for a fair, affordable price.
In case you have used TREZOR One, I would be more than pleased to hear about your user experience in the comments.
How to Get Access to my TREZOR Wallet?
Connect the hardware wallet to the PC device and visit the wallet.trezor.io. Then, simply fill out the PIN for the TREZOR. Now you can send and view addresses for your TREZOR profile.
Is TREZOR Considered to Be an Open Source?
The vast majority of the Trezor software wallet and hardware wallet can be found in open source. One may view the code for them on GitHub.
Trezor one actually is in support of many operating systems, such as Windows (version 10 or newer), Android, and so forth.
What is a Recovery Seed for TREZOR?
Putting it simply, it is a phrase that consists of 24 words that have to be written in the correct order. It is another method to write down your private key, but in a more simple yet safe way: instead of using long codes that consist of numbers and letters, just use words. It is extremely crucial to keep the combination safe because if someone sees your recovery seed, they can have control of your funds.
How Can I Reset The TREZOR?
There is a possibility to wipe out TREZOR One. Be attentive, and it is not just a reset:
- Connect the hardware wallet to the PC and visit the wallet.trezor.io;
- Snap ‘X when you are asked to enter the PIN;
- Continue with the ‘advanced’ tab and then snap on the ‘wipe device’;
- Verify your action on your TREZOR, and you are done.
Has TREZOR Been Hacked?
That is debatable. Not long ago, the TREZOR team has announced that some users received false information about their hardware wallets. Then, the TREZOR Team affirmed that its client data was not spilled. Moreover, TREZOR Team thinks that the data the hackers use was probably taken from the hack of an opponent’s electronic database.
Is it Safe to Buy TREZOR on Amazon?
It is completely safe to buy TREZOR on Amazon, in case you choose to buy it from official sellers. Moreover, many comments on the Web suggest that Amazon is secure, and the delivery is also great. Nonetheless, one should make sure not to buy the TREZOR from resellers, as in this case, the warranty fully depends on the conditions of the reseller.
Is TREZOR Model T Worth it?
TREZOR Model T is beneficial due to several reasons. One of the brightest ones is that TREZOR Model T, apart from other hardware wallets, is in support of basically any cryptocurrency. The TREZOR Model T is also very durable, and it is well-built, so in terms of physical security, everything is great. When things come to online security, I can also say that TREZOR Model T has the best security features out there. TREZOR Model T is also very much like TREZOR One, which would be more suitable for a beginner user of cryptocurrency. TREZOR Model T is like a newer and more high-quality version of TREZOR One. Though, both of the hardware wallets are great in terms of the Web interface and display.
What Coins Can be Stored on TREZOR?
The TREZOR One, TREZOR Wallet, supports various types of cryptocurrency. The supported coins, for example, are Ethereum, Bitcoin, Bitcoin Cash, Dash, Litecoin. The full list can be found in the article above.