How Trezor Wallet Works?
Cryptocurrency and blockchain technology is getting advanced day by day and investors are investing in more and more coins these days. Once you have a stock of Ethereum, Bitcoin and Zcash, and so on, how will you protect your coins from hackers and other scammers? You choices are leaving them on the exchange at the moment. However, a separate wallet is frequently installed on your phone, or maybe a hardware wallet. A large number of cryptocurrency experts will agree that a hardware wallet is most secure and companies like TREZOR are ideal for that need.
Trezor Wallet Review
TREZOR wallet was launched back in August 2014 by SatoshiLabs and it is the first Bitcoin hardwallet in the world. This wallet is secure and it offers secure offline cold storage and the ability to spend token with convenience as a hot wallet.
One of the most unique features of the TREZOR wallet is its appearance. It is a small device which is like the size of a car key that is able to connect with your computer with a USB cable. However, it is also able to be used safely on a computer which has been infected malware.
Currently it supports Ehtereum, Bitcoin and all ERC 20 tokens as well as ZCash, Ethereum Classi, Dash, Litecoin and Bitcoin Testnet. This TREZOR review will be helpful for you to find out if it is right for your cryptocurrency needs.
Nowadays, many Bitcoin users depend on freely available mobile and web wallets. However, latest security threats clearly demonstrate the needs of safer alternatives. We will take a closer look at a device that is specifically designed to solve this problem “TREZOR Hardware Wallet”.
It was designed and developed by a Czech startup SatoshiLabs. This hardware wallet is helpful for the bitcoiners who want to maintain a large stash of coins, but they don’t want to depend on impractical types of cold storage or any third party bitcoin storage services.
It is small key sized device which is capable to store your Bitcoin private keys offline as well as signs transactions. It can be connected with your computer via a USB cable and you can safely use it on a computer infected by virus. This is where the device represents its name. Trezor means vault in Czech and other Slavic languages. This device works with Mac, Windows and Linux. This means you can connect it with any computer.
An extraordinary feature of this wallet is that they started the native wallet integration with few exchanges like Bitstamp. It means you can withdraw or deposit your funds right on Bitstamp and there is no need to open the interface of TREZOR wallet.
Some other features of this wallet are passwordless login, 2-factor authentication, and password manage with services such as Dropbox, WordPress or Google. Therefore, this device is also a wonderful solution to keep your passwords and other online assets secure apart from protecting Bitcoins.
If you want to purchase one device it will cost you $99 and if you want to buy three devices then you will have to pay $276. However, you can buy it with Bitcoin from the official website of TREZOR. If you want to purchase it with a credit card or bank account you will have to buy it from Amazon.
It is suggested that you should buy a TREZOR wallet or any other hardware from the TREZOR store or from Amazon. There is no need to buy any such device from eBay.
Setup and Initialization
It is very simple to install this device, even for newbies in Bitcoin. However, it will need a bit of work but the complete setup will not take more than 10 to 15 minutes.
There are three ways to setup this hardware wallet: via the command line, via myTREZOR.com, and via the Chrome extension. However, the setup needs setting the device name, the password and PIN code.
The Chrome extension is an application which can be installed on your computer. However, myTREZOR.com is web wallet of TREZOR. The process of installing this wallet on both is the same, and the sole difference is that setup on the website is online, whereas the Chrome extension can be used offline. You can make use of Chrome extension and setup offline if you are concerned about your privacy.
It is a secure hardware wallet which provides superior security for your Bitcoin. It protects against both physical and virtual theft.
TREZOR hardware wallet is an HD wallet which can is capable of controlling the private keys, so the complete wallet can be backed up with the 24 words which can be generated on setup. However, the seed is generated offline and it can be displayed on the screen of TREZOR. This will make sure that the seed is never on a device that is connected with internet.
Now, every time you want to access the wallet, you will have to enter a 6 digit PIN, and a PIN code is needed upon setup, as well as for spending. However, you can add a passphrase of the 24 words seed for extra security and this passphrase acts as a 25th word. It is crucial to note that the seed without the passphrase will not be enough to recover the wallet, so it is important to remember the passphrase. A passphrase is capable of offering more security. However, if you will forget it, the wallet cannot be recovered.
Just in case your wallet is damaged or lose, you can recover the whole wallet with the 24 word seed and passphrase. However, recovery can be done with another TREZOR device or other wallets like Electrum or Mycelium.
The screen of this wallet will enable you to confirm that you are going to send the funds to the intended recipient. However, it will not prevent against phishing attacks. The screen of this wallet will be helpful to confirm every single transaction. However, the buttons on this device will be helpful that a hacker couldn’t send a transaction automatically from your device. In order to confirm an outgoing transaction, it is necessary to press the button physically.
This hardware wallet offers great privacy. However, all of the software is open source and it means that no passwords or usernames are required while using this wallet. There is no serial number provided on the device, so there is no way to track your actions by Satoshi Labs after you receive the device.
Privacy can be determined by the wallet which is used with myTREZOR.com on the web, GreenBits on Andorid, Mycelium, and MultiBit HD, Green Address, and Electrum on desktop.
However, your data can be leaked upon setup if you are using myWallet by TREZOR. You can make use of Chrome extension or the python tools for setting up your device on an offline computer in order to have more private initialization.
Does TREZOR Work With Litecoin?
This wallet is capable of storing different type of cryptocurrencies. However, apart from storing Bitcoin, it can support currencies like DASH, Litecoin, ZCash and other altcoins. It also supports Ehtereum. However, for Ethereum you will have to make use of a different wallet interface from MyEtherWallet. This device is also compatible with any altcoin, so it is dependent on software wallet developers to incorporate support.
The Court of Public Opinion
TREZOR hardware wallet is loved by many people when it comes to hardware Bitcoin wallets. The online rating of this wallet by online Trezor reviews is around 4.5/5. We have gathered following information from online reviews:
1.Works Exactly How It’s Intended To
There are very few people who complain about the ability of this wallet to protect their Bitcoins and keep them stored without any problem.
2.Setting Up The Wallet Can Be A Little Complicated
There are very few people who have said that it was confusing or bit complicated to setup the wallet initially.
3.The Lack Of a Large Number of Alt-coins Leaves Some Users A Bit Stresseed.
This wallet currently supports only Ehtereum, Bitcoin and all ERC-20 tokens. Dash, Litecoin, Ethereum Classic, Bitcoin Testnet, and ZCash.
4.The Actually Physical Wallet Feels A Bit Cheap, Not Made Up Of High Quality Plastic
There are some customers who feel that the wallet feels cheaply made. They have complaints about the material of this device.
Overall, it is important to read all the reviews about this device. The major aspect to consider is the functionality of this wallet which should work like a charm and everything else is minor.
If you are willing to trade your coins, you can make use of its limited connection to connect it with your computer.
This limited USB connection works in a similar way a computer mouse connects. A computer mouse can tell the computer that where it is located and it moves the cursor, but a computer isn’t able to move the mouse.
It means this wallet is capable to interact with computers that could potentially be infected with virus or malware without putting your coins on this wallet at risk.
It is really simple to access your coins, you just need to connect your wallet with your computer and power up the wallet interface by opening https://trezor.io/. Here you can check your balances, send payments as well as generate addresses for payment.
It Is Like A Vault
The idea of offline bitocin storage was developed into the network via paper wallets. However, the paper wallet works to a specific limit, but there are several disadvantages associated with it. Those disadvantages can be conceptualized in a simple way; you can compare bitcoin and its users to basic cash and its users. There are some similarities between cash and a paper wallet. The amount of bitcoin which can be loaded onto a wallet in comparison with the denomination of a bank note, is on important point where both differ, still the process has some similarities. There is a certain value for bank notes but bitcoin users can load their wallets with as much amount as they like. However, it is little risky for people to carry a lot of bills in their wallets, as much as it can be risky for carrying a paper wallet loaded with huge amount of coins.
This is the reason why people who have large amounts of cash really need a vault to store their cash. However, Bitcoin paper wallets can be stored away securely in the same way. However, bitcoin is the future of money: it is entirely digital. There is no point to put it in a paper wallet and treat it like cash, where digitalization offers different advantages. However, it is ideal to create a digital vault, and this is exactly a point where Trezor Wallet is helpful for you.
However, its customization also offers the users to separate its functions which make the device to work as a vault and the software which is installed on it and give the characteristics of a wallet. However, you can see this device as a pocket sized vault. It will give the users with advantage to gain more functionality as more cryptocurrencies and digital assets develop.
Overall, the TREZOR Wallet is a hot favorite and loved by the people when it comes to the hardware of cryptocurrency world. The company has been working on it since a long time and responds the requests of consumers and improves the security of their product.
It is also available at an affordable cost. However, the price is higher than non-hardware alternatives. Still, it offers high level of security to the users. It offers easy accessibility and user interface. However, the team working behind this product is humble and they worth it. It is better to spend $100 to spend on a device to gain more security when it comes to your cryptocurrency.
Trezor wallet is ideal for those who are investing in cryptocurrency and love to hold different types of digital currency in their wallet.