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The basics of crypto trading

Trezor

cryptonator
Year 2013
Founders Marek “Slush” Palatinus
Origin -

Trezor is a time-proven and reliable tool for cold storage and usage of cryptocurrencies. The developing company offers 2 types of the hardware wallet, a high-security level, and compatibility with software for working with different types of cryptocurrency wallets. The devices support 500-700 coins and tokens (depending on the configuration).

Description

Trezor is one of the first hardware wallets in the history of cryptocurrencies. It’s a tiny device with a small display and two buttons. To work with the assets, a user should connect the wallet to the computer. The manufacturer developed software for Windows, MacOS, and Linux. The digital currency stored on accounts can be managed through the Google Chrome browser or a mobile application (for Android smartphones, provided that they have the API and OTG cable). They make it possible to:

Trezor is compatible with software developed for working with wallets. Among them are MyEtherWallet, Electrum, MultiBit and others.

Users can find several types of cold wallets on the company’s official website. But their price is rather high.

The most affordable model is the Trezor One. It is available in both white and black colours at a user’s choice. The price of the device is a little more than 80 euros.

Trezor Model T is a more modern and functional model (the device features no buttons); however, it is twice as expensive as the previous one – it costs more than 180 euros.

The latest model supports more coins and tokens. For example, both devices can store Bitcoin, Ethereum, Stellar, Bitcoin Cash, Litecoin, Dash, and Ethereum Classic. However, some coins can be stored only on a newer model Trezor Model T, for example, Ripple, Cardano, and Monero. You can find all the cryptocurrencies supported by the devices in section https://trezor.io/coins/.

The history behind

Trezor was one of the first companies to start manufacturing and selling hardware wallets. It was launched in 2012 in Czechia. It wasn’t by chance that the developers got an idea of ​​creating a reliable storage tool. Before that, about 3,000 BTC were stolen from the wallet of the founder Marek Palatinus. At that time, he worked for a blockchain company Satoshi Labs and realized that the most reliable place to store digital assets could be only cold hardware wallets.

Since then, he went all out to create a reliable and completely protected device. Trezor that appeared in 2013 was the first hardware wallet in the history of digital assets. But it owes its popularity not only to this fact but also to its high multi-level protection. The developers did their best to improve the device and considered all users’ comments. It resulted in creating a comfortable, functional and secure device for storing an operating digital currency.

Nowadays, the wallet remains one of the most popular on the market. In terms of sales volume, it can be compared only with the equally well-known Ledger that appeared in 2014.

Advantages and disadvantages

It’s for a reason that Trezor is popular among digital asset owners. Its advantages include:

Objectively speaking, the device has only a few disadvantages. If compared with Ledger in terms of protection level, the latter, of course, is believed to be more secure; however, Trezor is also extremely good. The wallet charges no fees – a user will pay according to the tariffs of the shells used to work with assets. Some users mention a rather complicated procedure of the initial installation, but this relates more to the latest model of the device released at the end of 2017.

How to use the wallet

To work with the wallet, at first, you should order it and wait for delivery. This can be done in the developer’s store https://shop.trezor.io/ . In Russia, the official dealer of Trezor products is the Walletz Company. You can place an order on their website as well as https://walletz.ru/trezor/ . To learn about your next steps, read our review.

Installation and registration

After receiving the device, you will need to make its initial installation to the computer. To do this, connect the wallet to the PC, install the extension on your computer and proceed with:

  1. entering a PIN code;
  2. saving or writing down the recovery key;
  3. optionally – complement the seed phrase with the 25th word.

After that, the registration will be completed. A user will be able to operate the wallet through a web client, mobile phone or Chrome extension.

Functions

In most cases, users work with the Trezor Bridge web client wallet https://wallet.trezor.io/#/. For this, it is necessary to visit the site and connect the device via USB. After that, you will be able to view the transactions history in a special window (separately for each cryptocurrency).

The function of sending and receiving money is realized in “Receive” and “Send” tabs.

A user can operate the hardware wallet through other wallets’ software or from a mobile device as well. In each case, you should keep in mind the fees and peculiarities of a particular system.

Reviews

On the Internet, a lot of positive reviews about Trezor wallet can be found. In the majority of cases, such devices are interesting for large-scale investors who keep their assets in the digital currency. And the security of funds is one of the most important tasks for them. Users write the following comments:

“I ordered Trezor wallet in 2016. The model is simple, user-friendly and compact. I always carry it with me – nothing has rumpled, broken or gone wrong. Special thanks for the opportunity to work with the wallet from a phone – I often on the go and don’t have a PC with me, and I don’t like working with cryptocurrency on someone else’s computers. There are no complaints after using it for 2 years.”

Conclusion

Trezor is a reliable hardware wallet that supports numerous cryptocurrencies and provides a high level of asset protection. On the manufacturer’s website, a user can find detailed explanations on how to use the device and how to install it step by step. Therefore, a person who has never used such storage formats before will be able to manage the procedure.

Trezor is an excellent combination of a relatively affordable price, quality and security. If necessary, a user can any time contact the support service and ask for help. Special attention should be paid to the opportunity to use a separate secret phrase in case of blackmailing – a client loses only a small amount of money, the majority of funds remains at his disposal hidden from prying eyes.

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