Trezor is the first Bitcoin hardware wallet. It offers cold storage and the ability to spend tokens with convenience of a hot wallet.
- It has a user-friendly interface.
- It is extremely secure as it offers an option to set a passphrase.
- $99 tag is a bit pricey for those on budget.
Trezor was launched in August 2014. It is a small key-sized device which connects to the computer with a USB cable. It can be safely used on a malware infected computer.
Trezor offers great privacy. The device has no serial number so it cannot be tracked by its creators. The software is open source. The privacy is determined by the wallet used with Trezor Electrum, MultiBit HD, and GreenAddress on desktop, GreenBits and Mycelium on Android, and myTrezor.com on the web.
Note: Data can be leaked upon setup if using Trezor’s myWallet. Thus, for a more private initialization, it is advised to use the Chrome extension or the python tools to setup the device on an offline computer.
Trezor provides protection against physical and virtual theft. It is an HD wallet and can be backed up with 24-words generated during the setup. The seed is generated offline and displayed on the screen. This ensures that the seed is never on an internet-connected device.
A PIN code is required during setup and while spending. After each incorrect attempt, the time span between the two guesses is raised by power of two. The entire wallet can be recovered with the 24-word seed and passphrase in case the wallet is stolen, damaged or lost. The Trezor comes with paper to write down the seed.
Trezor makes the user confirm each transaction on the device’s screen.The buttons ensure that a hacker cannot automatically transact from the device. The button must be physically pressed in order to confirm each outgoing transaction.
Ability to Support Coins
The device is compatible with any altcoin, it is upto the software wallet developers to integrate support.
The coins supported by Trezor include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- DASH (DASH)
- Zcash (ZEC)
- Namecoin (NMC)
- Dogecoin (DOGE)
- ERC-20 Tokens
How to set up Trezor Wallet?
The Trezor wallet can be set up via:
- Chrome extension
- Command line
The setup involves setting the PIN code, device name and password. The only difference in setting up the wallet is that myTrezor.com is online, while the Chrome extension and Command line can be used offline.
How to use Trezor with Mycelium?
1.Open Mycelium and select “ Create New”
2.Swipe right to move over to the “Accounts” tab. Click on the top right key to add a new account.
3. Select “Advanced”.
4. Under “Import a Trezor-HD account” click “Trezor”.
5. Plug in an OTG cable to the Android device and plug in Trezor to the OTG cable.
6. Enter the Trezor pin code. The numbers will be displayed on Trezor’s screen.
7. Enter the Trezor passphrase, if one has been set. Any passphrase will create a valid wallet. If the wallet shows a zero balance, restart the process and double check that the passphrase was entered correctly.
8. Mycelium will scan for accounts on Trezor.
9. Click on an account to load that account, or tap “Import next unused account” to add a new account.
10. Name the Trezor account. It will be displayed in the following manner on Trezor app-
- Payments can now be sent on Trezor with Mycelium.
The wallet and its addresses are still viewable in watch-only mode after the wallet is removed. In this manner, the user can still view his balance, receive payments and generate new addresses.
Trezor has been tested by our experienced and versatile trading team. The company has established substantial credibility, built a great consumer support system and optimized their product for security. The price is higher than its non-hardware counterparts, but the high level of security, easy user interface and accessibility make it a great deal for the money.