Trezor Wallet

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Trezor Wallet

Trezor Wallet is a hardware wallet providing a high level of security without sacrificing convenience. Unlike cold storage, Trezor is able to sign transactions while connected to an online device. That means spending bitcoins is secure even when using a compromised computer. It was the first Bitcoin hardware wallet, offering secure cold storage plus the ability to spend with the convenience of a hot wallet.

Trezor is a small, key-sized device which connects to your computer with a USB cable. It stores your Bitcoin and cryptocurrency private keys offline and signs transactions. It can be safely used on a malware infected computer.

Trezor Wallet Review[edit]

TREZOR is an isolated environment for offline transaction signing and using a small display you can visually verify the transaction contents. That's why all operations using this cryptocurrency wallet are entirely safe. The ultimate in ease of use and super high levels of security. A Bitcoin safe if you like. Trezor keeps private keys on its device and signs transactions through hooking up via USB. So you will need a wallet such as Mycelium on your phone or desktop. Trezor lowers the risk of your private keys being discovered even if your PC is compromised by malware.

Although not the most practical wallet system for hot wallets and being on the go, but definitely the gold standard in what it does.

Trezor is a single purpose device which allows you to make secure Bitcoin transactions. With this device, transactions are completely safe even when initiated on a compromised or vulnerable computer. Because the use of Trezor wallet is very easy and intuitive we believe it will help Bitcoin adoption among people not familiar with the security issues.

How does Trezor work?[edit]

The Bitcoin protocol works by sending signed notes of payment across the Internet. These messages (which are referred to as Transactions) are signed using a special algorithm. In order to sign a Bitcoin transaction, you need to have a special key or password. Trezor holds that key.

Trezor is better than an ordinary mechanical stamping mechanism, however. Each wallet has a PIN code. If your device gets stolen, thieves cannot misuse it to steal your money. Due to Trezor’s clever design, even if the computer with which you use your wallet is hacked, the hackers will never know your PIN. In contrast to the various pieces of software and web services that allow you to store your Bitcoins TREZOR is secure. Software and web-based solutions keep your Bitcoin signing keys either on your computer or worse, on the Internet! When you use such a service, hackers can easily steal your Bitcoins by hacking your computers or hacking the servers of the services that you use.

Security[edit]

Trezor is an HD wallet where you control the private keys, so an entire wallet can be backed up with the 24 words generated on setup. The original 24-word seed is generated using RNG from the device and the computer. The seed is generated offline and displayed on the wallet’s screen, which ensures that the seed is never on an internet-connected device.

A PIN code is required on setup, and required for spending. After each incorrect guess the wait between guesses is raised by a power of two. Making 30 guesses would take 17 years. You are able to add a passphrase to the 24-word seed for extra security, which acts as a 25th word. You must remember the passphrase because the seed without the passphrase is not enough to recover the wallet. A passphrase offers more security, but if forgotten the wallet cannot be recovered.

It is possible to recover the entire wallet with the 24-word seed and passphrase if used, in the event that your TREZOR is lost or damaged. Recovery can be done with another TREZOR or with other wallets, like Electrum or MyCelium. TREZOR’s screen allows you to confirm that you’re sending to the intended recipient, but this does not prevent against phishing attacks[1].

Models[edit]

Trezor Wallets comparison

Trezor One[edit]

TREZOR One is among the most trusted and ubiquitous hardware wallets in the world. It offers unmatched security for cryptocurrencies, password management, second-factor authentication, while maintaining an absolute ease-of-use, whether you are a security expert or a brand new user.

Trezor Model T[edit]

The Trezor Model T is the next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence[2].

Features[edit]

TREZOR vs Ledger Nano S[edit]

TREZOR and the Ledger Nano S are often compared. The main difference is that TREZOR is more like a mini computer, while the Ledger Nano S uses a secure chip.

Both the TREZOR Wallet and Ledger Nano S are strong in terms of their security protocols. Currently there is not a lot of competition in the hardware market space, so it is difficult to make a strong comparison in terms of security. The below quote is taken from our Ledger Nano S review.

Portability is somewhat of an important feature depending upon how you use your hardware wallet. In the TREZOR vs Ledger debate, The Ledger Nano S is the winner due to its USB flash drive like design. As a keychain, the Nano S feels right at home. The TREZOR Wallet isn't that much bigger than the Nano S, but its width can make it a little awkward as a keychain or putting in your pocket. I wouldn't want to put my TREZOR wallet as a keychain because of the potential to crack the screen.

See also[edit]

External links[edit]

References[edit]

  1. TREZOR Review: 5 Things to Know Before Buying
  2. Official Shop – Buy Trezor wallet for 89 or 140 EUR


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