Cryptocurrencies are increasingly becoming a part of investors’ portfolios. With that in mind, the reliance on somewhere to store them increases as well. To store your cryptocurrencies, you essentially have two options. You could use software wallets, also known as hot wallets, where your crypto is stored online – for example, through an exchange.
The alternative is you could also use hardware wallets. Hardware (physical) wallets are also known as cold wallets. One of the two most prominent cold wallets is the Trezor wallet. In this article, we will explore everything you need to know about how to use Trezor, and briefly compare the differences between its models so that you know which model caters more to your preference if you were to purchase a Trezor wallet.
What is the Trezor Wallet?
Launched in 2013, Trezor is based in the Czech Republic. As with Ledger, the purpose of this cold wallet is to keep private keys offline and secure from potential hackers on the internet. As the first cold wallet ever released, Trezor has established itself as one of the most eminent and safe cold wallets, and has paved the way for the formation of other cold wallets.
The wallet is like a USB device that can be connected with any kind of handheld and computer device like, mobile phone, tablet, desktop, wearables and more. The high-end security features of the Trezor wallet have attracted many cryptocurrency exchanges, traders, and average Bitcoiners towards it.
How does a Trezor Wallet work?
Trezor is a single-purpose cryptocurrency wallet that is used to store cryptocurrencies, approve transactions, and can help you to manage any kind of your digital identity. Trezor provides a high security assurance for your assets and protects all your crypto entities from possible online and also offline security risks.
Trezor never stores private keys to a system of devices connected to the internet and confirms the transactions away from the internet. Private data in Trezor will not be leaked under any circumstances, rewritten, or erased even if you haven't used it for a long while. Trezor never requires a battery backup instead the power can be acquired via USB Connection.
Trezor Wallet Types
There are two models of the Trezor wallet, one is the Trezor One while the other is the Trezor T. Each has some significant differences. Trezor One was introduced back on 29 January 2014 while Trezor T, the premium and updated model of Trezor One, was released on 26 February 2018.
And while Trezor One remains the most popular purchase among the two, Trezor Model T has more features that increase the efficiency of this cold wallet. The biggest new feature that comes with the Trezor Model T is its touch screen. Let us have a brief comparison between the two types of Trezor wallets below.
Trezor One: It is the golden standard, being a first-generation wallet – raised with the single purpose that is to store cryptocurrencies. The Trezor One resembles a keychain and comes with a minimalistic design, weighing nearly 12 grams.
Trezor T: This is the premium standard of the Trezor wallet that has some exclusive features over the Trezor One. This model comes with a colorful LED touch screen, SD card slot, Secure Device Input, and weighs 22 grams.
How To Setup Trezor Wallet
Every trezor wallet comes with a pre-installation and setup process, so it is a must to set up the wallet before starting to use it. Here is the easy-to-follow steps for setting up your Trezor Wallet after purchase:
1. Connect Trezor Wallet To your Computer Using USB Cable
2. Open Browser and Visit the Trezor Suite site
3. Select Your Wallet Model
4. Download and Install Trezor Bridge after visiting the wallet page.
5. Follow the Instructions On-screen.
6. After Installation, the Trezor Wallet will be connected with Trezor Device.
7. You can also connect the wallet and device with WebUSB (WebUSB currently working for Betawallet).
8. Install the latest firmware - This is the initializing process that can be performed by visiting the wallet page over at Trezor’s website, and clicking on Install Latest Firmware.
9. After installing the firmware you will be redirected to a welcome page, and with an option to create a new wallet.
10. Create new wallet - When you click New wallet, the device will automatically generate a unique seed, which will consist of all your account details, device details, and everything else.
To ensure maximum security, follow the steps below as well:
1. Create backup - By clicking create backup, write down the recovery seed, which will be presented as randomly generated English words along with specially designed cards inside the package. Keep an eye on the words and write them down exactly how they are ordered.
2. Name The Device.
3. Set up a PIN - This Protects your devices from other people accessing it.
4. Enable passphrase protection - This gives additional security or passcode to your recovery seed.
Note: PIN protects your device, whereas passphrase protects your recovery seed.
How to Use Trezor Wallet?
To send or receive payments, you have to follow the following steps:
1. Plugin the Trezor Device.
2. Go to the account page in Trezor wallet.
3. Click Send Button.
4. Select the cryptocurrency that you want to send.
5. Enter the address by typing or by scanning the QR Code if available.
6. Insert the value or quantity in the given amount section.
7. Set up transaction fees, you can choose either the high, normal, or economy variant.
8. With Labeling, you can comment on the transaction to identify the purpose of the payment.
9. Give confirmation of the transaction.
Closing Thoughts
To conclude, the Trezor is important and useful if you wish to store cryptocurrencies, particularly over a long time horizon. It has made storing cryptocurrencies much safer. WhETHer one is better than the other depends on your personal preferences. If you want a better display, slightly more security, bigger size, and easier-to-use hardware, then Trezor is definitely the choice for you.
Having learnt how to use Trezor, if you are interested in buying either Trezor wallet models, you should only do so through their official websites. If you do not buy from secure websites, you run the risk of purchasing fake and malicious hardware.
