How to Use Trezor Wallet

Storing cryptocurrency on exchange accounts or online wallets is very convenient, especially if you regularly conduct operations with it. However, for the long storage of cryptocurrency assets, they are not suitable for security reasons - there is always a risk of losing money due to hacking. An excellent alternative, in this case, is hardware wallets that are not permanently connected to the network. As a rule, these are compact devices the size of a flash drive with an impressive security system against hacking. We offer you an overview of the Tresor wallet, one of the most popular solutions on the market.

Trezor is an open-source hardware wallet for storing more than 600 cryptocurrencies, the development of which began in 2012 by SatoshiLab.

Overview

Trezor belongs to the category of "cold" wallets, which do not involve a constant connection to the Internet. Thanks to this, the highest level of security and anonymity is achieved. There are over 1000 Trezor-supported coins - from Bitcoin and its forks to altcoins of varying degrees of popularity.

The manufacturer of the device is the Czech company SatoshiLab, which offers two Trezor models to choose from: One and Model T. At the time of writing, the younger model (One) costs €49, and the older Model T sold for €149. More information about the differences in models can be found in a special section on the official Trezor website.

Both models work autonomously without additional power. You can connect Trezor to your computer using a USB cable, and there is a special Trezor Wallet program for control. You cannot access money in your wallet without a PIN and password. If the user forgets both, then you can restore access using the SEED phrase (generated automatically when the wallet is first started).

All information is stored in the memory of the device, which no one but the legitimate owner can access. Private keys are also stored on the device itself. Trezor wallets are endowed with reliable protection against worms and viruses that can "nap" on your computer.

For several years, developers of Trezor hardware wallets did not carry out any updates. However, this did not prevent him from gaining the trust of traders - hundreds of thousands of users entrusted their cryptocurrency assets to the wallet. A real wave of popularity "covered" Trezor in 2016, when several events occurred at the same time:

• Trezor devices entered the Chinese market;
• The release of Trezor 2.0 took place;
• Wallet included in the list of supported digital assets a new coin - ETH;
• Trezor has entered into a partnership with crypto exchanges (Bitstamp and Zaif);
• The myTREZOR platform has been launched, which allows the device to be independent of the internal services of the SatoshiLab.

Among the latest significant events for the wallet is the update in 2018 of Trezor Model T and Trezor One devices.

Making Transactions

With the Trezor wallet, you can send money in several ways:

• Through a special application called Trezor Bridge. It can establish communication between the device and the computer in a matter of seconds.
• WebUSB is the oldest and most proven way to establish a connection between a PC and a wallet.
• Advanced users can establish a connection between the Trezor wallet and the computer through the command line.
• You can conduct a range of operations using your wallet through Android by installing the Trezor Manager application on your smartphone. It is completely free to download in the Google Pay store.

Registration with Trezor

Create a new account:

• Go to Trezor's official website;
• Go to the Wallet section, where the link to downloading the Trezor Bridge application will be posted, it will need to be installed immediately on the PC;
• The next step is to connect to the computer of the device itself. Since the wallet is delivered without system firmware, it will need to be implemented independently;
• After performing the specified actions, the application will prompt the user to click on the "Create a backup in 3 minutes" button;
• Next, you will be prompted to create a private key - from 12 to 24 words, depending on the device model. The seed phrase will necessarily need to be written to a sheet of paper and saved since the words will be shown only once;
• By clicking "Continue," the trader will have to give the name of his wallet, and then set his password.
• In this case, account creation and wallet setup can be considered complete. The device is ready for use.

Advantages and Disadvantages of Trezor Wallet

The main advantage of hardware wallets over other methods of storing crypto is increased security. 

Trezor allows you to keep your private key offline, so the likelihood that hackers can reach it tends to zero. In addition, you must enter a PIN to process transactions using the Trezor wallet. If you lose or steal a gadget, you can still return your money using the recovery phrase - just enter it on another device.

The main disadvantages of hardware wallets are common to most models on the market. So, for example, it is not very convenient to use them for regular transactions due to the mandatory procedure of connecting and entering a PIN code. In addition, it will be a little difficult for beginners to figure out what to do, especially if they have never used cold storage wallets before. For this reason, getting acquainted with the gadget will require careful study of the instructions from the manufacturer.

It is also worth taking into account the prices of Trezor wallets. A review of the advantages and disadvantages would be incomplete without this nuance. The basic wallet model costs 49 euros, and the advanced 149. But if you seriously intend to engage in crypto trading or long-term investments in crypto, then it is still worth buying a personal hardware wallet.