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TREZOR Hardware Wallet Review

TREZOR Hardware Wallet Review

Cryptocurrency hardware wallets like TREZOR are used to store private keys and hold Bitcoin and other cryptocurrencies away from computer and exchanges which can be vulnerable. Currently, most entrants in cryptocurrency keep their coins in software wallets – such as on the exchange that the coins were purchased from.

However, history has taught us this isn’t secure. The Mt. Gox security breach saw 850,000 BTC stolen from the exchange wallet – leaving many users fighting to get their Bitcoin back. In 2016 another 119,756 BTC were taken from Bitfinex after it was hacked.

This is where hardware wallets have their use as wallets like the TREZOR act as an extra layer of security – this is done by distancing private keys and authorizing transactions with a physical device.

TREZOR Key Facts

Designed BySatoshiLabs - Czech Republic
What Coins Does the TREZOR Support?Bitcoin
Litecoin
DASH
Zcash
Bitcoin Cash / Bcash
Ethereum
Ethereum Classic
ERC-20 Tokens

For a full list of supported coins, click here.
CostAround €90/$100/£70
Available to Buy with Bitcoin?Yes - it's available here on the TREZOR website.

Or it can be purchased here using Bitcoin, altcoins or Paypal.
Available at Amazon?

Also Available at Amazon
Click here to check stock.

User Interface: How to Set Up the TREZOR Wallet 

Don’t let the TREZOR’s resemblance to a USB drive or set of keys fool you. This is a small computer with its own screen and two navigational buttons. The TREZOR hardware wallet works alongside the software wallet at mytrezor.com.

When you first plug in the hardware wallet, you will be asked to download a browser plugin that lets the wallet communicate with the hardware. The device will need a firmware update if you want to use the latest features and once that’s done you’ll use the TREZOR to set your password and create a pin. During this setup process you will also generate a recovery seed that can be used in the event of emergencies.

After this, you will continue setting up the TREZOR by going through all the security features via your browser and device. To fund your wallet, you send coins to the TREZOR wallet address shown via the software on the computer. If you want to send coins you enter the recipient’s wallet address in the TREZOR wallet and confirm the transaction by following the prompts on the TREZOR’s screen and entering your pin when asked.

TREZOR Pin User Interface

Security: Is the TREZOR Wallet Secure?

The TREZOR hardware wallet is intended as a security precaution. You could even use this wallet on a compromised computer, which is riddled with malware, and your Bitcoins would still be safe.

Hackers aren’t going to waste the time trying to beat TREZOR’s possibly unbeatable authorization process when they could go after the millions of other unsecured wallets.

Once you set your password and pin you are given a randomly generated recovery seed. The recovery seed is between 18 – 24 words (depending on your setting) and it is used to recover your account if you are locked out or forget your password.  It is recommended that people write theirs down and store it in a safe place.

Another security feature worth mentioning is how the TREZOR has users enter their pin. You select the four digits from an on screen keypad, but there are question marks instead of numbers on the keypad. To enter it, you need to cross reference the location of the scrambled numbers on your device with the question marks on your PC. You would have to use it to understand what I am talking about, but by making it impossible to enter a pin without the device this adds another level of security.

This is one of the safest Bitcoin wallets that money can buy. Some would say that this obsession with security is being paranoid and that it’s an inconvenience for those who use their wallet for day to day transactions.

However, traders and those with large investments will definitely appreciate the added security and feel more confident about their investment. This definitely leads to a better night’s sleep when your cryptocurrency is stored in a secure hardware wallet.

Design: Build Quality and Design of the TREZOR Hardware Wallet

The TREZOR device connects to your PC via a USB cable and comes with a small instruction booklet and another booklet for which to write your recovery seed into. The casing comes in white or black with the two small buttons being the same colour. The screen is a small white and black display (about the size of a thumb).

It sounds small but most of the interface is on your computer screen and the information held on the TREZOR screen shows is easily readable.

The TREZOR Wallet in a Docking Station

Functionality: TREZOR Functionality and What Cryptocurrencies It Stores

TREZOR’s online wallet can accept Bitcoins from anywhere that you can send them.

TREZOR is constantly developing their software, integrating new cryptocurrencies, and keeping up with the coin forks.

The TREZOR wallet utilizes Insight and Bitcore to grab information about cryptocurrency and the blockchain. I won’t go into too much detail, but Bitcore is a Bitcoin server, and Insight is a blockchain installer often used with Bitcore. TREZOR uses Bitcore as their backend for all cryptocurrencies this wallet supports.

The TREZOR device can also store Ethereum through integration with my MyEtherWallet, and the most recent firmware 1.5.0 fully supports all current ERC-20 tokens, Litecoin, SegWit, and Rootstock

Before they are available in the main wallet, the cryptocurrencies and the wallet’s ability to support them are tested in the TREZOR Beta Wallet. TREZOR Beta Wallet is a public feature-testing version of the TREZOR wallet, offering the newest features before they are available to the public.

Currently supported cryptocurrencies (as of October 2017):

  • Bitcoin
  • Litecoin
  • DASH
  • Zcash
  • Bitcoin Cash / Bcash
  • Ethereum
  • Ethereum Classic
  • ERC-20 Tokens

Pricing: Is the TREZOR Hardware Wallet Value for Money?

The TREZOR hardware wallet is around €90/$100/£70. This makes it one of the more expensive wallets out there.

However, for the value of added security and protecting your cryptocurrency investments, €90 is a small expense that could save you losing thousands of fiat in the event of a security breach.

No matter how firm you are in the belief that bad things happen to other people – just imagine the feeling you’d have of losing all your coins. It’s not worth it and this small investment is completely worthwhile.

TREZOR has been called the Swiss Bank in your pocket. Money well spent if you ask me.

Summary

Trading in cryptocurrencies gives you freedom, privacy, and a chance to participate in a decentralized currency. You are independent of borders, banks, and governments. Bitcoin is incredible, but what made it incredible is why you need to protect your investment from thieves, hackers, and scammers.

The TREZOR is a hardware wallet that will keep your coins safe. You will sleep better knowing there is a physical barrier, a quantifiable separation between the volatile internet and your precious coins.

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Neal

Neal

Interested and invested in Bitcoin since 2016. Sports trader and matched bettor since 2014. Loves the new, developing financial world. This is our second chance.

User Interface
16out of 5
Security
20out of 5
Design
16out of 5
Functionality
20out of 5
Pricing
18out of 5
Visitors Vote
0out of 5

Overview

The TREZOR is a hardware wallet that will keep your coins safe. You will sleep better knowing there is a physical barrier, a quantifiable separation between the volatile internet and your precious coins.

4.5

4.5 out of 5
Good

Tags assigned to this article:
bitcoin walletshardware walletsTREZOR

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