TREZOR Wallet is a physical hardware wallet for the Bitcoin digital currency, which can function independently of the presence of the Internet. It was created in August 2014 by Satoshi Labs. Moreover, the hardware wallet TREZOR is considered to be the world’s first self-contained Bitcoin coin storage device. This device stores user keys, as well as data on financial transactions. Despite the fact that the TREZOR wallet is an autonomous data store, it is quite convenient for performing various tasks, both online and without a network connection.
Thanks to this hardware wallet, users can use their Bitcoin tokens at any time. A distinctive feature of this version of the wallet is their compact size, identical to the size of the car key, which allows you to attach the device to keys as a keychain, which makes it possible to use it at any time.
The main feature of the TREZOR wallet is the possibility of storing Bitcoin tokens off the network. In this case, if the device is connected to a PC or other device via a USB cable, the wallet will be able to perform the necessary financial transaction. However, such a connection is limited and allows transactions in and out of TREZOR. The advantage of these devices is their high level of security, allowing them to connect to devices that are infected with viruses, without fear of threat to their own financial means.
Today this hardware wallet supports not only Bitcoin tokens, but also coins of such virtual currencies as Ethereum, Dash, Litecoin, ZCash and Bitcoin Testnet.
This article will examine the main advantages of TREZOR, security level, and installation and configuration of the wallet.
When choosing a hardware wallet for storing a digital currency, many users prefer TREZOR. Many experts, when reviewing this wallet, give him a score of 4.5 on a five-point scale. The reasons for this high appreciation are the following:
- Functions and quality of work TREZOR Wallet fully comply with the information specified by the manufacturer;
- Setting up a wallet may cause some difficulties for novice virtual currency users;
- Support for a large number of digital currencies, but not all;
- The low cost of the hardware wallet makes it more affordable, but many users complain about the poor quality of the plastic, which makes the device look less presentable.
Some users always find negative features on each device. However, due to the fact that TREZOR wallet perfectly copes with its tasks, its shortcomings can be neglected.
According to Satoshi Labs, the TREZOR wallet was created to provide users with the ability to connect to devices and control their own financial means.
If desired, the wallet owner can generate as many public addresses as he needs. Moreover, all addresses can be used for financial transactions related to digital currency.
Also, users of the wallet can set the password as an additional security measure, ensuring the safety of money. This password can be used as a supplement to the main key. If the owner forgets the passphrase, the device will not be available. In this case, the user can no longer use the funds stored in the hardware wallet.
At the same time, the wallet interface is relatively simple and intuitive, which allows even inexperienced owners to use it without any difficulties. In addition, the device has some significant elements that provide reliable protection, which cannot be found in hardware wallets, issued by other companies.
However, before using TREZOR wallet, its creators recommend to familiarize themselves with all the functions of the device in order not to lose all their money by chance.
The most significant factor affecting the choice of a hardware wallet is the level of device security. TREZOR Wallet is one of the most reliable wallets since it is really capable of protecting users’ funds.
Due to the fact that virtual currency tokens are stored on the device in standalone mode, they cannot be accessed without having acquired a hardware wallet.
As a rule, there is a certain compromise between the level of security and the comfortable use of the device. The TREZOR wallet offers its owners only the best of both spheres. For the most reliable storage of funds, specialists recommend to keep the tokens on the device and put it in a place known only to the owner.
When choosing this wallet, special attention should be paid to the Satoshi Labs company. The fact that this organization is located not in the USA, but in the territory of the Czech Republic, which allows wallet holders to be confident in the safety of their funds.
However, even if this company proves to be fraudulent and attempts to steal the clients’ funds, the attempt will fail, as it is impossible to steal funds from the stand-alone device without first having physically captured it. Moreover, the code is open, which makes it possible for wallet owners to monitor every action of Satoshi Labs.
Usability of the wallet
In the event that the owner of the device intends to withdraw his own funds for trading or any other tasks, he will need to use a limited USB connection to connect to the PC. This connection works similar to a computer mouse. In other words, the device sends information to the computer and it reacts to it, but it cannot change it on its own.
This allows you to use the TREZOR hardware wallet, even with computers infected with malware, without jeopardizing the financial means stored on it.
To access the digital currency, it is enough to connect the device to the computer and launch the wallet interface on the official page. Using this interface, the user will be able to familiarize himself with information about his own balance, create the addresses necessary for sending funds and perform the necessary financial operations.
The process of installing an offline wallet is as simple and straightforward as possible. To do this, the owner must connect the gadget to the PC, install a “bridge” to work and act in accordance with the instructions.
To identify the owner of the device, it is necessary to enter the PIN code every time it is connected to the PC. To do this, the owner must press a certain combination of numbers that will be displayed on the screen of the personal computer.
During the first installation of the device, the owner will need to enter the desired PIN twice. Then this code will only need to be driven on the device itself, which will provide protection against malicious software that allows cybercriminals to track the PIN entered on the computer.
The secret key
After that, the owner will need to write down the recovery code, which consists of certain words used to restore the lost device.
The device will give the owner 12 or more words to be written and then saved in a safe place. These words will be used later to restore the secret key in case of loss or theft of the device.
The final stage
After the installation process has been completed, the user must connect it to the PC and visit the site MyTREZOR.com. This site is a web-client for Bitcoin wallet, allowing you to perform transactions related to this digital currency.
A distinctive feature of MyTREZOR.com is that the login and password are not used here, they are replaced by the device. In other words, if an intruder does not have a device, he cannot steal financial resources.
However, in the event that the attacker still managed to steal an autonomous wallet, TREZOR can still ensure the security of the owner’s funds. This security is provided by an additional password in the form of a phrase chosen by the owner, which he should not write down, but remember.
If an attacker enters this phrase, he will have access only to a limited amount of funds, which will save the principal amount intact.
Even if the company stops working, the owner of the TREZOR wallet will still be able to dispose of his wallet with the help of other wallets. So, for the functioning of this hardware wallet, Electrum company has created a special plug-in that allows the device to work together with other wallets.
Stand-alone device for storing digital currency – TREZOR Wallet – is one of the favorite gadgets of digital currency holders. The company that manufactures these devices has existed for a long time in the market and is doing everything possible to satisfy the needs of customers, optimizing the product and making it the safest.
The cost of this hardware wallet is about 100 US dollars, which is slightly higher than the cost of devices manufactured by competing companies. However, the security of the device, user-friendly interface, and other features are worth it. At the same time, $ 100 is not such a high payment for the safety of the user’s financial resources.