Is Trezor a secure hardware wallet and how work with it? Read about this in our detailed review!
Trezor Wallet Review 2021
TREZOR Wallet is a physical hardware wallet for the digital currency that can function independently. It was created in August 2014 by Satoshi Labs. What's more, the TREZOR hardware wallet is considered the world's first standalone storage device for Bitcoin coins. This device contains user keys, as well as data on financial transactions. Despite the fact that the TREZOR wallet is an offline data storage, it is quite convenient for performing various tasks, both online and offline.
Thanks to this hardware wallet, users can use their Bitcoin tokens at any time. A distinctive feature of this wallet is its compact size, identical to the size of a car key, which allows the device to be attached to keychains as a keychain and use it at any time.
When choosing a hardware wallet for storing digital currency, many users prefer TREZOR. When reviewing this wallet, many experts rate it 4.5 on a five-point scale. The reasons for this rating are:
- features and quality of work;
- full compliance with the information specified by the manufacturer;
- possible difficulties for novice users of virtual currencies;
- support for a large number of digital currencies.
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 traits in every device. However, due to the fact that the TREZOR wallet perfectly copes with the main tasks, its disadvantages 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 funds.
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, wallet users can set a password as an additional security measure to ensure the safety of funds. This password can be used in addition to the master key. If the owner forgets the passcode, the device will be unavailable. In this case, the user will no longer be able to 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 contains some significant security features that cannot be found in hardware wallets from other companies.
However, before using TREZOR Wallet, its creators recommend that you familiarize yourself with all the functions of the device in order not to accidentally lose all your money.
The most significant factor in choosing a hardware wallet is the security level of the device. TREZOR Wallet is one of the most reliable wallets, as it really protects users' funds.
Due to the fact that virtual currency tokens are stored on the device offline, they cannot be accessed without being the owner of the hardware wallet.
As a rule, there is a certain compromise between the level of safety and the convenience. The TREZOR wallet offers its owners only the best of both worlds. For the most reliable storage of funds, experts recommend saving tokens on the device and putting it aside in a place known only to the owner.
When choosing this wallet, special attention should be paid to Satoshi Labs. The fact is that this organization is located in the Czech Republic, which allows wallet owners to be confident in the safety of their funds.
However, even if this company turns out to be fraudulent and attempts to steal customer funds, the attempt will fail, since it is impossible to steal funds from an autonomous device. Moreover, the code is open source, which allows wallet owners to follow every action of Satoshi Labs.
Using a Wallet
In case 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 a PC. This connection works in a similar way to a computer mouse. In other words, the device transmits information to the computer and it reacts to it, but cannot change on its own. It allows the TREZOR hardware wallet to be used even with computers infected with malware, without compromising the financial resources stored on it.
To gain access to digital currency, it is enough to connect the device to a computer and launch the wallet interface on the official page. Using this interface, the user will be able to get acquainted with the information about his own balance, create the addresses necessary for sending funds, as well as perform the necessary financial operations.
The process of installing an offline wallet is as simple and straightforward as possible. To do this, the owner needs to connect the gadget to a PC, install a "bridge" for work and act in accordance with the instructions.
To identify the owner of the device each time it is connected to a PC, a PIN code is required. To do this, the owner must press a certain combination of numbers that will be displayed on the screen of a personal computer.
During the first installation of the device, the owner will need to enter the desired PIN twice. This code has to be driven exclusively on the device itself, which will provide protection against malware that allows cybercriminals to track the PIN code 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 that need to be written down and then stored in a safe place. These words will be used in the future to recover the secret key in case of loss or theft of the device.
The Final Stage
After the installation process has been completed, the user should connect it to the PC and visit wallet.trezor.io. This site is a web client for a Bitcoin wallet that allows you to perform transactions related to this digital currency.
However, in the event that an attacker still managed to steal an offline wallet, TREZOR will still be able to ensure the safety of the owner's funds. This security is ensured by an additional password in the form of a phrase chosen by the owner, which he should not write down, but remember.
If a hacker enters this phrase, he will only have access to a limited amount of funds, which will keep the principal amount intact.
The TREZOR Wallet standalone digital currency storage device is one of the favorite gadgets of digital currency holders. The company that manufactures these devices has been on the market long enough and does its best to satisfy the needs of customers by optimizing the product and making it the safest.
The cost of this hardware wallet is around $100, which is slightly higher than the cost of devices manufactured by competing companies. However, device security, user-friendly interface and other features are worth it. At the same time, $100 is not a high payment for the safety of the user's financial funds.