Trezor is the first hardware wallet ever created and was developed by Czech startup, Satoshi Labs, in 2014. It is a practical, key-size wallet offering secure storage to all cryptocurrency holders who don’t want to rely on third-party services or other less secure storage options. This Trezor review will shed light on some of the most important details you need to know if you are still undecided about purchasing this hardware wallet.
Setup and Initialization
Trezor works with computers that have a USB port and Android devices that support USB host mode. There are 4 ways in which to communicate with the wallet: Trezor Bridge, Chrome extension, Trezor Manager for Android and offline with Python tools. The last option is a bit more advanced and recommended only for users who have the relevant experience using this programming language.
Setting up the device is not complicated, but requires a bit of work, as is to be expected when dealing with device security.
After installing the firmware, you will be able to create a wallet. The next step is to back it up by writing down a recovery seed – a list of words that you will use if you ever lose your Trezor wallet. During the initialization, you will be asked to type in a PIN code. The code is entered by using both the wallet’s and the browser’s interface, to increase the level of security. You have to click a hidden numerical pad displayed in the browser, matching the position of randomly generated numbers shown on wallet’s screen. Every time you type in the PIN code, you will have to check your Trezor wallet for the layout, as the position of the numbers changes continually.
Security is the most important feature of the Trezor hardware wallet. For creating randomly generated seeds, the device is using multiple different sources – not the standard algorithms, which makes it harder to hack. The additional layer of security, created by entering a PIN code, makes it safer to use, even on computers you don’t trust. Moreover, each time a user enters the wrong PIN, the wait time increases by the power of 2, so after 15 attempts the wait time will be 18 hours, and after that, the device will wipe itself.
The 24-word seed is used in case you lose your wallet, or if you need to recover your account for some reason. You must be very careful about keeping it safe though, if you lose it as well there is no other way to retrieve your coins.
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Trezor Review Summary
When designing the Trezor wallet, its creators were thinking of security, as well as user experience. After completing the initialization, everything else is pretty simple. You will be able to create as many public addresses as you like, and you will need the device only to send coins. Completing transactions is a brief process and can be done within minutes. However, the Trezor wallet is not a replacement for hot wallets and it’s not practical for everyday transactions – it should be rather used as a vault for a substantial amount of coins. We are hoping that this Trezor review helped to improve your understanding of how this hardware wallet works. If you’re interested in purchasing your Trezor wallet, you can do so here.
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