Trezor One Hardware Wallet – An Easy to Follow Guide for New Users

Wallet Reviews / 28.11.2020

The Trezor One hardware wallet offers crypto investors top-notch security combined with an easy-to-use interface. Trezor earned a reputation as one of the top hardware wallet providers after delivering quality products for years. Today, this manufacturer is considered one of the most respected hardware wallet developers in the game. 

A hardware wallet is the safest way to manage and trade your cryptocurrencies. Unlike software wallets that you download on your phone or PC, hardware wallets are not directly connected to the internet all of the time. Instead, these storage devices remain offline for the majority of the time. This strategy keeps your cryptocurrency safely tucked away in “cold storage.”

Benefits of the Trezor One Wallet

The Trezor One wallet was designed for your confidence and ease-of-mind. The platform easily claims the title as the most customizable hardware wallet available to the public. The wallet includes a feature-rich interface that provides a quick and easy setup for new users. Developers boast that users can forget about lengthy setups forever when they convert to Trezor. Best of all, the Trezor protocol eliminates the need to do regular backups, read encryption manuals, or print paper wallets.

  • Security

In terms of online attacks, Trezor One is much safer than traditional software wallets for many reasons. Primarily, your private keys are held on the physical device instead of your mobile or desktop computer. The developers behind this unique wallet option included a mix of protections to keep you safe against physical and virtual theft.

  • Affordable

Another major draw for Trezor One users is the price. At under $100, the Trezor One is an affordable option that any investor can obtain. The company does offer more expensive versions of the Trezor One, including a metal version designed to be more rugged. These upgrades kick the price up a bit—the metal version of the wallet runs closer to $400 at this time.

  • Screen

Trezor’s screen is a great feature that helps investors stay informed. The screen offers extra protection and verification services to users. For example, you need to verify that you’re sending to the intended recipient directly on the screen before your payment sends. Impressively, the Trezor One automatically displays authentication requests of services you are logging in to on its display.

  • Buttons

The use of buttons on the device is another huge plus. Ironically, buttons are one of the best ways to stop hackers in their tracks. Before a transaction is sent, a button must be physically pressed to confirm the decision. Try as they might, no hacker can complete this task without having possession of your device directly. In this way, buttons are a vital deterrent to online threats.

  • Pin code

In addition to the vibrant screen and buttons, users must create and input a pin code for spending. This pin code adds an extra layer of protection against intruders. Notably, after each incorrect guess, the wait between guesses is raised by 2X. This system is highly effective as 30 guesses would take 17 years to complete.

  • Privacy

Trezor also employs some company policies to further your privacy. For example, no Trezor devices have a serial number. The company has no way of knowing what wallet you received. However, if you use the Trezor wallet software to manage your wallet, you should consider doing so through a VPN or Tor network. If not, Trezor will have access to your IP address.

How Does the Trezor One Wallet Work

Trezor is an open-source hardware wallet that has undergone extensive review by the community. The platform undergoes continuous auditing by security researchers. Additionally, Trezor has an impressive track record to confirm its viability in the market.

The Trezor One is an HD wallet. This strategy means that the private keys are created using a root seed phrase. HD wallets are more secure because only you have access to your private keys

  • Simple to Use

The larger screen provided by Trezor One makes it clean and easy to understand for both beginners and advanced users alike. Anyone can send or receive various coins, review previous transactions, and even buy coins directly from Trezor using the device’s interface. The developers succeeded in creating a hardware wallet that is as useful to newbies as professionals.

  • Flexibility

Trezor One is very flexible in terms of cryptocurrencies and tokens accepted. The device can safely store over 1000+ different coins. Additionally, Trezor’s development team consistently adds new projects to the device to improve usability. 

  • Interoperability

Trezor One users enjoy maximum interoperability in the market. Users can choose to control their wallets via the Trezor wallet software or various other compatible mobile wallets. At this time, Trezor One supports Electrum, MultiBit HD, and GreenAddress on desktop, GreenBits, and Mycelium on Android.

  • Command Line Interface

If you are a programmer or extreme on your security, you can control your Trezor One directly through a command-line interface. This approach removes the beautiful interactive interface and replaces it with a programmer’s line interface. The main benefit of operating your device like this is that you can easily see what commands are being issued to the Trezor. No malicious coding can sneak in without your noticing it.

  • Recovery

If your Trezor One is lost, damaged, or stolen, there is no need to fret. The device features full backup capabilities. All you will need is your seed phrase to restore access to your entire wallet, passwords, and any other data associated with it. The process only takes a minute to complete.

  • Password manager

Trezor One can also function as an online password manager and U2F Authentication. This system is a bonus feature that allows you to store all your passwords to various accounts online. Once set up, you only need to enter the changing six-digit password generated by your device to log in to your favorite websites. Of course, using your Trezor like this does reduce the effectiveness of its cold storage tactics.

  • Import Other Wallet

It’s also simple to transfer a wallet over to your Trezor One. You just need to enter the seed phrase of the wallet your wish to import into the device. Trezor One integrates a recovery seed standard created by SatoshiLabs. Today, this seed standard is widely used, making it compatible with many wallet apps.

History of the Trezor One Wallet

Satoshi Labs introduced the Trezor brand to the market in August 2014. As one of the very first Bitcoin hardware wallets, the device was an instant hit with consumers. At that time, no other device offered secure cold storage plus the ability to spend with a hot wallet’s convenience. This convenience helped to drive Trezor sales.

How to Get the Trezor One Wallet

Getting a Trezor One is not hard to do, but it’s crucial that you never cut corners and try to buy a used device. Consumers reported an enormous amount of fraud and theft due to compromised hardware wallets’ sales this year. In some instances, the device was tampered with before it was sent. In some other cases, the seed phrase was stolen before the sale. In either case, the user found his crypto was stolen minutes after loading up the new device. The only place to get a safe Trezor One is directly from Trezor.

How to Use the Trezor One Wallet 

The Trezor One’s setup is simplistic. You will see a 24-word seed phrase generated during the configuration. Save this phrase in a safe place. You can also add a passphrase to the 24-word seed for added protection. Once you are all set up, you can load the device using the Trezor software or an approved wallet.

Trezor One Wallet – A Champion in the Market

Aside from Ledger, Trezor is one of the only hardware wallets to have received significant recognition for their products’ security. The Trezor One carries on this legacy of excellence and improves upon earlier models via its updated storage and functions. You can expect Trezor to continue to be one of the top hardware wallet manufacturers globally for years to come.

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.