Over time Trezor wallets have gained popularity alongside Bitcoin. Becoming one of the more popular cold wallets to store cryptocurrency. But with more and more cold wallets to choose from is this still the case?
In this Trezor wallet review, we unpack what this hardware wallet provides and see how it compares.
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Seen by many as the original hardware wallet Trezor was created by SatoshiLabs. Statoshilabs was founded in 2013 by Marek Palatinus, Pavol Rusnak, and Alena Vránová. One of the company’s first endeavors was the Trezor One device.
The trio created the Trezor One as a solution for securing cryptocurrency offline. Essentially isolating private keys onto hardware wallet.
What started as a prototype hardware wallet eventually launched in 2016. Their flagship project supports over 1300 coins and covers 200+ countries.
Satoshilabs continues to evolve the hardware wallet (Also known as Cold Storage wallet) with the introduction of Trezor Model T.
With 80+ Internal and external contributors, this isn’t the only project Satoshilab works on. The team has many projects in the works like Tropic Square BlockBook just to name a few.
How Does Trezor Wallet Work?
Trezor wallet is a small key-shaped hardware wallet that allows crypto holders to store their cryptocurrency in a secure manner.
Similar to other hardware wallets, the Trezor wallet isolates users’ private keys in a secure environment offline.
The private key is linked to a bitcoin address generated by the wallet.
In keeping them offline bitcoin holders can manage their cryptocurrency without exposing any sensitive information to a potentially compromised computer.
Trezor One or Trezor Model T
Currently, there are two different products offered to consumers. The original being Trezor one, which is the company’s first flagship product with the most notoriety.
Product number two is the Trezor Model T, a second-generation Hardware wallet being produced and shipped back in 2018.
The two hardware wallets differ in a few ways, Trezor one has two buttons and a smaller screen.
Trezor Model T features a bigger screen with touchscreen capabilities. The screen allows for confidential data, including PIN and recovery seed.
Combined this with a modern look and intuitive interface. Trezor T upgrades in most areas the original one lacks but Trezor One is still a more popular hardware wallet amongst crypto hodlers.
Trezor Supported Coins
The Trezor hardware wallet supports over 1300 cryptocurrency coins. Trezor one supports most coins except EOS, Cardano, Monero, Ripple, and Tezos just to name a few.
While the Trezor T has advanced coin support. Supported Coins range from Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) to a large number of ERC20 Tokens. Here you can find a list of supported coins
Is Trezor Wallet Safe?
Some hardware wallet manufacturers will claim that their wallets are completely secure. This obviously isn’t true, nothing is fully secure.
This does not mean hardware wallets like Trazor one aren’t serious about protecting users’ funds. Trezor is a safe wallet and is very transparent in the way they provide this cold storage security.
Trezor wallet is an open source and security model is one that is a zero-trust principle.
The team understands that at any point secure systems can be compromised. Trezor wallet works to keep user funds safe in several ways.
Simple Communication– Trezor limits the attack surface by communicating through a simple USB protocol. Trezor one requires zero connection from Wi-Fi or Bluetooth. Even camera scanning QR-codes, and fingerprint readers get left out.
These features are seen on other hardware wallets like the Ellipal or Cool Wallet. The purpose of this simple communication lends itself to fewer points of communication. which means decreased attack vectors.
PIN – Trezor expands its security efforts with a security pin code. Trezor hardware wallet security pin code is set by you and required every time it’s connected to your computer.
This extra step guarantees that the person using it is only you. Trezor device’s small body also make it hard for someone to see while you enter the pin code.
Active Verification – When you initiate transfers or other big movements on the Trezor device you need to verify and physically confirm.
Doing so for every transaction bolsters security efforts. A computer can’t easily misinterpret a transaction amount or destination without personal verification first.
Recovery Seed – We mentioned this earlier in the Trezor wallet review, Trezor one provides users with a 24-word recovery seed.
The Recovery seed is a perfect way to back up a user’s hardware wallet. For those of you that are interested in a Trezor T, Trezor T comes with a 12 -word seed phrase.
BIP39 passphrases – Users can add another layer of support and more security functionality with Trazor wallet BIP39 passphrases. Your recovery seed can be vulnerable to attacks, so passphrases are added for additional protection.
The passphrase can be one word, a string of random characters, or a sentence up to 50 characters word tied to your seed phrase.
Open Source – Trezor wallet is open source which means better transparency when comes to security
Can Trezor wallet be hacked?
To our knowledge, we haven’t heard of widespread hacking but just like any other hardware wallet a Trezor device can be vulnerable to hacks. Hackers are evolving every day and our finding new ways to attack cold storage devices.
Attacks can range from phishing attempts, Brute force attacks, or even using malicious firmware. Trezor wallet does a great job at constantly updating their device to fend off any unwanted attacks.
Although the Trezor one is a safe and secure device, it is important to follow best practices to protect your funds. Don’t just be dependent on Trezor wallet or any other crypto wallet.
Does Trezor Wallet Give You Privacy?
Trezor one wallet goes much further than simply securing your funds but it also respects your privacy.
Many users prefer cold storage to software wallets. Users feel it’s more private for storing Bitcoin. In today’s world, your information is more valuable than ever.
Trezor one review covers many of the security protocols being followed by this hardware wallet.
The team at Trezor states that all customer sales are “anonymized”. No data about our customers is kept internally for more than 90 days.
Comments such as these are great with respect to recent events in the crypto space.
By design cold wallets like Trezor One provide users with privacy. As there is no reason to associate your identity with a private key or address.
Satoshilabs isn’t interested in knowing about the customer. Trezor device is fully equipped to disconnect you from the company. Giving you full control of your funds.
Which Is Better Trezor or Ledger?
Trezor one biggest competitor is the Ledger Nano S. These two hardware wallets are juggernauts when it comes to the world of crypto but which one comes on top?
In the Trezor one review, we unpacked a lot of the bells and whistles that make it great. Ledger Nano beats in a few areas that we didn’t cover yet the first being is the user interface.
Ledger Nano S wallet has a robust user app interface called ledger Live. Users can perform coin swaps, buy/sell bitcoin, lend cryptocurrency, and much more.
Supported coins like EOS, Cardano, Monero, and Ripple can be found on the Ledger Nano S.
Where Trezor one gets the upper hand is on pricing and open-source software. Both wallets are compatible with a load of different apps and share many of the same apps.
When comes to the overall security both Ledger Nano S and Trezor One are excellent here. One thing to note is ledger did experience an internal customer records hack back in 2020.
You can’t go wrong with either wallet as both are easy to use and are good for securing your bitcoin. Check out our full review of the Ledger Nano devices here.
Trezor Wallet Pros and Cons
Trezor One is robust with pros but it does not mean cons aren’t there. Below we listed a few of those pros and cons.
-Price of the Trezor one is budget-friendly
-100% hardware wallet, which means user funds are private and can securely be managed.
-Top of the line security with open-source software.
-Ease of use features two buttons for Trezor one and a touch screen for Trezor Model T
-Supports a wider Variety of cryptocurrency coins.
-Trezor wallet device can feel a bit too small for folks with big hands
-Trezor one doesn’t support popular coins like EOS, Cardano, Monero, Ripple, and Tezos just to name a few.
-Open source firmware can potentially be security a security risk
Trezor Wallet Review – Is This OG Still Good?
Trezor wallet has been around since 2014 and is still one of the most top-notch hardware wallets. It comes equipped with numerous features to help store your Bitcoin.
These features not only make it a beginner-friendly wallet, but a wallet experienced user can enjoy as well.
The robust security offered by Trezor does give you the chance to store bitcoin without hesitation. Wide coin support allows you to maximize your holdings.
The user interface is also simple and is a breeze to use. Trezor works well with a load of different applications such as Copay, MultiBitHD, GreenBits, Electrum, Mycelium, etc.
It is up there with other top wallets like Ledger Nano X or S. We have no doubt with updates and upkeep Trezor wallets will be around for quite some time.