The rise of cryptocurrency and its average upward trend has lead to many security and theft issues. In order to secure your cryptoassets, you require Cryptocurrency wallets. Cryptocurrency Wallets can be either online or offline wallets. Normally, Hardware Wallets are more secure compared to software wallets.
However, not all of these hardware wallets are secure enough. Today we will go through the longest-running Hardware wallet Trezor i.e undertake a complete Trezor Review. And, also unleash the answers to few of the most common questions in the crypto world.
- What is the history of Trezor?
- Is Trezor Secure enough?
- What are the different types of Trezor Products?
- What is the Cost of a Trezor device?
- Is it worth buying?
- What are the different features of Trezor?
- How does it interact with the Blockchain?
- What are the benefits of Trezor?
- How is the customer service at Trezor?
You will get answers to each of the above in this exhaustive Trezor Review.
Trezor hardware wallet is a compact palm-size device that connects through a USB cable to your computer. The Trezor wallet was the first hardware wallet released (in 2014) for cryptocurrencies transactions.
It allows you to safely store, transmit and receive a wide variety of cryptocurrencies. Also, it has an innovative recovery seed procedure which can be helpful even if you lose or accidentally damage your device. Moreover, It provides an additional layer of protection.
Interestingly, with the device’s security, you can safely use the device on a computer that is already infected with malware.
In the Crypto-sphere, they consider Trezor to be the pioneer of wallets. And what is its history?
1. What is the History of Trezor?
The wallet was initially released in 2014 by a Czech startup called SatoshiLabs, whose primary mission is to create a hardware wallet. The objective to create the wallet was to provide users the safest way to manage and trade their cryptocurrencies online.
If you have ever dealt with any cryptocurrency, and especially Bitcoin, you would have known about SatoshiLabs.
The model that the world saw in 2014 was Trezor One. In 2018, SatoshiLabs released Tezor Model T. However, the sceptics then doubted if digital cryptocurrency wallets can perform their functions of secured storage. But the developer of Trezor wallet answered these speculations by innovating the device.
Satoshi labs designed the wallet to store the private keys on the device itself instead of storing them on Internet-connected devices.
2. What is the Cost of Trezor?
This is an important part of our Trezor Review. If you do wonder how much this compact beauty cost. Then here is your answer.
The Trezor hardware wallet comes with a price tag in the range of EUR59 to EUR189 for different models. Depending on its model it may sound costly, but the Trezor wallet is all you need to manage your portfolio with ultimate security. This device can handle 1800+ cryptocurrencies.
Plus the Trezor hardware wallet and its innovative recovery seed process add protection for extra cryptocurrency security.
At EUR189 you get to enjoy the premium features of the Trezor Model T. There are always alternatives present in the market in affordable budgets.
3. What are the different Trezor Products?
This compact and lightweight hardware wallet that weighs less than half an ounce can safely store and support around 1800 coins, ERC20 tokens.
This device connects to your computer via USB and its proprietary application called Trezor Suite. And stores the data completely offline without giving any access to the Internet. The most important security measure that the Trezor undertakes is PIN codes and phrase transmission. Makes it nearly impossible to hack the Trezor wallet.
The two most important treasure models are:
The launch of Trezor one was in 2014. It is a compact model sized at 60mm x 30mm x 6mm (2.4in x 1.2in x 0.2in) Weight: 12 g (0.42 oz).
After so many years, it remains the most popular wallet around. Trezor One is an excellent option for investors who are conscious of securing their cryptocurrencies. It only retails around EUR59.
But if you want the best among the best of SatoshiLabs, then Trezor model T is the option for you.
Trezor Model T made its debut in 2018. The Trezor Model T is created by taking the best features of Trezor one and merging them with a modern well-designed UI that enhances overall user experience and security. Dimensions of the device are:
2.52 in x 1.54 in x 0.39 in (64 mm x 39 mm x 10 mm)
Weight: 0.77 oz (22 g)
Both the models of the SatoshiLabs operate an open-source system. The Trezor T is more secure and flexible than the Trezor one.
It retails for around EUR189. You might have observed a significant price difference between the two products. What are the reasons behind it?
- The model T helps you store more cryptocurrencies like currencies like Monero and Cardano.
- It has the space for an SD card.
- It provides the users with an easy experience with a new RGB color touch screen facility.
- Shamir Backup (SLIP39) is only available in Model T Globally.
- It is the only FIDO2 authenticator that has a touchscreen.
4. Trezor Review: What are the Features offered by Trezor?
It is a wallet for a variety of Cryptocurrencies.
Trezor is advantageous if you have a portfolio of cryptocurrencies. It is a multi-cryptocurrency wallet that supports the major coins including Bitcoin, Ethereum, Tether, Litecoin, and Stellar. The environment that it offers with variable cryptocurrencies makes it unique.
One Device for all Problems.
The new desktop application of Trezor, Trezor Suite. Now it offers you new features that make it easier to handle crypto. It includes replace-by-fee for quicker transactions and a Tor switch for the optimization of connection.
Secure Admin SSH access.
Trezor your data with the help of SSH logging makes it difficult to access your data and servers.
This two-factor industry-standard feature in Trezor helps to protect your private keys and account.
The GPG integration feature in Tezor helps you sign emails, encrypt your files and manage the passwords.
Trezor Model T can support Ripple, Cardano, Tezos, Monero, EOS and it recently added Shiba Inu as well.
Trezor Ethereum wallet also supports the storage of all Ethereum based tokens ERC 20. This is advantageous, given the fact that there are thousands of various ERC 20 tokens on the market. Not to mention the Trezor team is continually expanding the number of coins.
It is worth checking the list of coins it supports from its official website >>periodically to see their latest additions.
Quick Tip: Do not send an unsupported cryptocurrency to your Trezor wallet. Otherwise, you might end up losing your cryptocurrency. You can view the list of supported cryptocurrencies here >>
The creation of Trezor was to bring top-notch crypto security to the public. Since it was in the public hands, the Trezor wallet has dominated the crypto market worldwide with its skyrocketing sales. To better understand why people prefer Trezor over other hardware wallets. Let us dive deep into how Trezor works and its security.
But first, let us have an overview of the blockchain process that is the foundation of all Cryptocurrencies.
5. How does Trezor interact with Blockchain?
A blockchain is simply a distributed Digital Ledger of transactions replicated and shared across the whole blockchains network of computer systems, where each block in the chain consists of several transactions.
Whenever a new transaction takes place on the blockchain, a record of the transaction adds to the Ledger. Each participant has his own Ledger.
Now Trezor wallet will serve as the key to the transactions before posing in the blockchain system.
For example, if you want to send coins to anyone before the recipient receives the coins. The transaction will first pass through to your Trezor for you to verify and confirm. If you do not confirm the transaction, the transaction will not push through, and the recipient will not receive the coins. This is the primary function of your Trezor wallet to safeguard every cryptocurrency transaction that you will make.
6. How Secure is Trezor?
The soul of our Trezor Review is its Security. SatoshiLabs takes the security of their devices seriously. Thereby, making Trezor according to the protocols and security standards.
- The device MRS boot loader continuously validates the firmware signature, every time you use it. If Satoshi labs do not verify its initial setup, the device will not boot up, and an error message will show on the screen. For every invalid firmware signature, the boot loader deletes the device memory. This goes with downgrading the firmware too.
- No authentication occurs in Trezor with the PIN code. Trezor supports BIP 39 compliant passwords, which is an advanced security feature. These passwords are never saved or remembered on the device. The protection boot loader is right too, which prevents accidental writing or erasure of stored data.
- If the Trezor wallet case breaks, it becomes impossible to restore it because of the use of ultrasonic welding during the building process of this crypto wallet.
- The Trezor wallet will protect your assets from potential online and offline threats unless you have not set up your Trezor wallet yet.
7. What are the Benefits Offered by Trezor
Moving forward with our Trezor Review, let’s discuss the Benefits. Here are a few benefits that Trezor offers its customers.
Due to the three layers of security protection of the trace of violets no random person can access your data. These three security layers are as follows-
- A randomly generated security seed.
- The created pin.
- Deposit phrase feature.
These three features in themselves put other crypto wallets far behind Model T.
The Open Source Architecture.
The basis of the Trezor crypto wallets is open-source architecture. Such architecture gives you complete freedom and control over the digital assets that you own.
The wallet also comes with a customization feature which makes it flexible to customize the wallet, according to your need of the hour.
The Trezor wallet is not only beneficial to the user but also makes it easy for third-party applications and systems. It becomes easy with the help of open-source architecture. In Trezor the developers get to integrate it into their solutions, unlike other wallets. Known examples of these integrations are
- GPG encryption and
Supports a Large range of Cryptocurrencies.
The Trezor wallet supports more than 1800 digital currencies which include Bitcoin, Litecoin, Dash. Ether, Ripple. These few additional points of Trezor put it much ahead of its rivals like the Ledger Nano S and Ledger Nano X (reviewed in a separate article>>).
8. How is the Customer Service at Trezor?
Trezor wallet is a unique and remarkable product to store your cryptocurrencies safely, but recently the customer service has become slow and poor. It reflects well from the low industry-standard rating with an average of 3 stars. There has been a mixed opinion from the customer regarding the service from Trezor Wallets.
These customer complaints have been observed in Trustpilot, Amazon, and the official Trezor Facebook Page. It is not such that the customer service of only Trezor wallets has decreased. But, some other manufacturers are facing similar problems due to the latest bull run.
9. Are Trezor Wallets Worth Investing?
The Trezor wallets are designed perfectly with the main focus on the security and safety of the user data. The wallet gives you a sleek and classy feel, and at the same time, it is also simple to use. You can send, receive, or buy as many crypto’s as you wish via your wallet.
Without any doubt, Trezor stands among the best hardware wallets when it comes to the security of diverse digital currencies. Making lives and the crypto functionality easier, it is the favorite hardware of crypto enthusiasts and expert traders.
Yes, the premium Trezor model is expensive but worth investing in. If you are tight on budget then go for Trezor One.
The bottom line is that the SatoshiLabs make sure that they protect your assets in the future from hackers. They even created the Trezor tree by taking the best features of Trezor and merging them with a modern well designed UI that enhances overall user experience and security.
But without a source element hackers can easily open the gadget and modify its data. This is something that SatoshiLabs needs to work on, as this is a significant security concern for people who own Trezor wallets.
Being in crypto for years, I find it completely helpful for me to manage my currencies and ensure their complete safety.
What are your thoughts about it? Do you think that it is worth investing in? Let’s talk about it in the comments section below.