CoinFlip Reviews the Trezor One Hardware Crypto Wallet
One of bitcoin's biggest is security, but your BTC is only as secure as the digital wallet you keep it in. For maximum protection, crypto enthusiasts often recommend using a cold wallet like a hardware wallet. Trezor touts its self as the original and most trusted cryptocurrency wallet hardware wallet.
To explore this claim in further detail, I'm taking a look at the Trezor One hardware wallet. This review will explain everything you need to know about the Trezor One as a beginner - what it is, what it does, its advantages and disadvantages, and how well it works with a Bitcoin ATM.
What is a hardware wallet?
A hardware wallet is a type of crypto wallet that stores your private keys in a secure hardware device. They are typically immune to computer viruses that steal from software wallets kept on your phone or computer. Since hardware wallets are not connected to the internet unless plugged into your computer, they are protected from unauthorized access, cyber hacks, and other vulnerabilities that internet connectedness creates.
What is the Trezor One hardware wallet?
Trezor is the brand behind the world's first hardware wallet. First launched in 2014 by the Czech Republic-based company Satoshi Labs, Trezor wallets allow you to safely store, send, and receive a wide variety of cryptocurrencies. Trezor currently offers two different wallets, the original Trezor One, which I will be reviewing today, and the Trezor Model T, launched in 2018.
The Trezor One can be purchased for $59.00 from various retail sites, including the Trezor official shop, Amazon, and Best Buy. When it comes to shopping for hardware wallets, stay away from second-hand sites like eBay or OfferUp. It is never recommended to buy a used hardware wallet because the original owner may have done something to the device that compromises its security. Upon purchase, always check to make sure the holographic seal on the box is intact.
Initial Thoughts
The Trezor One comes in sleek and simple packaging that was incredibly difficult to open. Usually, this would not be very pleasant, but in the case of Trezor, a hard-to-open package is a good sign! The Trezor box is protected by seals and is virtually impossible to open without breaking it, so you know you right away if someone has tampered with it.
Inside the package, you will find the Trezor One device, a lanyard, a USB connecter, a booklet to store your recovery seeds, stickers, and a leaflet on getting started.
Setting up your device through the Trezor website is easy - just plug the device into your computer follow the prompts on the screen. The steps to getting started include:
Download Trezor Bridge
Write down your recovery seeds
Install the firmware
Set up PIN
Create a new wallet if you are new to Trezor
Trezor One Pros
Secure
Affordable
Web Browser, Desktop, and Android Supported
Supports 1,600+ Tokens
Secure
The biggest advantage of using a Trezor One wallet is its security. This wallet has many safety features beyond storing your private keys offline and safe from potential hackers. First, to use your Trezor One to send or receive funds or check your balance, you must enter your PIN. You will select this PIN of up to nine digits when setting up your device. For extra security, the Trezor team designed the PIN pad so that every time you enter your PIN, the order of the numbers changes, so keyloggers cannot track your movements.
Additionally, upon setting up your device, you will be given a recovery seed or a list of words in a specific order that stores all the information needed to recover your wallet if you happen to forget your PIN or your device was stolen. Be sure this list of words is only known to you and kept in a secure place, as it is essentilaly the key to your wallet.
The Trezor One also provides password management and two-factor authentication to ensure security. With the combination of these features, your Trezor wallet is impossible to hack as long as no one gets their hands on your PIN or recovery seed.
Affordable
At $59.00, the Trezor One is one of the more affordable hardware wallets on the market. For comparison, the Trezor Model T costs $149.
Web Browser, Desktop, and Android Supported
You can easily access your Trezor One wallet through a web browser at wallet.trezor.io. You can also download the Trezor Suite onto your computer to access your wallet from your desktop. When using a computer to access your Trezor One, you must first plug the device into your computer.
If you are an Android user, then you are in luck. You can connect to your wallet directly with WebUSB. Just plug your Trezor into your phone, open Google Chrome, and visit wallet.trezor.io.
Supports 1,600+ Coins and Tokens
Trezor Wallets are compatible with 1,649 coins and tokens. Including all of the cryptocurrencies listed by CoinFlip; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Chainlink (LINK), USD Coin (USDC), Stellar (XLM), and Binance Coin (BNB).
Trezor One Cons
iOS not supported
Difficult to Access
iOS not supported
Trezor systems currently do not support iOS - the mobile operating system by Apple. For me, one of the biggest Trezor disadvantages as an iPhone user is not accessing my wallet with my mobile phone.
Difficult to Access
In a different light, this disadvantage could also be seen as a significant advantage. Accessing your Trezor One wallet requires a lot of work. You have to plug the device into your computer or phone before pulling up the Trezor site or desktop app.
If you're like me and like to check your balances often, these extra steps may be a bit of a nuisance. For this reason, the Trezor One reminds me a lot of a piggy bank. You can put a chunk of change in there to forget about until you need it. There is a lot of peace of mind that comes with the idea that accessing your funds is somewhat tricky for you, let alone how difficult it would be for hackers or other malicious actors.
Using Trezor with CoinFlip
To properly test out the Trezor One, I made a trip to my nearest CoinFlip ATM. Before I left, I connected my device to my computer and launched wallets.trezor.io on my web browser to collect my wallet's public address. As CoinFlip ATMs can only read wallet addresses presented as QR codes, I needed to get my Trezor's QR code on my phone to scan at the ATM.
As an iPhone user, I could not access the wallet from my phone. Instead, I had to take a screenshot of my wallet's address code on my computer and send it to my iPhone. Honestly, this seemed like kind of a backward way of retrieving this information, and I wish there were a more simplified way to export this code.
However, once I had the QR code on my phone, everything was smooth sailing. I had no problems conducting my transaction on the ATM, and I confirmed the transaction went through as planned once I got home.
Final Thoughts
With this review, you should have a good understanding of what the Trezor One is, the advantages and disadvantages of using one, and how it works with a CoinFlip ATM. Overall, you can't beat Trezor's security.
If you are looking for a no-frills way to keep your crypto as safe as possible, the Trezor One is absolutely for you. A major perk of the Trezor One is that even if your device is stolen, you wills till you can access your crypto as long as you have your recovery seeds. If you are looking to upgrade your crypto security at an affordable price, look no further than the Trezor One.
