The cryptocurrency is attracting an increasing number of investors and traders. Their wallets contain amounts usually in excess of $ 5,000. Users with less savings store funds in online wallets, while people with more capital store funds in wallets installed on their computers.
Such storage locations are considered reliable because they are independent from third parties (for example, owners of online wallet services) and are protected from hacking. However, if you have a virus on your computer, the risk of losing your savings increases dramatically.
To maximize the safety of users' capital, hardware wallets have been invented. They are made of aluminum or plastic and look like a USB flash drive. The task of the device is the autonomous storage of cryptocurrency without access to the Internet. The software on these devices prevents viruses from infecting the wallet. Therefore, hardware wallets are considered to be a reliable method of storing cryptocurrency.
Hardware wallets generate and store a private key inside the device. When a transaction is required, the transaction is also carried out inside the equipment. Upon completion, the device outputs only the electronic signature of the transaction.
What is a Trezor Wallet?
Trezor is a hardware wallet launched in August 2014. It was the first Bitcoin hardware wallet to offer secure cold storage and the ability to spend with the convenience of a hot wallet.
Trezor looks like a small device the size of a flash drive that connects to your computer using a USB cable. It stores your digital currencies, coins, as well as the private keys of various cryptocurrencies offline and signs transactions. It can be safely used on a computer infected with malware.
This lightweight and compact device works with Windows, macOS, Android and Linux devices, as well as Android smartphones. It connects to the USB port of your computer or other device using a cable.
The newer the device model, the more coins and coins the device supports. So, for example, all models allow you to store Bitcoin, Ethereum, Bitcoin Cash, Stellar, Litecoin, Dash, Ethereum Classic. But some coins can only be stored using the newer Trezor model, for example, Ripple, Monero, Cardano.
Since the Trezor device has been on the market since 2014, during this time, the company has covered more than 150 countries around the world, so we can say with confidence that you can use this hardware wallet everywhere.
Trezor provides excellent security for electronic money, protecting it from any kind of theft (physical or verbal). Trezor wallet is a wallet in which the user manages their private keys, so the entire wallet can be backed up during setup. For this, the device itself and the computer generate a phrase of 24 random words. The SEED phrase is generated offline and only displayed on the Trezor screen, ensuring that the SEED code never appears on an internet-connected device.
The user can restore the entire wallet using a SEED phrase and password in case of loss or damage to the Trezor. Recovery can be done using another Trezor or other wallets that are partnered with the Trezor company.
Also, the entrance to the wallet is available only when entering the password that the user sets after the first registration. It is 4 to 9 characters long and can only be entered using the Trezor.
It is also worth noting that the manufacturer thinks about security, even at the moment the device is sent to the user. So before you start using Trezor, you need to check the integrity of the packaging and the presence of intact holographic stickers with the Trezor logo. If you have any problems with this, you should contact the support service on the official website and refrain from using the wallet until they answer.
Trezor wallet features
SatoshiLabs has managed to introduce a multi-currency hardware wallet capable of storing over 1,000 coins, which no other wallet can do. It is especially ideal for traders who have a huge collection or portfolio of coins and have not yet found a safe and secure place to store them.
The thing that will help Trezor wallet win over customers is its ability to store all types of coins in one place. Traders no longer have to manage multiple wallets separately.
Trezor also has a crypto exchange function, which makes the wallet even more attractive for new users.
The support service at Trezor tries to answer any questions as quickly as possible to users, as well as to solve all the problems that have arisen in a quality manner. The company manufacturer Trezor, tries not only to eliminate the problems that arise, but also to study the cause of its occurrence in order to prevent recurrence of the problem.
How does Trezor wallet work?
Trezor is without a doubt one of the safest wallets around.
When the user connects the Trezor to the computer, the software system will ask if you want to create a new Trezor wallet. Please answer yes to this question and create a new wallet to continue.
The next step is to create a backup of the wallet. In this process, the user creates a "24 word seed". Basically, it is a combination of different words that will ensure that you do not lose your cryptocurrencies if you lose your password. Make sure that no one, not even yourself, has a photograph of these words. Therefore, it is worth writing them down in a notebook or in a separate text document.
As the installation proceeds, you will be prompted to set a new PIN on the Trezor. It will consist of 4 to 9 characters and with each introduction, you will need the Trezor device itself, on the display of which the numbers will change order, this creates another level of security.
This completes the registration of the wallet and the user can start using the functions of the wallet.
How to add cryptocurrency?
To do this, you need to go to the transaction, select the "Receive" function. After that, in special fields, you need to enter the sender's wallet address, currency type and amount. Confirmation of the operation takes place with the help of the device.
In the transaction tab, you need to click on "Send". This is followed by filling in the same fields as when receiving. Trezor provides a choice of transfer commission, which directly affects the speed of sending a transaction. The lower the commission, the longer the dispatch will take.
How to start using Trezor wallet in New Zealand?
To understand how to use Trezor Wallet, the user needs to first purchase a Trezor device. For security purposes, the manufacturer advises purchasing a wallet on the official website.
At the time of purchase, the user can choose the type of device, additional accessories and quantity in pieces.
After selecting all the add-ons, you need to proceed to payment. You can pay using euros, Bitcoins and about ten more altcoins. Before buying, you can familiarize yourself with the amounts of commissions and choose the most profitable option.
After that, the user only has to wait for his new wallet.
Trezor account recovery
You may need to recover your account if your computer crashes. The preset SEED phrase is useful for this. If difficulties arise, you can learn more about recovery by reading the Trezor Wallet Review on the official website.
Pros and cons of Trezor wallet
Today, the Trezor wallet is considered to be the most used among holders of digital assets. This is due to the large number of advantages characteristic of this device:
- The Trezor has a built-in Cortex M3 microcontroller. It provides additional protection for funds and also minimizes the chance of a device being compromised.
- The device can interact with the online wallet MyEtherWallet, designed to store coins created on the basis of the Ethereum blockchain.
- Relatively low price - on average $ 150, which depends on the device model (often, the growth in the rate of digital assets affects the growth in the cost of cryptocurrency wallets).
Just like any device, Trezor has disadvantages:
- English language technical support.
- Long sync with Bitcoin coins. Many people believe that it is better to store bitcoin in an official wallet.
Trezor wallet alternatives
The only wallet that can be considered an alternative to Trezor is the Ledger wallet. Its security level matches that of Trezor, and Ledger has nearly the same number of cryptocurrencies available.
Trezor wallet FAQ
Why do you need a Trezor wallet?
Trezor wallet can be considered a pioneer among hardware wallets. It is used as a cold storage wallet, with hot wallet functions.
How secure is Trezor wallet?
Hardware wallets are considered the safest among all existing wallets, thanks to a separate device - a key.
Is Trezor a good cryptocurrency wallet?
Trezor was created for storing digital money and is undoubtedly the best wallet in its role.
How to send cryptocurrency from Trezor wallet?
You can send digital currency from the wallet thanks to the function of the same name in the transaction section. Do not forget to indicate the amount of the commission.
What types of cryptocurrencies are supported by Trezor Wallet?
Trezor supports Bitcoin, all Ethereum-based tokens, and many altcoins (popular and less popular).
Trezor is the pioneer among hardware wallets. It offers safe and easy storing and managing crypto assets. It has on-line exchange which provides fast and safe transactions, professional customer support and intuitive interface. There is a possibility to purchase Trezor Wallet in New Zealand.