Today, more and more people are interested in cryptocurrencies. The increased interest in Bitcoin and other digital currencies comes with security issues. People are always at the risk of having their coins stolen and thus need a much-secured way of storing them.
There are different types of cryptocurrency wallets. Most notably, the cryptocurrency world is full of different software wallets for storing cryptocurrencies, and even they can be stored on Exchanges like Bittrex, Poloniex etc. But, when it comes to hardware storage wallet, the options are limited.
TREZOR is hardware storage wallet for storing digital currencies. It comes with some amazing qualities that make it the ideal wallet for all cryptocurrency investors.
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This guide will provide a detailed, unbiased overview of TREZOR and highlight its features so that you can use the information to make the right decision when looking for a durable and safe hardware wallet for storing your digital currency. I will first talk about the numerous qualities of this wallet.
Features of TREZOR
TREZOR has a long list of appealing attributes. These are responsible for making this handheld bank one of the safest places on earth for storing your digital currency. Its awesome attributes include:
#1. Quick setup & Easy to Use.
This is not a time-consuming and sophisticated wallet that requires the assistance of a skilled technician for installation. TREZOR is very easy to set up. It is a registration-free device that you can easily set up in a couple of minutes. You can follow the instructions here to setup your wallet without hitches.
Make sure that you note your 24 phrase recovery seeds well (these are random 24 English words which can be used in case of recovering Trezor), which are displayed during the initial set-up.
And, if you are awed by the simplicity of its setup, don’t expect anything sort of that when using it. It is a super user-friendly piece that can be used by all crypto investors regardless of their age, gender, or education.
#2. Easy Recovery
Sometimes, you may accidentally lose your TREZOR, or it may get destroyed without warning. Don’t panic if that happens. Rest assured that your asset is safely guarded and you can easily recover the lost wallet with your recovery seeds.
Even if your Trezor is lost/damaged, you can bank all your coins until you have your recovery seed with you.
#3. Security at its Peak
The sole purpose of using a hardware wallet is to protect your cryptocurrencies, and hence security has to be a major consideration while selecting a hardware wallet.
Trezor does the best when it comes to securing your cryptocurrencies; below are some of the notable security features of Trezor:
#3.1 Re-confirm Transactions
One of the most painful mistakes in cryptocurrency transaction is confirming a transaction without checking the transaction details. For instance, one may accidentally sent 0.1BTC instead of 0.01BTC without checking the details. Or accidentally an incorrect address is mentioned. This may result in a huge loss for the sender of the coin.
The manufacturers of TREZOR are aware of the tendency to commit this painful mistake and put a measure in place to reduce the probability of falling victim to such irreversible mistake.
TREZOR comes with a display where you have to confirm your transaction details on the hardware, before proceeding with the transaction itself. This step might be a little time consuming, but a double check is always a good safeguard measure.
#3.2 PIN – Keylogger Protection
To access TREZOR, one needs to enter a PIN. The best part of TREZOR is a grid of numbers appears on the hardware, of which, your PIN needs to be punched on the desktop screen.
Passphrase is a security tool in addition to having a PIN. A PIN is device specific; however, a Passphrase is a wallet specific.
So if your PIN is stolen, indeed the passphrase acts as your saviour, as the funds from your wallet cannot be withdrawn without entering the Passphrase.
TREZOR offers your multiple wallet addresses, and for each wallet, you can have a different passphrase.
So, your account might display a minimal amount of cryptocurrency in your wallet on a passphrase, and on another passphrase (which is considered to be confidential with you), will be your bank of crypto!
#3.5 Brute Force Safeguard
Every time a wrong PIN is entered, the wait time to re-enter the PIN again increases. And from firmware version 1.5.1, if someone enters 16 incorrect PIN’s, then your hardware wallet will get wiped off!
Thus there is no chance that your PIN can be stolen via the brute force attack.
#4. Small & Sturdy
In this digital age, the invention of nanotechnology means scientists and inventors can create smaller devices that are equally more secure and valuable than their bigger predecessors. The same principle applies to this device. It is small and can fit into your palm.
The device can easily resist temperatures between -20° C to +60° C. However, it is not waterproof.
#5. Affordable Price
If you expect a device that promises this high security of your digital currency to be far beyond the reach of many people you are mistaken. It is a very affordable piece of a private bank that can be afforded by any cryptocurrency investor.
For as little as €89 or a little less than $100, you can get yourself a safe wallet for keeping your digital currency.
Although Ledger Nano S is a bit cheaper while buying a hardware wallet, I would personally not consider a price difference of few $; and compromise on security and ease of use.
TREZOR hardware wallet is primarily designed for storing Bitcoin. It is the most secure and trusted way to store this leading digital currency. To avoid losing your private keys, store them into this device, and you can always retrieve it whenever you need access to your digital currency. That reduces the risk of losing your private keys and access to your asset.
Although Bitcoin is the first coin supported by TREZOR, the manufacturers have increased the range of scope of the device to include Ethereum, Litecoin, Ethereum Classic, Dash, and ZCash. The decision was made to offer investors in other cryptocurrencies access to a trustworthy private bank for storing their digital currencies.
What is holding you back? The features of this device, its amazing level of security and its affordability make it a hardware wallet you should have for the safekeeping of your digital currency.