2017, if spoken of categorically in terms of fads and technology-driven craze, was a year of cryptocurrencies, positioning them to be an infallible investment attracting many potential dealers and investors in the domain.
For those who have decided to invest their money in cryptocurrencies and are on the lookout for wallets other than the usual digital wallets to keep their coins safe and secure, a hardware wallet emerges as a lucrative option.
Trezor, a hardware cryptocurrency wallet stand tall in the list of hardware wallets along with Ledger Nano S that are out there. It provides unmatched features with undeniably excellent security settings. So, let’s take a dive into the benefits that Trezor has to offer in this exclusive Trezor review.
What is Trezor Wallet?
Launched in August 2014, Trezor is the world’s first hardware wallet. Similar in size to a car key, this hardware wallet allows users to store various cryptocurrencies like bitcoin and other altcoins using a private key which is stored internally.
Easily compatible with most USB 3.0 enabled devices like your personal computer; the wallet provides the safest storage for private keys. The wallet is not vulnerable to any potential malware on the computer connected, keeping the keys stored within safe.
The Trezor wallet is a combination of both cold storage of coins coupled with the facility of spending them in a fashion similar to that of hot wallets. Unlike the online wallets where the keys are under third-party control, this hardware wallet remains under the complete control of the user.
In addition to allowing storage of cryptocurrencies, the wallet also provides an exchange of the same through its user- friendly interface.
A wide range of coins are supported in the Trezor wallet, few of them are stated below:
- ERC-20 tokens
- Expanse (EXP)
- UBIQ (UBQ)
- NEM (XEM)
The Wallet User Interface
The Trezor wallet has a user-friendly interface conveniently accessible from wallet.trezor.io from Google Chrome or via Trezor bridge, which, as the name suggests, acts as a link between the user and the wallet interface.
The wallet connects seamlessly with the hardware device providing the user the complete access and control to the keys and coins stored within, enabling them to efficiently manage balances and to initiate and monitor transactions. Through the interface, one may create as many public domains as required to send and receive payments as per the need. These transactions, however, require prior entering of the pin code to initiate the sending process.
The wallet supports additional features such as adding passphrases for providing added security to the coins. These passphrases work simultaneously with the seed keys to enhance the security functioning. However, the setting up of passphrases has a high-risk factor involved, for there is nothing like a ‘Forget Password’ feature available. If once the passphrase is forgotten by the user, there is no way to recover the same and gain the access back, unfortunately resulting in dumping of everything into the trash.
Just like all hardware, it is always advised to do your background research to get acquainted with the wallet features in advance before leaping into the usage and exposing yourself to careless, avoidable losses. Though the user-interface is easy to understand, it is always recommended to study well the additional features provided with this hardware wallet which are likely to be missing in other options under this category.
In layman terms, the working of the Trezor wallet is similar to the working of the bank cheques which require an in-person validation of the authorized person in form of signature before sanctioning of the cheque.
In Trezor, it can be considered that there is an in-built elf signing all the outgoing transactions with the private key, which for now are supposed to be similar to the cheque system of the banks. Though the signatures are unique for a particular transaction, they come from the same elf.
When it comes to wallets, cryptocurrencies or any sort of online money transactions, the thing of foremost concern which should be absolutely uncompromised is security. Safety features, therefore, form the bulk of the metric used to judge the performance of a particular device or service. The Trezor wallet provides top-notch security when it comes to securing and safeguarding one’s coins.
Apart from being resilient to potential software viruses and malware on the computer connected to the device, the wallet also provides security against hacking and stealing of the coins unlike in the online wallets. Since the coins are available in an offline mode, it is practically impossible to steal them without having an access to the device.
Even if, hypothetically, the company Satoshi Labs suddenly is motivated to steal everyone’s coins, they won’t be successful as the coins are offline and additionally, everything related to the code and working of the company is open source which makes it transparent and available to all. Thus, there are absolutely no chances of any such fraudulent or suspicious activity. This adds to the security feature of the hardware wallet.
However, the major threat, if possible to the coins will be because of one’s own unawareness. It is, needless to say, of prime importance to educate oneself well so that mishaps and personal errors can be averted.
Design and Built
Designed to fit perfectly in a palm, the Trezor wallet has an OLED display of 128×64 pixels and two buttons at the bottom for confirming and canceling.
With a Ram size of 2 GB and storage capacity of approximately 1000 GB, the hardware wallet comes with a special USB cable, a USB port at the bottom of the device and is designed to be compatible with Windows and Mac operating systems. The device can be used with personal computers, laptops or with smartphones.
With a tiny size and feather-like weight, these wallets are designed to be accessed single-handedly. However, the built quality is something which could be worked upon. To minimize the cost, the plastic used in making is of lower standards which makes the users compromise with the quality of the product.
The wallet remains available in three colors – black, white and grey.
Backing up of Trezor
The best way of backing up the contents of a Trezor device is to have a secondary, auxiliary device. While one could be used to generate primary keys, the other could be used to perform recovery on the first device.
In this way, a user would first be required to note down the recovery seed key correctly from the first device and then secondly, have a backup device if the first one gets damaged, lost or stolen.
The Final Verdict on the Trezor Wallet Review
- Easy to use for first-time users. Convenient UI with intuitive controls
- Resistant to local malware, and hence more secure
- Great documentation by the manufacturer that is easy to navigate
- Compatible with devices like personal computers and smartphones via USB connectivity
- Poor build of the product, lackluster quality of material used
- Initial set-up could be a little tricky
- Cost competitive, but still high as compared to other digital storage platforms
- Cryptocurrencies currently supported are limited
The Trezor wallet is a blessing for those who are an integral part of the crypto world and are constantly worried about the security of their wealth.
Priced for approximately $100 which is comparatively higher than the non-hardware alternatives, the additional features of the wallet completely make up for the higher cost.
Our Final Verdict on Trezor Review
Despite all the disadvantages, the Trezor wallet has much more impactful advantages, worthy of driving the attention of all interested investors in the crypto-world towards securing their fortunes through a promising and rapidly improving hardware device.
So, If you are willing to buy a Trezor then you can get it from here or you must go ahead and read Ledger Nano S Review which is the biggest competitor of Trezor.