We continue to review cryptocurrency digital wallets and in this case we will talk about TREZOR Wallet, which is considered to be one of the first and most secure.
We have had good impression of this digital wallet Trezor is recommended to all those who care about the safety of their funds that are stored in bitcoin or altcoin.
How TREZOR Wallet works
All operation and control is done with the digital display and two buttons. What’s more, the display serves to protect transactions from substitution. For the correct functioning of the wallet, a computer connection is required and all processes are carried out through the Google Chrome application. In addition, in this case you have a mobile client and Linus support, and the wallet interface is easy to use. In addition, the wallet has the same working tools as other digital wallets. You can view the transaction history, receive and send tokens, and send or review the confirmed message.
In addition to using the digital wallet through the browser interface, you can use it from various applications. A significant advantage of Trezor is the compatibility with various types of software to access the following wallets:
- MyEtherWallet,
- Electrum MultiBit,
- Mycelium, and others.
The device can be leveraged to store various types of altcoins the list of which will be given below. The source code and compatibility with most popular operating systems make this device cross-platform and truly secure.
It is worth mentioning that there is a possibility to work from the Android mobile application using OTG cable and a corresponding API.
What types of cryptocurrency are supported by TREZOR
The list of tokens that can be stored in the wallet is constantly expanding, and as of December 2017 TREZOR accepted the following currencies: Bitcoin (BTC); Litecoin (LTC); DASH; Zcash (ZEC); Bitcoin Cash; Bcash (BCH); Bitcoin Gold (BTG); Ethereum (ETH); Ethereum Classic (ETC); ERC-20; Expanse Tokens (EXP); UBIQ (UBQ); NEM (XEM); NEM.
How to connect for the first time and make settings
The installation of TREZOR is quite simple. Connect your device to the computer, set up a “bridge” for operation with the computer and follow the instructions.
Enter the PIN code
The PIN code is used to identify the owner of the digital wallet each time it is connected. The device then requires several digits to be entered on the computer screen. When connecting the device for the first time the TREZOR PIN code must be entered twice. The digits of the coin purse are mixed up with each other. Then the actual number of the pin code will appear only on the TREZOR screen. This is done in order to protect you from computer viruses and to prevent hackers from getting your PIN code.
Secret key
You have to write down the recovery code which consists of a list of words that will be used in case you lose your TREZOR device. The device will show you 12 words, you can also choose 24, and you have to write them down or even take a picture and save them in a safe place. These will be used when you need to retrieve the secret key.
How to connect to the browser client
Once you have finished installing the TREZOR digital wallet, you will need to connect it to your computer and log in to MyTREZOR.com. It is the web-client for Bitcoin TREZOR which is used to send bitcoin to any address.
What if MyTREZOR.com has been hacked?
One of the most attractive advantages is that you don’t need to have a username and password as the TREZOR wallet replaces this data. If the hacker does not have your device he will not be able to access your personal data on the web.
Phrase – seed to regain access in case of loss
You will have at your disposal an additional password in the form of a seed phrase to be able to recover your wallet. And there is a very interesting feature that deals with the phrase-seed. In case someone is forcibly taking your password from you, you will be able to use the fake passphrase which will give access to a small amount of money from your wallet. This is programmed by TREZOR so that you can safely keep most of your funds.
Overview
In addition, the coin acceptor serves as additional protection, which is realised by a Cortex M3 microcontroller. In order to ensure additional security, the official BIP39 implementation is used for working with keywords, as well as BIP32 and BIP44.
The TREZOR Wallet has always been one of the most popular devices among cryptocurrency users. The company that manufactures these devices has been on the market for a long time and does its best to meet the needs of its customers, optimising the product and making it the most secure. The cost of the digital wallet is $150, which is more than the cost of some of the devices manufactured by Ledger. However, the security of the device and the convenience of the interface make up for it. Moreover, it is not a high price for the secure storage of the user’s funds.
Among the disadvantages we can highlight only the small amount of altcoins that can be stored on the device. In our opinion, when the number of coins available on CoinMarketCao has exceeded 1,300, the use of a larger amount of cryptocurrency is required, because not all of them belong to the ERC20 standard. And all tokens on Ethereum blockchain are accepted in the wallet through MyEtherWallet.
We recommend that you buy any wallet only through official distributors as it makes no sense to risk and trust private sellers.
We also recommend to learn more about Keepkey, Ledger Blue and Electrum wallets.
