What is a Trezor hardware wallet?
Trezor hardware wallet: The secure vault for your digital assets. Store bitcoins, litecoins, passwords, logins, and keys without worries.
One of the most important aspects to consider when thinking about crypto investments is where you are going to store your coins. Whether you decide to get involved in cryptocurrency mining, long-term investments or trading, you will need a wallet service that cannot be fooled by anyone, thus ensuring the safety of your tokens. On this occasion, we will get into Trezor hardware wallets and examine its features.
Exchange platforms usually have wallet support for multiple cryptocurrencies, although several hacking episodes can make users wonder if that’s a risk they want to take. For this reason, hardware wallets such as Trezor were created, trying to offer a device that only the owner can have access to, even while offline.
What is Trezor?
Trezor is a multi-hardware cryptocurrency wallet that was originally designed to give users a new and better token-safekeeping experience. The Trezor wallet was launched by a Czech company called SatoshiLabs, giving us insight into what a crypto wallet really should be.
Unlike an exchange platform -where the user does not manage their own private keys- hardware wallets are accessible only through users’ private keys. For this purpose, it is strongly recommended to have backup of these keys in case they are lost or forgotten.
The special thing about Trezor is that it keeps funds offline, making it impossible for a hacker to access a server when not connected to the network. This is called "cold storage" and it is recognized as the best and safest way to store cryptocurrency tokens.
Trezor supported cryptocurrencies
The Trezor wallet was designed to store different cryptocurrency tokens regardless of their own network, so the list of supported assets is large. Currently, Trezor offers wallets for more than 1,400 cryptocurrencies on the market, including all Ethereum-based tokens (ERC-20), Bitcoin, stablecoins and a long list of altcoins.
It should be noted that the Trezor team is constantly working to determine which new cryptocurrencies are performing well and how their projects are working, in order to analyze possible new enlistments.
You can see the complete list of cryptocurrencies supported by the Trezor wallet on its official platform: https://trezor.io/coins/
Trezor wallet security
To keep the level of protection always at the maximum, the Trezor wallet takes security measures that ensure the safeguarding of the tokens you acquire.
- Trezor has firmware verification, which only works properly if signed by SatoshiLabs (who created Trezor). If it has no signature, a warning window will pop up.
- The operations carried out can only be monitored by the user after they authenticate their login. This helps protect your private and public keys.
- Trezors devices use BIP39 passphrases. These passphrases are a functionality that allows the creation of fake wallets in an attempt to mislead any possible attacker in the event of theft. These passphrases are not saved on the device under any circumstances. Note that you will have to write this passphrase down somewhere only you can see it.
- The device has recovery seeds that will allow the user to access their funds in case of losing the keys or losing the Trezor wallet, regardless of whether it has been broken or you have left it somewhere.
- Trezor wallets have a limited USB connection, which ensures that if your computer is infected with a virus that precisely seeks to attack the tokens that you have stored on your Trezor device, the device cannot be infected.
Trezor wallet: Pros and Cons
Hardware wallets like Trezor are definitely the best way to store cryptocurrencies, whatever the purpose, and you will not be charged high fees to deposit or withdraw your tokens.
The fact that the Trezor wallet works, save your cryptocurrencies with the cold storage mechanism, isolates your money from the entire internet, thus increasing the chances that nobody will ever even know if you have any coins at all.
The Trezor wallets provide you with keys and recovery codes in case of any eventuality so that you can recover your tokens, although you can consider it lost if you make the mistake of not writing them down somewhere.
Support for a huge amount of cryptocurrencies, unlike many exchange platforms and online wallet services.
Security comes at a price, so you will have to spend a minimum of USD $100 to acquire a Trezor hardware wallet. There are companies that sell other brands of these devices, although the differences in price are minimal. If your cryptocurrency funds do not exceed $2000, it may be preferable that you keep them in a reputable wallet software and all the necessary security filters.
Another negative point is having to enter your security PIN every time you link the device to a computer to carry out a transaction.
It is not a recommended wallet for novice users in the crypto space.
Hardware wallets are believed to play a big part in the future of our personal finances, as knowledge about crypto security is spread among potential new users. These devices are found in every country and will probably increase in popularity over time.