Last updated: 09/15/2019
Cryptocurrencies have been on a roll for a while now. If you’re new to the crypto world, you might be wondering how people store these digital currencies. The answer is “crypto wallets.”
Now, while there are many cryptocurrencies, there are also a lot of wallets. But here, we will be looking at one the best cryptocurrency hard wallets out there.
Trezors vs Ledger Nanos
Price for 1 minute
Ledger Nano S
Ledger Nano X
Trezor Model T
What are Hard Wallets – an Overview?
Hard wallets are hardware devices used to store users’ private keys securely and interactively. The software of hard wallets is open source and they allow the validation of a user’s entire operation on the device. Hard wallets are less likely to get infected by viruses that often affect computers.
If hard wallets are not your thing, you may consider using a crypto desktop wallet. But, let’s say you want to it mobile, an iOS wallet or Android wallet will do the trick. However, be warn that the safest crytpocurrency wallets that ware immune to hacking are hard wallets.
Why Does One Need a Hard Wallet?
- Hard wallets are necessary because of the following reasons:
- It has strong security design, that is relatively impossible to hack
- Supports multiple cryptocurrencies
- Immune to computer viruses
- All transactions require verification through your hard wallet, that is no one can make transactions without having your device in their possession
- It is protected by a pin so even if it gets stolen, your funds are still safe
Trezor One Hard Wallet Review & Summary
What is Trezor One Hard Wallet?
Trezor One is a hard wallet developed by Satoshi Labs in 2014. It is a small device that connects to your computer through a USB port, which allows for the storage of bitcoins and other types of cryptocurrency. Trezor one not only allows transactions to be done on the device but it also gives a very strong security measure which makes it convenient and safe for users to access their cryptocurrencies on different computer secure or on insecure.
ALSO READ: Trezor Model T Reviews
Don’t feel like reading all this? Watch the Trezor One Review Video Below:
Cryptocoins Supported By Trezor One
The following are the type of cryptocoins supported by Trezor One:
- Bitcoin (BTC)
- Bitcoin cash (BCH)
- Litecoin (LTC)
- Ethereum (ETH)
- Ethereum classic
- Erc-20 token
The complete list of coins supported can be found here.
How to Setup Trezor One
When you purchase a Trezor One hard wallet here are the things that should be in the box: Trezor hard wallet, recovery seed card, 9instructions, lanyard and a USD to USB cable.
Setting up your Trezor One
Step 1: Connect your Trezor 1 to the computer using the USB cable.
Step 2: Go to Trezor.io/start, and learn how the pin and recovery seed work
Step 3: Install the Trezor 1 wallet unto your computer, one compatible with your operating system.
Step 4: Install the latest firmware onto the device because no firmware will be preinstalled
Step 5: Reconnect your Trezor 1 wallet by removing the USB cable and inserting it back then go to TREZOR.io.
Step 6: At this stage, you are prompted to give your device a name.
Step 7: Set up your pin, this might seem to be tricky but it actually easy, your browser will give you a grid of dot while your device will give you a grid of numbers.
Now, if you choose a password of let’s say 2345, you are expected to click on the dot where each number is located on your device in that particular order. You are going have to do this twice to confirm your pin
Step 8: Your device will then display your recovery seed which is a 24 combination of unique words. You are advised to write it down in a safe place in case you lose your device.
Step 9: Go to wallet.TREZOR.io, insert your pin to access your account.
Trezor One Frequently Asked Questions
How much does Trezor One cost?
The Trezor One hard wallet cost about 80USD
Can Trezor One be hacked?
Trezor One was designed to be unhackable.
Is Trezor One 100% secure?
Trezor One was the first hard wallet developed and it is still very much secure
How to reset Trezor One
- Go to wallet.TREZOR.io, swipe your finger across the screen of your device while connecting the cable into your device.
- This will load the bootloader mode the press connects to host.
- Then click reset on the web interface and confirm the action on your device.
- Now, your device has been successfully reset
Trezor One is one of the best hardware wallets out there. Even though it is the oldest one it is still very much reliable and consistent and it is one of the leading hardware wallets in 2019. You can store your coins on a secure paper wallet, but I highly recommend a hard wallet over paper wallet for long term cryptocurrency storing.