Trezor Review: Cutting Edge Hardware Wallet
Securing your Bitcoin is Essential, Trezor Makes it Easy
The popularity of Bitcoin and other cryptocurrencies has increased sharply over the recent years. Because of the increased attention Bitcoin is quickly becoming a target for cybercriminals. It is for this reason that we must remain vigilant with regard to our Bitcoins and take all necessary measures to ensure that cyber investment is safe, away from the prying eyes of malicious users and hackers. The best way to do this is to use a hardware wallet, such as a Trezor wallet.
Trezor: The Everyman’s Hardware Wallet
A Bitcoin wallet is probably the best way to store your Bitcoins, which is why it is known as a “Cold Storage.” This is because it stores your Bitcoin private keys offline, keeping it out of the reach of hackers that often target online wallets. Hardware wallets are the most secure wallets available to consumers, making Trezor an attractive proposition. It can save you a whole lot of stress and anxiety. Here are a few reasons why using a Trezor wallet can help you reap greater rewards in the Bitcoin business.
What is TREZOR?
Alternatively, using Trezor, an offline hardware wallet, you do not have to go through such an extensive process. It saves your private keys and enables to you to verify a transaction without connecting to the internet. This means that even if the security of your computer is compromised, your Bitcoins are safe. Trezor does not obey the inverse proportionality rule, which is a huge advantage for Bitcoin owners. Not only is Trezor one of the safest means of cryptocurrency storage, but it also has the flexibility to allow a variety of its functions to be carried out.
The size of the device is also a plus point for users. It is small and compact, about the size of a USB, and can fit into a pocket. This feature makes it portable – just connect it to your computer and begin.
TREZOR, when connected to your PC, works on the principle of limited USB connection i.e. it functions on the same principle as the keyboard and the mouse. The mouse can communicate its location to the computer, but it cannot be moved. Hence, even if your computer is hacked, TREZOR can ensure the safe completion of your transactions.
Trezor Easy Setup
Setting up your Trezor device is straightforward. It only takes anywhere from a few minutes to at most an hour to figure out, a small price to pay for piece of mind of your crypto coin security. All you need to do is connect your device to a computer and install the firmware. We went with the chrome browser firmware, this functions as a bridge that allows your device to integrate with your computer and carry out all functions.
Every time you connect Trezor to your laptop or desktop, you will be asked to provide a PIN code (preset in the initiation stage). This is to ensure you are the rightful owner of the Trezor. The PIN needs to be entered on the computer and then the Trezor, while the numbers are only available on the “second screen” i.e. the one on the wallet. This means that even if your computer has been compromised by malware, even if your activities are being monitored, the potential perpetrator will not be able to decipher your PIN since it is not visible on the computer screen. This ensures maximum security with regard to your Bitcoins.
Backup: The Trezor Backup Seed
Writing down and securing your backup seed is the most delicate part of the setting up a Trezor. The seed is a collection of 12 numbers that makes your Master Private Key. Whoever has access to your seed has access to your Bitcoins. Therefore, it is supremely important to write down your seed in a safe place, away from prying eyes of cyber criminals. Do not make the mistake of writing your seed down on your computer because it can easily be accessed by a hacker after which he can gain access to your wallet. We recommend that you get a cryptosteel device to store your seed, which is a pretty safe way to protect your seed from anyone who wants to steal your Bitcoins. Your seed can also help you recover your money in case you misplace your Treznor.
Once you established your PIN and written down the seed, setup is complete. All you need to do now is to connect to MyTREZOR.com, which is Trezor’s Bitcoin client, via computer. The client will enable you to carry out Bitcoin transactions without any problems.
Security and Flexibility:
We know that security is an integral part of our Bitcoin storage method. However, the more secure the method, the less number of functions it provides – so yes, the wallets is not as flexible as you might think. This inverse proportionality limits the options available to Bitcoin users. Consider the example of a paper wallet. It is considered highly secure, but it obeys the inverse proportionality trend mentioned above; this is why you can only carry out some of the functions associated with the ownership of Bitcoin, which in this case, is only limited to depositing coins. If you want to withdraw them, you have to go through a lengthy process, which includes finding a Bitcoin client and then exporting your private keys to the client to process the transaction.
Is Trezor Prone to Hackers?
The best part about Trezor is that it does not work on the principle of a username and password, which is why it cannot be hacked very easily. Your device itself is your identity, which is why it is very difficult (virtually impossible except in certain cases) to infiltrate it over the internet.
In case you want to protect your seed from an “Evil Maid,” Trezor gives you the ability to add extra protection to your device by adding a passphrase – a phrase or a word that needs to be entered into the device, which acts as a primary source of protection from physical access to your Treznor device.
In case you are blackmailed into telling someone your passphrase, you can enter an alternative passphrase, a dummy phrase that shows a much smaller amount of Bitcoins than that stored in your device. This means most of your Bitcoins will still be safe. Trezor can hold only one wallet at a time, but by having multiple backup seeds you reduce the risk of loosing something significant if the backup seed gets exposed.
Trezor is the Best Combination of Easy-to-Use and Enterprise Level Security
The practicality of a Trezor is undeniable for any Bitcoin user. Trezor might not be perfect, but it is the closest thing to a perfect Bitcoin storage device there is. You are still susceptible to phishing, but that’s on you, not the product. Perhaps the popularity of Trezor hardware wallet has its roots in the long-standing reputation of its manufacturer. But that doesn’t mean the wallet doesn’t deserve the acclamation it has received. It is truly one of the best hardware wallets that you can find.
At only $100, Trezor stands atop the Bitcoin hardware wallet ecosystem. It is fully approved by the Cryptocrooks.
If you’re interested if learning more about Trezor, or considering buying one you may learn more at www.Trezor.com. Feel free to state your experience with Trezor in the comments, or any questions you may have.
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