Since digital assets do not have a physical body, their storage is different from the storage of fiat money.
In a digital currency, a record of all transactions carried out is stored in a publicly accessible block chain. However, to conduct an operation through the blockchain, a special interface and, most importantly, a private key that confirms the transaction is required. Therefore, spec is used to store electronic assets.
Wallets only provide an interface for convenient transfers, conversions and other operations, and the storage of private keys itself can be "hot" or "cold".
The main difference between hot and cold storage is that account data and the private key are stored offline, that is, it is physically impossible to access them via the network. Cold storage has the following features:
- Complete protection against hacking and data interception;
- Confirmation of transactions in manual mode.
It is inconvenient to enter the private key each time, if you have to make dozens of transfers a day, and there is less software for “cold” storage on the market than “hot” counterparts, but this is the only way to 100% protect your crypto assets from hackers.
A hardware wallet is essentially an advanced encrypted and password-protected flash drive that stores all of the user's account data. To confirm the operation, the user needs to connect the hardware wallet to the network, and the key is stored in a secure environment and it is simply impossible to access it via the Internet.
What is Trezor Wallet?
Trezor belongs to the category of "cold" wallets that do not imply a permanent connection to the Internet. Thanks to this, the highest level of security and anonymity is achieved. The wallet supports over 1000 coins - from Bitcoin and its forks to altcoins of varying popularity.
The manufacturer of the device is the Czech company SatoshiLab, which offers two Trezor models to choose from: One and Model T.
Both models work autonomously without additional power supply. You can connect Trezor to a computer using a USB cable, and there is a special Trezor Wallet program for management. Access to the money on the wallet cannot be obtained without a PIN and password.
All information is stored in the device's memory, which no one except the rightful owner can access. Private keys are also stored on the device itself.
For the wallet to work, it needs to be connected to a PC, and controlled via the Google Chrome app. There are also mobile clients and Linux support.
The developers have tried to ensure that the user can access the wallet using any personal computer.
Initially, Trezor only supported Bitcoin, but over time, the number of coins, tokens and altcoins increased to 900 types. All this is done for the convenience of the wallet owner, because it is easier to store all your assets in one place than to use 10 wallets at the same time.
In which countries is the device available?
The device can be purchased in over 150 countries, making it available almost all over the world. The developers have tried to ensure that users can order a wallet and get it absolutely without obstacles.
Trezor is one of the safest wallets today, using multiple layers of protection. The basic principle: all keys and passwords are stored only in encrypted hardware memory (which cannot be hacked at the current level of technology), sites and applications are used only as a graphical interface for a wallet.
The process of exchanging information between the wallet with various devices is also reliably protected: no keys are transferred, the wallet only checks the transaction parameters you specified and confirms them, while it is impossible to change the address or amount.
The creators took into account many hacking options, and thanks to this, since the launch of the wallet in 2013, none of the users of the Trezor wallet have had their electronic assets stolen.
The external security level is the password for the device. It contains from four to nine characters and changes their position on the screen with each entry. In this case, on the monitor, the user sees empty keys, and the location of the symbols can be seen on the screen of the device.
In order to ensure that in the event of a loss of a device or a breakdown of the user's computer, the wallet generates a special secret phrase during registration. After generation, the owner writes down the phrase in his notebook, and then enters it using the device.
Due to cases of fakes on the market, the developers urge to order the device only on the official website in order to protect users' funds from fraudsters. The packaging of the device itself should not be damaged, and special holographic tapes should not have any traces of plywood.
Trezor wallet features
Trezor can not only store digital money, but also make transactions and exchange coins. We can say that the wallet has collected in itself:
- Better protection of user funds from the "cold" wallet;
- Ability to easy and fast transactions, from "hot storage";
- Ability to exchange coins for each other, from crypto exchanges.
Customer support is available on the wallet's official website around the clock. The support team tries not only to quickly help with the problem that has arisen, but also does everything possible to fix it.
How does this wallet work?
The Trezor device must be connected to the user's computer using a USB cable. And after entering the password, the owner can use all the functions of the wallet, the program interface is simple and clear, as well as pleasant to look at. All actions performed using the wallet must be confirmed on the device.
Using a special phrase, each user can register the required number of accounts. It is also possible to bind keys to them from the required number of other wallets. By selecting the account option, the user is taken to the tab with transactions.
How to use Trezor Wallet?
To transfer digital currencies to the storage, the user needs to use the "Receive" function. Next, you need to fill in all the fields, such as: the sender's wallet address, the amount and type of electronic asset. You need to confirm the operation on the Trezor device.
To send digital currency from your wallet, you need to use the "Send" option. It is also necessary to fill in the fields: the recipient's wallet address, currency type and amount. But the wallet allows the user to determine the size of the transaction commission.
The lower the commission is selected, the longer the transaction will take. Trezor wallet review explains that it is better to use “normal” fees to find the middle ground.
The user can track all performed transactions in the transactions menu, where outgoing transactions are highlighted in red.
How to start using Trezor wallet?
In order to start using Trezor Wallet, the user must order the device on the official website. His choice will be provided with 2 models of the device.
The models differ visually, the first has a small screen and 2 function buttons, while the second has a touch screen. Also, the newest model has a slightly larger list of acceptable digital assets.
After choosing a model, the user will see a page on which he can select the number of ordered devices and the payment method.
You can pay for the device not only in euros, but also with several provided electronic money, such as Bitcoin and about ten more different tokens.
After payment, it remains only to wait for delivery. As soon as the user receives the packaging in his hands, he should make sure of its integrity, and in case of any traces of its opening, contact customer support on the official website of the wallet.
The owner must refrain from using the wallet until he receives a response from the support service, with instructions on how to proceed.
When the owner has no doubts how to use Trezor Wallet, he can proceed with the first connection of the device and enjoy its work.
Recovering your Trezor Wallet account
If the user has forgotten the password from the device, then you can set a new one. To do this, you need to go to the advanced wallet settings and wipe the device.
In the process, the user will need to enter a special phrase that the wallet generated when connecting for the first time. And also set a new password.
Pros and cons of Trezor wallet
Today, the Trezor wallet is considered to be the most used among holders of digital assets. This is due to the large number of advantages inherent in this device.
The device can interact with the online wallet MyEtherWallet, designed to store coins created on the basis of the Ethereum blockchain.
Trezor Wallet has a relatively high price tag among its competitors, but its level of protection exceeds all possible types of wallets.
Trezor wallet faq
Is Trezor wallet free to use?
The device can be used completely free of charge, payment is charged only when ordering the device, and if the owner is more careful and does not lose it, then this will be the only time when he made a payment.
Is Trezor Wallet secure?
It is, because without contact with the device itself, fraudsters will not be able to gain access to users' funds.
Is there a way to change the transaction if the user enters incorrect information?
Before confirming the operation, it is necessary to check the transaction data that will be displayed on the device screen.