What is Trezor cold wallet?Trezor, a brand of cold wallet used for storing digital assets, was released by SatoshiLabs in August 2014. And this is considered one of the pioneering cold wallets globally. The Trezor wallet is capable of supporting and storing various popular coins such as Bitcoin, Ethereum, LTC, Doge, BCH, Dash, and ERC20-Tokens. Similar to other hardware wallets, this device stores assets offline, enabling users to avoid the risks associated with virus attacks and malicious software. The Trezor wallet is designed to be compact, much like a USB device, and can easily establish a connection with a computer for convenient access.
A few specifications of Trezor cold wallet
- The OLX screen boasts a resolution of 128 x 64 pixels, providing adequate display to access detailed information about transactions. Users may utilize the screen to check various specific details related to their transactions.
- The dimensions of the Trezor T wallet measure 60x30x6mm.
- The supported operating systems include Windows, MacOS, Linux, and Android.
- This electronic device features a Micro USB port that allows for connectivity with both smartphones and computers.
- The CPU incorporated in the system is equipped with an ARM Cortex M3 processor, capable of processing at speeds of up to 120 MHz.
- The operating temperature range is between 20 to 60 degrees Celsius.
- The weight of the item is 12 grams.
Trezor cold wallet main features
- This feature allows for the storage of numerous types of Altcoin, and functions similarly to other cryptocurrency wallets. Through its use, individuals are able to securely hold a diverse range of assets, akin to popular hot wallets such as Metamask or Trustwallet.
- During the setup process, the password manager will offer suggestions for strong passwords and synchronized encryption, in order to enhance security for our team.
- The feature of SSH security enables users to protect server access rights, while also controlling data and administration pages.
- Enhanced security for the wallet can be achieved based on the two-factor authentication setup.
- Upon logging in, all documents and emails stored here will be encrypted using GPG technology, in addition to digital currency.
- Upon confirmation through text message, the system shall send a verification code via SMS for access to the wallet when logging in.
- Exploration of Integration: Trezor provides the capability to establish connections with various third-party wallets and services.
- In the unfortunate event of losing one’s wallet. It is possible to restore it by using a designated backup feature that relies on a character string. This wallet backup function enables users to retain their information and access it again in the event of unforeseen loss or damage to their wallet.
Pros and cons of Trezor cold wallet
- When storing data offline, Trezor can provide an extremely secure method of storage.
- The compact design of the wallet renders it effortlessly storable or portable for any purpose.
- The swiftness of backing up and executing transactions using the Trezor wallet is deemed to be higher in comparison to other types of cold wallets.
- Trezor’s brand is renowned and esteemed due to its significant age and longevity.
- The usage process is straightforward and can be completed with just a few steps on the computer.
- As the first electronic wallet to be introduced, Trezor’s appearance may not be as attractive as subsequent wallet models such as Ledger.
- The number of individuals utilizing the Trezor wallet in Vietnam is comparatively small.
- The price of this wallet is high.
Compare Trezor and Ledger
Information on supporting coinsBoth Trezor and Ledger have the capability to support basic cryptocurrencies such as Bitcoin, Bitcoin Cash, and Ethereum. However, when it comes to ERC20 tokens, Trezor requires support through the integration of MyEtherWallet, while Ledger has better capability to support them. In fact, Ledger can even support cryptocurrencies that Trezor does not have, such as Ripple.
PriceThe current market price for a Trezor One ranges from approximately 100-150 USD, while a Ledger Nano S is currently priced around 80USD. However, the Ledger Nano X is available at a higher price point of over 150 million VND.
Design, packaging and displayWhen comparing the design, the size of the Trezor is somewhat smaller than the Ledger due to its classic design, similar to older USB models. On the other hand, Ledger possesses a compact and sleek design. Consequently, the screen of Trezor is larger and has a clearer display for users, while the screen of Ledger is limited in characters and monochromatic, potentially causing some difficulties when checking wallet addresses.
Physical appearance and durabilityThe Trezor device is made with plastic while the Ledger is crafted with stainless steel. Indicating that the durability and resistance against damage of the Ledger is superior to the Trezor. Additionally, the positioning of the button on the device is assessed to be more user-friendly on the Trezor compared to the Ledger as the buttons on the latter are in close proximity, resulting in instances of unintended simultaneous pressing.
Operating systems and devices supportedBoth devices perform efficiently with operating systems like Windows, Linux, and MacOs. In order to utilize them, it will be necessary to connect both devices to a computer via a Micro USB cable. However, when seeking to connect to Android devices, additional supporting accessories must be incorporated for both devices.
Setup procedureRegarding the setup process, both devices exhibit a fairly straightforward and similar approach, where the primary steps involve setting up a pin code and creating a backup of your recovery seed. Additionally, the interface of both devices is user-friendly and easily navigable, further enhancing ease of use for the end-user.
Management softwareWhen it comes to using Trezor, users have the choice to use the software developed by the company, third-party software, or web interfaces. For optimal performance, the software developed by Exodus is often recommended to maximize the features available on the Trezor device. To ensure reliability and coin support, it is recommended that individuals use Ledger Live, which is developed by the official manufacturer, for their Ledger. Additionally, due to unstable third-party integration and limited coin support, there is little need for concern regarding this issue as it is nearly irrelevant for the user.
ConfidentialityBoth types of wallets have high security measures in place, utilizing offline private keys. To access these devices, users must provide a recovery phrase and set up a PIN code. In terms of the Ledger wallet, the manufacturer provides detailed information about its secure chip technology, which resembles the chip found in SIM or credit cards. These chips are encrypted and possess high-standard certifications. On the other hand, Trezor does not offer as much information about its chip technology.
Customer satisfactionBoth developers reacted quickly to news related to security vulnerabilities. The respective CEOs of the two companies regularly address major questions on Reddit and discuss details related to features or software updates. Therefore, both products have received a relatively high level of customer satisfaction.
Instructions on how to use Trezor cold wallet
Accessories in 1 box TrezorTo ensure the avoidance of counterfeit items, it is imperative that individuals examine the three-dimensional security seal affixed to the product. Along with all the accompanying supplementary components provided within the package, prior to any device synchronization and configuration. The supplementary components encompass but are not limited to:
- Trezor hardware wallet
- Micro USB cable connects the device to the computer
- Setup and use manual
- Trezor Wallet Strap
- The piece of paper is included to record the Recovery (Trezor wallet recovery code)
Before Getting Started with Trezor hardware wallet
- Download the Suite (here)
- Install Trezor Bridge by following these steps:
- Step 1: Access the company’s device management website (here)
- Step 2: The website will give a prompt about checking genuine stamps, check and click “Continue”
- Step 3: Install by clicking “Trezor Bridge”
Initial wallet setupPrior to utilizing the Trezor T wallet, it is imperative to execute a few initial tasks in order to set it up accordingly.
Step 1: Connect the wallet to the computerWithin the product package, a set of connection cables will be provided to enable the linking of the cool wallet to a desktop computer. However, if your computer system only features USB-C ports and does not support USB connections, it is required that you make arrangements to obtain a USB-C to USB converter for successful connectivity purposes.
Step 2: Activate the deviceTo download the Trezor Suite application on your computer, please visit the website https://suite.trezor.io/start/ and follow the download instructions. Once the installation is complete, launch the application and select Trezor Model T, then proceed to the Wallet by selecting “Continue.”
Step 3: Update FirmwareOnce Step 2 is completed, you will be directed to the website http://wallet.trezor.io/. You will then need to wait for your Trezor wallet to recognize the device. During this process, it is necessary to update the wallet’s firmware by pressing the “Install Firmware” button. Finally, await the completion of the installation process.
Step 4: Create a Trezor Cold WalletAfter a successful update of the Firmware, please click on “Create New” to generate a new wallet and then proceed by clicking on “Continue to the Wallet”.
Step 5: Save 12 recovery wordsAt present, the current version of Trezor T has a recovery seed with 12 words instead of the previous 24 words. To initiate storage, users should press the “Create a backup in 3 minutes” button. Afterward, a notification will appear on the Trezor device, and users should click “I understand” to proceed. This process ensures the secure storage of the user’s cryptocurrency data. At this juncture, the Trezor equipment will exhibit the first set of four recovery words for your scrutiny. Please make an exact record of them and then press Swipe. Repeat this procedure until you have accumulated a total of 12 words. Finally, please press and hold the “Hold to Confirm” button in order to verify completion, dear colleagues.
Step 6: Name your wallet Trezor TWhen prompted, designate a name for your wallet and press Confirm to proceed, as instructed by the system.
Step 7: Set up a PIN codeAt this point in time, on the Trezor device, a prompt will appear directing the user to set up a personal identification number (PIN). To do so, simply click the green checkmark followed by entering a 4 to 9 digit PIN of your choice and confirming it by clicking the green checkmark once again. Finally, enter the PIN again to complete.
How to use Trezor cold wallet to transfer money
Get Coin/token in walletStep 1: First, you choose the coin/token that you want to receive in the interface of the application. For example, you choose Bitcoin. In the second step, click on the account selection located at the left corner of the screen and select Receive. Upon displaying the Bitcoin wallet address, click Show full address to view the complete address/character string. Subsequently, kindly ensure to double-check the wallet address for accuracy and employ it to receive coin/token on your device.
Transfer Coin/token out of Trezor cold walletStep 1: First, you also choose the coin you want to transfer and choose the account to use. Next, you press Send In step 2, enter the necessary details such as the recipient’s address, desired coin amount, and transaction fee. Once all the required information has been entered, click the Send button. Next, authenticate the transaction on the Trezor wallet. This will ensure a secure and successful transfer of funds. At this point, the device will display the wallet address once again for you to verify that all details are correct. If verified, you may proceed to press the green check mark. Subsequently, the device will exhibit the transaction information comprehensively. Then, press and hold the “Hold to Confirm” button to confirm the fund transfer transaction with confidence.
A few points of note should be consideredIn essence, utilizing the Trezor wallet is quite straightforward and effortless. However, for any transaction, caution must be exercised in double-checking the address and transaction information. Additionally, due to its compact design, the Trezor wallet is susceptible to being lost, damaged or dropped. Therefore, it is advised to ensure the safety of one’s belongings when carrying the wallet around. With the shared information, it can be assumed that you have gained a fundamental understanding of the Trezor wallet, including its features and specific usage. As a result, it is hoped that you can carefully consider its suitability and financial balance before making a decision to use this type of wallet.
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