Trezor’s wallet was established in 2014. It was the very first hardware wallet for bitcoin owners. At the time of launching, it offered maximum security to the users while giving the freedom to spend their crypto assets directly from their wallets using their device. The key size device is designed to connect with computers, tablets, and mobile with a USB cable.
When it comes to crypto transaction, the security of assets and privacy matter most. Trezor is a physical cryptocurrency wallet developed by satoshilabs. Trezor keeps your crypto asset safe in offline mode and performs a transaction without transmitting any private data online.
How To Set Up Trezor
- Connect the Trezor device to your computer or phone using the USB cable provided with the device.
- Go to trezor.com and install the extension.
- After activation of extension, you have to set up a PIN. A 3×3 number pad will be displayed, but numbers are obscured.
- Use your Trezor device screen to see the position of the numbers. The position of the numbers changes every time you connect the device for extra security.
- Now your Trezor will display 24-word wallet “seed” one by one. Write down ‘seed’ and keep it safe, if you lose or damage your Trezor device this ‘seed’ is used to set up your entire wallet.
Reasons To Choose Tresor Wallet
Whether you are a cryptocurrency millionaire or a small investor, security is the prime concern for you. Trezor wallet supports over 500 cryptos including bitcoin and Ethereum. Trezor keeps your private key secure as it never has a direct connection to the internet. Which makes it resistant to hackers. To send/receive coins or checking the balance you need to enter a PIN, for which you need your Trezor device because the numbers on your computer are obscured. You can’t know the position of the numbers without looking at your device.
Disadvantage Of Trezor
- Trezor’s wallet is complicated and less user-friendly.
- You have to spend $100 initially to purchase the device.
- For every simple task like checking your wallet, you have to perform the whole security procedure.
- Set up the Trezor wallet is complicated, though you can set up easily by following the user manual provided with the device.
- Trezor wallet “seed” has 24 words and almost impossible to remember, you have to write it down. If you lose the seed. You may lose access to your wallet if you damaged or lost your Trezor device.
So we can see that Trezor is the preferred wallet for those who prefer security than anything. But it is not suitable for the small investors who invest around $1000 because you have to invest $100 initially to purchase the device.