During the very early days of cryptocurrencies, the only option people had to store all their digital assets were software wallets. The single way to add more security would be to use offline wallets such as paper wallets.
This all changed once the Trezor One was introduced. Trezor One was the very first cryptocurrency hardware wallet to be created. This resulted in a massive surge in demand for this as well.
This article will have a closer look at Trezor One and try to figure out why this hardware wallet stayed as a powerhouse in the wallet market after all these years.
Versatile Design. The whole device is lightweight, small, and easy to always carry around.
High-Level Security. Using Trezor on an already compromised computer would also not put your cryptocurrencies in danger.
Large Screen Size. The larger display on the Trezor One makes it easier to verify transactions before authenticating them with a PIN.
Volatile Pad Layout. The constantly changing number pad layout ensures that no one gets to know your PIN.
Durability. The all-plastic body does feel like it is less durable.
No support for other cryptos. Trezor One has no support for Ripple, Monero, Cardano, etc. So, make sure the cryptocurrency that you hold is supported by this wallet before you buy it.
Even if Trezor One has some flaws, the advantages still outweigh the disadvantages. The durability and build issue, as well as the lack of support on minor cryptocurrencies, can be easily compensated by the low price of the product.
Also, the wallet’s security measures are topnotch and can never be breached by scammers or frauds. This makes the Trezor One a very efficient device, especially for people who regularly use their crypto wallets.
What Are Hardware Wallets?
Hardware wallets are dedicated cryptocurrency storage devices that use various techniques to keep your funds safe. The hardware wallet stores the private key of your crypto wallet. This private key never leaves the device. Not even you will ever have a look at the private key.
Since the private key is not accessible, the funds stored in a hardware wallet are extremely secure. The only way for you to make a transfer out of a hardware wallet is to enter the pin code that you set earlier when you first got the device.
Another factor that makes hardware wallets very safe is that they are not always connected to the internet. A software wallet that you have on your smartphone is always connected to the internet. So, there exists the threat of someone hacking into your device to steal your funds.
This is not the case with hardware wallets. Even if you are not online, you can still make use of the wallet for security purposes. This gives users an edge that is not possible through software wallets.
The Company Behind Trezor
The company responsible for creating the Trezor range of hardware wallets is Satoshi labs. This organization is extremely popular and well respected in the crypto community because of its numerous contributions to the decentralized world.
Satoshi Labs was built upon the concept of community mining and secure cryptocurrency storage. The owners, Marek Palatinus, thought that mining alone would be hard, and he created Bitcoin pools for the convenience of several users. Other patents stemmed from this idea, creating the company that thousands of people know and love today.
Some of the well-recognized contributions of Satoshi Labs include:
Trezor wallets. Satoshi Labs is the creator of the famous Trezor line of hardware wallets.
Slush Pool. Slush Pool was the first Bitcoin mining pool, named after the CEO of Satoshi Labs, Marek Palantius (aka Slush).
CoinMap. For anyone who wants to use cryptocurrencies daily, CryptoMap is very useful. This map shows the locations near you that accept cryptocurrencies as a mode of payment.
Due to these and many more contributions during the early days of Bitcoin, Satoshi Labs is extremely respected by the crypto veterans around the world. Nowadays, many crypto users enjoy the perks of these devices. This led the company to create more versions of previous models with added functionality, support, and better interface/
Like any other product in the market, Trezor One has its advantages and disadvantages as a hardware wallet. Let us take a look at them.
How to Get Started With Trezor One
The whole process of setting up Trezor One is straightforward. This device does not come with an inbuilt battery. So, you will need to connect it to your computer and install the “bridge” software, which would allow your Trezor One to communicate with it. You will then need to follow the on-screen instructions to complete the set-up process.
Two of the key steps in the process are:
Step 1: Set a PIN
Once you have connected your Trezor One to your computer, you will need to set up a PIN to secure the device. This PIN is what you will use to authenticate your fund transfers using the Trezor.
In the set-up process, Trezor would ask you to set a PIN for your device. This process uses both your computer screen as well as the screen on the Trezor One. On the computer, the number pad is clickable. However, the numbers are replaced with a question mark instead.
The Trezor One’s screen displays the number pad in a jumbled order. You will need to click the corresponding button on the number pad displayed on the screen. Once you have chosen your PIN, you can click on proceed to finish this step.
This whole idea behind using two displays to set the PIN is unique. Even if your computer is compromised, the numbers are only visible on the Trezor One’s screen. Additionally, they rearrange every time you have to enter a PIN. Thus, making it extremely secure.
After you have set up a PIN for your device, you would need to back up your wallet. This would then help you to restore it if your current device gets lost or stops working.
Step 2: Back up your Trezor One wallet
This is one of the most important steps to help retrieve your funds if you lose or break your Trezor One device. All private keys are inaccessible inside the Trezor One. The only way to restore your wallet is to use the 24-word seed phrase.
You would need to write down the 24-word seed phrase and store it safely. Remember, anyone who has access to this seed phrase also has access to your funds. So, ensure that you keep this information highly confidential.
I would also suggest that you make multiple copies of the seed phrase and store them safely in different locations. That way, even if one experiences wear and tear, the others can still be used to restore the wallet.
After completing the set-up process, you can head over to wallet.trezor.io and start making transactions from your Trezor One. This wallet UI interface would show the balances of all your crypto assets. However, you would have to connect the Trezor One device to your computer if you want to make any transfers.
Trezor One Features
Most hardware wallets these days offer best-in-class security. When it comes to budget level hardware wallets, they are usually associated with tiny displays to make them available at a low price point.
This is not the case with the Trezor One. Even though it is the cheapest hardware wallet out there, it still flaunts a larger display than some of its competitors. This allows us to have a better view of the outgoing transactions from the device. Also, this feature helps in better viewing the details brought by every single Bitcoin usage.
Despite the relatively large display, the Trezor can easily fit inside your pocket. Thus, making it easy to carry wherever you go. This makes it a powerful tool for daily usage. It does not matter whether you are at home, in an office, or even in a restaurant. Pulling out your Trezor One for any transaction is as easy as 1, 2, 3.
Ever since its launch in January 2014, Trezor has been adding support for new cryptocurrencies.
Initially, Trezor had support for just a handful of them, but now they support over 1,600 different cryptocurrencies and tokens on this device.
This should cover some of the most popular cryptocurrencies that you might be using. Some of the cryptocurrencies supported by the Trezor One include:
While Trezor does support the most popular cryptocurrencies, Trezor One doesn’t have support for using popular cryptocurrencies such as Monero, Cardano, Ripple, etc.
So, if you intend on buying the Trezor One to store these cryptocurrencies, you might want to buy the more expensive model instead.
Price and Durability
Trezor One is the very first and the cheapest hardware wallet out there. This device costs you just $55, which is very reasonable compared to the security it would provide you.
Unlike some of the other hardware wallets out there, Trezor is an all-plastic device. While it does feel sturdy when you hold it, the durability of plastic is lower than that of metal. This might have been done to offer this amazing price of $55. So, there isn’t much that one can complain about.
You need to be extremely careful while buying a hardware wallet, both online or offline. Ensure that the hologram seal on the box is not broken. Additionally, remember that no hardware wallet ships with a pre-configured seed phrase. If you receive one with a pre-configured seed phrase, it is most likely a fake hardware wallet designed to steal your funds.
For over seven years, Satoshi Labs has been delivering quality hardware wallets that have made the crypto space a whole lot safer. You can find the whole process of set-up and any other information you might need to start using the Trezor One hardware wallet in the WiKi section of the website.
The platform also has a useful self-troubleshooting feature to help you with any technical issues you might face with the wallet. There are still times when you might have to end up contacting the customer care service, after all.
If none of the existing solutions work out for you, you can provide your contact details and explain the issue that you are facing. The customer care team will then investigate it and get back to you within 24 hours.
This speedy resolution that they offer is the reason behind so many loyal followers of Trezor. You can also request the team to add new coins, as well. If the crypto token is popular, then it would be added to the Trezor.
Frequently Asked Questions About Trezor One
Trezor can run on most devices present in today’s world. It is compatible for use in Androids, macOS, Windows, as well as Linux systems. However, there is a need to update your systems to the latest versions for better and smoother transactions.
Trezor One has two physical buttons that you can use for navigation; it has very lightweight at 12 grams, meaning that it can fit in your pocket. The display of the device is 128 x 64 pixels, and it has high-level security and encryption to ensure the safety of the wallet.
Trezor supports Bitcoin, Monero, Litecoin, Dash, Zcash, Bitcoin Cash, Bitcoin Gold, Ethereum (plus all ERC20 tokens), Ethereum Classic, Expanse, UBIQ, NEM, and Bitcoin test net. However, this pool is constantly expanding and updating.
Trezor One has been around for around seven years, and the people still trust the security that it has to offer. The team behind this product constantly keeps updating the firmware of the hardware wallet to keep all security risks at bay. This puts the device in a perfect spot in the crypto marketplace.
With such a wide range of crypto support along with state-of-the-art security, the Trezor One is an excellent addition if you want high protection for your cryptocurrencies. To add, it is an inexpensive investment that will surely help your journey in buying, selling, or trading.
If you want a hardware wallet that offers functionality, efficiency, and security, then the Trezor One I perfect for you.
Trezor One Reviews
Trezor One Review – January 6, 2021
Only people who are not aware of Trevor One’s advantages will not appreciate the product. It gives all-around protection to users, regardless of their mode of access to their wallets. Set-up and back-up with the device are really simple, and the guides to do it are a huge help. For me, this is a necessary investment for any wallet holder.
Review from Rona
Trezor One Review – November 15, 2020
The product is safe, secure, confidential, and does what it needs to do. It kept my wallet safe for years, and I had no problems with using it. My favorite feature is the passphrase, meaning that I can dispose of a fake account whenever I see suspicious transactions.
Review from Steve
Trezor One Review – November 2, 2020
The packaging was secure and kept the device intact. Updates are also automatic, meaning that there is no need to worry about repeating downloads. Also, log-in has varying pads, meaning that it is hard for others to know your code. For its price, I noticed that the device is a very good hardware wallet that helps me every day.
Review from Agatha
Trezor One Review – April 17, 2019
The set-up and back-up times of the device are quick. Recovery of codes is also appreciated. I like this version more than the Model T, as it has sufficient features that fit my cryptocurrency usage. Instructions are also easy to follow, and I was able to do everything in 30 minutes.
Review from Max
Trezor One Review – October 27, 2020
I think that this is one of the safest ways to secure a wallet. It made me feel secure and granted me peace of mind regardless of the usage of my coins. The device is easy to use and carry wherever I want to go to. The only thing I am concerned about is the plastic build.
Review from Sandy
Trezor One Review – March 7, 2020
I ran into some problems because it did not support XRP by the time I bought it. However, customer service is fast to respond, and they told me that it will be added soon. I am waiting…
Review from Scott
Trezor One Review – June 18, 2020
Make sure to research the supported currencies! If not, you’d end up buying other wallets like me. I should have looked at the compatible coins to avoid inconvenience. I wish I knew of such problems sooner.
Review from Sidney