Before we dive into the Trezor One review, let’s have a quick view on what a crypto-currency wallet means. The first step to using Bitcoin or crypto is owning a Bitcoin/cryptocurrency wallet.
A cryptocurrency wallet basically works in a similar way as a bank account as it helps you to gather and store bitcoins and different coins, and afterward send them to other people. There are two main types of cryptocurrency wallet namely hardware wallets and software wallets.
A hardware wallet is a physical electronic gadget, designed explicitly to hold cryptocurrency and client’s private keys. To spend your coin, you should connect your hardware wallet to your telephone, PC or tablet.
They are a great choice if you are worried about security and convenience of your cryptocurrency transaction. It holds private keys isolated from vulnerable, internet-connected devices.
Your private keys are kept in a microcontroller’s safe and cannot be moved out of the device. When the system is connected into a malware-infected PC, it is also resistant to the PC viruses that might corrupt or delete your data.
On the opposite side, software wallets (hot wallets) are wallets that require internet connected devices like a PC, cell phone, or tablet to work. They are simple to use yet not secure to store large quantities of bitcoins and cryptocurrency.
Trezor hardware wallet appears to offer you a perfect balance between security and convenience as it is an exceptionally secure equipment gadget yet gives a convenient way to spend your coin.
Trezor One Review
Trezor One was the first SatoshiLabs-released cryptocurrency hardware wallet, and the first publicly accessible commercial hardware wallet. Trezor One was introduced in August 2014 and was the first Bitcoin hardware wallet to provide protected cold storage plus the ability to spend like a hot wallet.
In the Cryptocurrency wallet industry, Satoshi Labs, that created the Trezor One is viewed as a pioneer because of its experience and great standing. However, the cryptocurrency hardware wallet sector has become highly competitive in recent years, and SatoshiLabs is now facing strong competition from firms such as Ledger, KeepKey, CoolWallet and many more.
In this Trezor One review we will be looking into a variety of factors such as features, price, security, and design to help you determine if it is worth buying.
Trezor Wallet Build and Design
Trezor One is primarily made out of plastic and it is compact in size with measurements of simply 60mm x 30mm x 6mm. This permits it to fit into most wallets and pockets easily. It is also portable as Trezor One weighs just 12g, and can be attached to a keyring or pocket. Trezor One build is protected against minor damage thanks to its impact-resistant and durable ABS plastic case .
Trezor One features a 128 x 64 pixel OLED screen, two buttons and a micro-USB port. It is worth noting that, Trezor’s buttons are more user friendly as they have ample gap between them thus minimizing the risk of error of pressing both buttons at the same time.
Although its structure is solid, Trezor One device give out a relatively poor feeling holding it due to the lightweight and plastic build.
Trezor One main function is as an offline Bitcoin wallet. Without the need to access the internet, it keeps your private keys and knows how to sign a transaction.You can store your Bitcoins on Trezor wallet online and simply interface to the PC whenever you need to make a Bitcoin transaction.
That being said, Trezor One uses a limited USB connection, which makes it less portable than a Bluetooth-enabled wallet making it feel outdated. Moreover, the device does not have multi-signature support and might make the Trezor less suitable for crypto-investor with a broad portfolio.
Trezor also functions as a U2F Authentication and password manager. You can utilize it to hold your online passwords for various accounts and empower the records to sign in just by entering a Trezor-generated 6-digit password.
Passphrase is an additional function of the Trezor which allows users to build hidden wallets. Passphrases serve as an aspect of second-factor assurance for the recovery seed and are the fundamental insurance against assaults requiring actual admittance to the system.
Trezor operates on all major operating platforms, including Windows and MacOS, and can likewise utilize an OTG link to connect with Android gadgets. Unfortunately, for iOS users Trezor One is currently not supported.
When using Trezor One, Trezor gives users anonymity as Satoshi Labs has no means of tracking the actions after users get the product and it has no serial number. No identification number or passwords are needed when using Trezor.
One of Trezor One’s key selling points is its low price, the cost of official stores is about $69, and it’s slightly cheaper from official Amazon stockists. It does marginally better as compared to wallets in its own budget range. You can purchase a Trezor One pack of 3 together to save another $20 for the mass buy.
Trezor begins with the objective to fight hackers, malware, and third-party fraud. The idea was straightforward, that is to keep everything valuable OFFLINE and under your control.TREZOR provides high security for bitcoin, safeguarding against both physical and digital theft.
Trezor is able to sign transactions when linked to an online pc, unlike cold storage. That implies that even when using an infected computer, spending Bitcoins is protected. The Trezor Model One offers users a place to store a wide range of cryptocurrencies on a single device safely.
Trezor One is an HD wallet where you monitor the private keys, and with the 24 word recovery created on setup, the wallet can be backed up. The 24-word original seed is created from the system and the machine using RNG.
The seed is created offline and seen on the display of the Trezor One, which means that the seed is never on an internet-connected device. On initialization, a PIN code is requested and needed for transaction. The pause for guesses is increased by the power of two after any wrong guess. It would take 17 years to make 30 guesses.
You may add a passphrase, which functions as a 25th letter, to the 24-word seed for extra protection. However the seed without the passphrase is not adequate to retrieve the wallet, you must recall the passphrase. A passphrase better security, but the wallet can not be retrieved if you forgot the passphrase.
In the situation your Trezor is missing or destroyed, you can retrieve the wallet with the 24-word seed and passphrase if used. With another Trezor or with other wallets, either Electrum or Mycelium, recovery may be achieved.
The screen of Trezor helps you to ensure that you are sending to the intended receiver, but phishing attacks are not avoided by this.This means that someone may attempt to trick you by having you transfer Bitcoins from your Trezor to an incorrect address.
However, this is not a device malfunction but a human error made by the user. You need to make sure that the identity of the person is accurate before transferring your bitcoin to them.
Can a Trezor be hacked?
For your profile, there is no “login id” or “pin” as your user credentials are based on the ownership of the Trezor device. Therefore, if someone does not have physical access to your device there’s no chase they can reach your account.
Trezor also makes sure that an intruder is unable to send a transaction automatically from your device. In order to validate each outgoing transaction, the Trezor One system button needs to be physically pressed.
As a Trezor One hardware wallet, except when it is plugged into your PC, it is not linked to the web. As you may know, the internet is a large cause of all viruses and hacking, this significantly minimizes the possibility of the wallet being hacked.
Do note that Trezor One is not 100 percent safe with complete proofs, but it is as good as it can come.
Does Trezor One support Monero?
In total, Trezor One wallets support over 1000 coins and .. The main supported coins are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Dash (DASH)
- Zcash (ZCH)
- Stellar (XLM)
However, Cardano (ADA) is not supported by Trezor One, as the coins need the use of an external wallet and do not interact with the basic wallet of Trezor.
The Difference Between Trezor One and Trezor Model T
It’s worth mentioning that the Trezor model T is another hardware wallet by SatoshiLabs. Trezor Model T is a second-generation wallet and is the latest, improved and more stable version of the Trezor One. The Model T is more costly, as the newer device offers a broader range of crypto assets.
For one unit, the TREZOR Model T costs $169.99 or $274 for the ‘Trezor Ultimate Pack’ containing a TREZOR T, TREZOR One and a Cryptosteel safe. There is no VAT or shipment included in the bill.
Model T is compatible with a wider range of crypto assets. Model T support Ripple (XRP), Cardano, Monero, and Tezos which Trezor One does not support.
In terms of build the device is a bit bigger than the Trezor One and you now have a touchscreen home screen instead of two buttons.
Trezor Model T supports Shamir’s Secret Sharing Scheme (SSSS), which is not available in Trezor One. A user may use this scheme to take a private key where coins are stored and split it into as many “shares” as they choose, and then decide how many of the overall shares are needed to form a key.
This helps the customer to split the shares in several locations to minimize risk such as environmental threats (eg fires and floods), technical threats, (eg malfunction and bad hardware) and human threats(eg hackers and thieves)
Which is better: Trezor or Ledger?
Ledger Nano S is the direct competitor to Trezor One as both are the most well-known hardware wallets in the market. The Ledger Nano S was the predecessor of Ledger Nano X, also known as the Ledger Wallet, is the creation of a French company which is also called Ledger.
In 2014, Ledger was launched by eight specialists with expertise in embedded security, blockchain and innovation. We will look at the key areas mentioned in the Trezor One analysis above to determine which is better.
There is a monitor screen on both the Trezor and the Ledger wallets. Compared to Ledger, though, the Trezor wallet has a bigger display screen, making it more convenient to view.
Trezor wallet is made out of plastic, while a stainless steel body is equipped with the Ledger wallet, which makes the Ledger wallet more sturdy and compact, making it a more elegant look.
Both the devices come with two buttons that are used to manage their software.
It is important to note here that Trezor’s buttons are easier to use since they have a good amount of space between them. The buttons in the ledger wallet are very close to each other, increasing the risk of pressing both at once. Trezor is bigger than the Ledger Nano S making Ledger Nano S earlier to carry and Trezor offering better visibility of the transaction data.
In contrast to a completed version, Ledger offers the service for Native Ethereum (ETH) support while Trezor only does so in its beta version wallet. Although you can use third-party Ethereum wallets such as MyEtherWallet from Trezor, it can be easier to have built – in support as sites such as MyEtherWallet can compromise
The Ledger Nano S supports more assets than Trezor, while the Ledger supports 1250 assets, the Trezor One only supports 1180 assets. Certain common assets such as Ripple, EOS, Monero, ADA, Tezos, and Ontology are not supported by the Trezor One. You need to get the Model T, which is $110 more than the Trezor One, to use such assets for a Trezor.
The product value is another significant thing to remember when comparing the Ledger vs Trezor. In this category, the Ledger Nano S won at just USD$59 being the most inexpensive hardware wallet, while Trezor One cost $69.
Winner : Ledger
The password is entered through the linked device’s keyboard in Trezor wallets, rendering it susceptible for hackers to access it. The password is connected to another PIN code in ledger wallets that is accessed using the normal keys.
This improves the safety mechanisms of Ledger with an external layer of protection that allows users to select not only a pin code, but also a 24-word recovery code.
Ledger is not entirely open source, this implies you can’t see what program ends up going into the system and what software it’s running on. The Ledger team might potentially do things like insert malicious code into the firmware of the system that moves the crypto of all Ledger users to an address they own.
While this possibility is highly improbable due to tight internal monitoring by Ledger, it is something to take into consideration.
It should be noted that no device has been hacked to date and all incidents of users losing cryptocurrency have been the result of errors made by the user.
Conclusion: Should You Get a Trezor One Wallet?
When choosing on which is better between Ledger vs Trezor One review, it actually depends on what you’re looking for. For those interested in cryptocurrencies, both Trezor and Ledger are solid choices. There’s no “one size fits all” wallet. Wallets come on different platforms and have different features.
Ledger succeeds when it comes to price, asset support and durability. Trezor is the winner, for security, convenience, and screen. So, the one that is best for you completely based on what you use it for and the coins you want to keep. One thing for sure, hardware wallets are much safer than online wallets and software wallets.
When determining whether Trezor One is worth the money, Trezor Model One features the highest quality in terms of security and services for a good variety of crypto assets, at around $69. However, the wallet is below the standard when compared with newer gadgets such as the Trezor Model T and Ledger Nano X.
The Trezor One review is marginally better when compared to wallets with its own price class, though being nearly equal in terms of characteristics to a more costly Ledger Nano S and Nano X.
A good number of crypto assets are backed by Trezor One, but it is not compatible with other widely common digital assets, as well as some in the top ten in market cap.
As such, this may turn down prospective investors searching for a more broad portfolio of cryptocurrencies, as they could find it too limiting considering many other cryptocurrency wallets that do provide support for them.
Overall, the Trezor One is definitely past its glory days, but it may be worth purchasing for novice crypto-traders particularly when it’s on discount. I hope that you have found this Trezor One review enjoyable and insightful.
With over 10 years of experience working as a financial analyst, Eric is highly aware of the potential of cryptocurrency, particularly Bitcoin, and the impact it will bring towards the global economy. He is committed to share everything he knows about crypto here at Crypto Digest News.