Table of Content
Trezor Hardware Wallet Security
Similar to Ledger wallets, the first thing that comes to mind when buying a hardware wallet, is security! A Trezor wallet provides top-notch security for your cryptocurrencies, protecting your assets from any hacking attempts.
When you set up your new Trezor wallet you are required to choose a security PIN code. This PIN code is needed for every transaction you make. You better remember this PIN code, because if a wrong code is entered to your Trezor wallet, there will be a waiting time until you can make your transaction. If you lose your Tezor wallet, or it gets stolen, and someone tries to guess your PIN code, he will have a hard time because, after each incorrect guess, the waiting time between guesses will be multiplied by two and making 30 guesses, for example, would take 17 years! Thus, protect your PIN code and store it in a safe place.
The Trezor screen allows you to confirm that you are indeed sending assets to the intended recipient, but this does not prevent against phishing attacks! This is covered by the Trezor button. The button must be physically pressed in order to confirm each outgoing transaction. This makes sure that a hacker cannot automatically send a transaction from your device. Find a full overview of TREZOR security on this page: https://wiki.trezor.io/Security
Trezor Multi-currency Support
While Trezor wallets support most cryptocurrencies, it doesn’t support Ripple (XRP). If you want to store Ripple, you might want to look into a Ledger Nano S wallet.
Ease of Use
Trezor wallets are compatible with desktop computers as well as mobile phones. The software supports MacOS, Windows, and Linux, and it’s also compatible with all Android devices. With only two buttons and a screen, the wallet is straightforward to use. The interface is well designed and it enables you to view your transactions with send and receive tabs at the top of the menu.
Trezor Wallet Backup and Restore
Also similar to the Ledger Nano S, you can backup and restore your Trezor wallet with a 24-word security code. The code is generated when you first set up your device. An original 24-word seed will be generated using RNG technology (Random Number Generator), from your Trezor wallet and from your computer. The 24-word seed must be generated offline to ensure that your security code can never be compromised by a device that is connected to the internet.
In addition to your 24-word seed, Trezor wallets allow you to add a passphrase for extra security. This passphrase will act as a 25th word. But similar to the PIN code, you better remember your passphrase, because the 24-word seed without the passphrase will not recover your assets. Physically store your passphrase in a safe place!
If your Trezor wallet is lost, stolen or damaged, you can recover your entire Trezor wallet using the 24-word seed and your passphrase.
Trezor Wallet Price
The price for a Trezor wallet is €89 for one, slightly higher than a Nano S. You can buy a Trezor wallet with Bitcoin or credit card directly from the Trezor website. For security reasons, be aware to never buy a Trezor wallet, or any other wallet for that matter, on websites like eBay! Only buy at the Trezor Store.
Trezor Hardware Wallet
A Trezor wallet is a small, keychain-sized device which connects to your computer with a USB cable. It stores your coins and private keys offline and signs transactions. Trezor was launched in 2014. It was the first Bitcoin hardware wallet offering secure cold storage of Cryptocurrencies. Trezor wallets can be used to sign transactions even on compromised devices and is impenetrable to keyloggers and other attacks. A hacker has no way of getting your private key. The price is slightly higher than its counterpart Ledger Nano S.
- Top-notch Security
- Very easy to use
- Easy backup & restore
- 24-Word Recovery Phrase
- Personal passphrase
- 5 Star customer support
- Multi-currency support
- Does not support Ripple (XRP)
Ease of Use
Backup & recovery