Trezor One is one of the earliest commercial hardware wallets out there in the market.
Also known as “The Bitcoin Safe“, it was launched by SatoshiLabs in August 2014. What it offers Bitcoin owners is a combination of a secure offline storage as well as the ability to send and receive Bitcoins without needing to trust an exchange or a third party.
Trezor One is marked by a bright OLED screen (128×64 pixels) with two buttons bellow it. This gives you enough screen real estate to view the complete transaction without needing to scroll up or down. Check out the Technical Specs here.
Like all hardware wallets, your Trezor One stores your private keys inside its micro-controller, keeping your coins safe from any Viruses, Trojan or Malware that already infected your computer.
Of course, you yourself will not be able to see this private key. Transferring of any funds from your device will always require your approval with a simple push of a button.
Trezor One Supported Cryptocurrencies
Trezor One supports the following Cryptocurrencies;
- Bitcoin
- Ethereum (+all ERC-20 Tokens)
- Ethereum Classic,
- Zcash
- Litecoin
- Dash
- Bitcoin Gold
- Bitcoin Cash
- NEM
- Namecoin
- Decred
- Dogecoin
- DigiByte
- View All 689 Coins & token
Next we will take a look into the device to see if it has what it takes to satisfy every criteria of a bulletproof bitcoin wallet.
Trezor One Review
- Price: 69 EUR (excl. VAT)
No, it was not always the cheapest hardware wallet in the market. It used to be 89 EUR.
Now after 5 years, SatoshiLabs is celebrating its milestone with a sharp discount of 23%
In fact, you can save a further 18 EUR by buying a 3-pack from Trezor’s Website.
When you compare the price to other of its closest competitors such as:
- Ledger Nano S: 79 EUR
- KeepKey: 109 EUR
- Digital BitBox: 78 EUR (buy in bulk for discount)
- Any Security Risks?
While hardware wallets are relatively new in the world of cryptocurrency, the Trezor One has a pretty good track record.
It has been battle-tested for 5 years, the longest compared to its competition. This is a very important merit for the company, as SatoshiLabs had to endure a long and arduous task of pioneering the development of one of the first hardware wallets in Cryptocurrency.
They couldn’t kick-start their company by giving out price-friendly hardware wallet level security for the masses at the beginning.
Now, after achieving some market maturity, better production capabilities, optimizations and growth, they’re finally making it more affordable for everyone.(There is usually a trade-off between security and affordability.)
Trezor One secures your Bitcoin and Altcoins from both physical and virtual attacks. The master private key in your Trezor One is generated internally and cannot be accessed by anyone or anything (virus/malware/trojan) including you.
As long as you have the 24-word recovery seed when you first initialized the device, no one can even attempt to reverse engineer your private key without this information. (You and you alone hold this responsibility of writing down & backing up this 24-word recovery seed, if you lose it, your funds will be locked in forever.)
Not only that, in order to access the device, you must enter a PIN code (You will create your own PIN the first time you setup your device).
Once you connect your Trezor One to any computer, you will have to face the blind matrix.
This blind matrix shuffles each time you connect your Trezor One to a computer. It also shuffles when you first initialize your PIN. This is a simple but highly efficient way to deter keyloggers on a compromised computer.
The latest firmware also wipes out your Trezor One if someone tries to enter a PIN and get it wrong 16 times. (You don’t have to worry because you can also recover your coins using the 24-word recovered seed)
If you lose your Trezor One due to theft or damage, you can always regain access to your coins by getting a new Trezor One or in case of emergencies, with mobile wallets (not safe for long term storage) like Electrum.
- The only understated risk that a wallet like Trezor One has is the human factor. The device itself is safe and secure, but your onscreen computer can trick you into believing that you’re sending funds to the right wallet.
That is why it is always important to triple check the address you’re sending to and cross-reference it with your Trezor One. (1NuuZ7S3n7h3ZnCQJCTsNVKTFfQjhpXhcw, check the address this way).
Once you press the button on your Trezor One to send your coins, there’s no way your can recover your coins.
- Little Known Security Adaptation: You can setup an additional encrypted passphrase on your Trezor One (in addition to your PIN) for plausible deniability. Sort of creating a hidden wallet, one with your fortune and the other a “spoof wallet”. That way if you’re being forced to enter your PIN, you can enter a unique passphrase to open your spoof wallet, thereby protecting your fortune. (please refer to manual, there is no way to recover your coins if you forget this passphrase.)
- Wallet User Interface: Trezor Bridge
Your Trezor One device does not show how much crypto-assets you own. You will need a communication tool or a wallet user interface called the Trezor Bridge to manage your coin assets. This software can be downloaded onto your Windows, Mac or Linux right here: wallet.trezor.io
This is how you check your balances, send and receive cryptocurrency.
This is how your own personal vault or bank looks like.
- No more relying & trusting Banks.
- No more Bank holidays or Closure during weekends
On this new interface, you can generate many public addresses (similar to an email address) where you can receive your Bitcoin or Altcoins on a different address each time. This way you can protect your financial privacy as well as avoid any prying eyes.
The Trezor Bridge gives users a sleek and easy to navigate interface to transact on the internet while ensuring your cryptocurrencies are safe and secure. No other types of wallet aside from the Ledger can offer you this kind of accessibility and security.
- Expanded feature set
SatoshiLabs have begun to work on porting their new Trezor Core platform, the system running on Trezor Model T, to the original Trezor One.
That means you can expect new features and services being developed for the Trezor One over time, including an expanded coin and token support.
Trezor One Public Opinion
Trezor One is a crowd favorite. While convenient and intuitive, Trezor One’s hardware wallet gives any of its users top-notch security for their crypto-assets.
The product design has been battle-tested for the past 5 years, and it still comes out on top. A simple physical confirmation gives you ultimate control and sovereignty over your assets.
No government or bank can ever tell you what you can or cannot do with your money anymore. By learning how to keep your own private keys with this device, you’re one step ahead from the crowd.
This device is not just a magic black box, its fully open-source for public scrutiny and has an active development in its arsenal.
Whether you’re a security expert or a newcomer, this device offers unmatched security for your coins while making it easy for you to manage and transact conveniently on the internet.
Trezor One gets a new price. All you need to store your Bitcoin or Altcoins without breaking the bank
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