In this review, we look at the SatoshiLabs company’s popular Trezor One hardware wallet. Let’s find out how the Trezor One works, how it protects cryptocurrencies, and if it can compete with newer, more expensive models. Find out more in the review that comes next!
Trezor One review at a glance
The TREZOR Model One (or Trezor 1) is a hardware wallet made by SatoshiLabs in the Czech Republic. The wallet has been on the market since 2014, and because of how cheap it is, it is one of the most popular HW wallets.
Trezor can hold more than 1300 digital currencies and tokens, such as Bitcoin, Litecoin, and Ethereum (including NFT and ERC-20 tokens). But the wallet does not work with Polkadot, Ripple, Cardano, or Monero, which are all well-known cryptocurrencies.
The Trezor Suite app is used to control the wallet. You connect the Trezor One to your computer with a USB cable and enter the access PIN to receive or send cryptocurrency. You enter the payment information through the Trezor Suite and then confirm the transaction by pressing a button on the Trezor itself.
Trezor One lets you keep more than one wallet for the same cryptocurrency, but they will all have the same seed (i.e. 24 English words that can be used to restore the wallet). But you can set any password as the 25th word of the seed for each wallet.
Advantages:
- Transparent (open source)
- A secure crypto wallet
- It supports hundreds of cryptocurrencies
- Czech language support
- Great price-performance ratio
Disadvantages:
- It does not support ADA, XMR or XRP
- Cannot be controlled via iPhones
The Model One vault, published by SatoshiLabs s.r.o. in 2014, is a Czech-made hardware wallet that supports over 1,300 cryptocurrencies including Bitcoin, Ethereum, ERC20 tokens, and Litecoin, and is a cold wallet with offline storage and non-custodial wallet management. It has a seed-based backup with an optional password and secure access through a PIN and 2 mechanical buttons and can be connected to a PC via USB Micro B. It has an approximate purchase price of 2,000 CZK.
What is Trezor One
How does a hardware wallet work? A hardware wallet is a small device used to store cryptocurrency (or private keys). Hardware wallets are the safest way to store cryptocurrencies, but they are also the most expensive.
The Trezor One is one of the most popular hardware wallets on the market. The main reason is the low price and high level of security, which is on par with models that cost many times more.
The transparent firmware is one of the best things about Trezor One. The source code for Trezor is available to the public, so anyone can check how the wallet works and see if it has any major bugs.
You can receive and send cryptocurrencies by connecting the Trezor One to your computer with a USB cable and using the Trezor Suite program to enter payment information like the address of the recipient and the amount. In the end, you confirm the transaction by directly right-clicking on Trezor.
SUPPORTED CRYPTOCURRENCIES
Over 1300 cryptocurrencies and tokens can be used with Trezor One.
Some examples of cryptocurrencies are BTC, ETH, LTC, BNB, and DOGE. You can also store ERC-20 tokens (like USDT, USDC, and DAI, which are dollar stablecoins) or popular NFTs on the wallet.
But the Trezor One doesn’t work with Ripple, Polkadot, Solana, Chainlink, or Monero, which are all popular cryptocurrencies. On the official website, under the tab “Coins,” you can find a full list of everything.
PROCESSING AND TECHNICAL PARAMETERS
The device is small and light, so it is easy to put on a key ring or in a pocket. There is a small black-and-white display and two buttons on the front. At the bottom, there is a USB port.
The wallet comes with a USB cable, a keychain, stickers, and two cards that can be used to enter the seed.
Trezor One Suite can be downloaded on its own for Windows, Linux, or macOS. There is also a web version that you can run in a regular web browser.
Android phones can also be used to control the wallet (e.g. in combination with the web version of Trezor Suite). To connect the wallet (USB Micro-B port) and the phone, you will need to buy an adapter (standard USB-C).
Where to buy Trezor One
The Trezor One wallet can be purchased directly from the official website trezor.io. Another option is to purchase through an authorized dealer (Alza.cz or CZC in the Czech Republic).
BEWARE OF SCAMMERS!
Beware of hardware wallets from unofficial or used sellers. The wallet may have modified firmware or may be fake.
New wallets MUST ship in intact packaging with protective stickers and no firmware (installation will take place after the first login). For wallets purchased from unknown sellers, verify that they are not fake.
If you are purchasing a used Trezor One, we recommend that you verify the authenticity of the device and the authenticity of the firmware. Never send crypto to a wallet created by the original owner. Before use, reset the device and create a new wallet with a new seed (see Trezor One – instructions).
Safety and reliability
You may be wondering why pay for Trezor One when there are hundreds of free crypto storage apps out there. Of course, the reason for this is better security than any mobile or paper wallet can offer.
We have summarized the main advantages of Trezor One in four points:
- Unattended Wallet – Users have full control and responsibility for their cryptocurrencies. Neither the wallet issuer nor any administrator has access to the cryptocurrencies, so they cannot be lost, stolen, or blocked.
- Secure Access – The Vault is locked with a PIN that the user sets on the first boot. If someone steals your Trezor, they can’t access your wallet without your PIN. In addition, it is practically impossible to guess the PIN, because, after 16 false attempts, Trezor automatically resets it. Offline Wallet – Confidential data (e.g., original code or PIN) is stored directly in the vault, where it is isolated from viruses, hackers, and other cyber threats.
- Sensitive data is created and stored in Trezor – Trezor has its own processor, so it can handle key operations on its own (such as creating new wallets and confirming transactions). Therefore, even if you connect the wallet to the computer, confidential data will not be sent to the computer.
WALLET BACKUP AND RECOVERY
After the first launch, Trezor will ask if you want to create or restore a wallet. If you choose the first option (create a new wallet), Trezor will generate and display 24 English words or recovery beads. You must write these words and their order on paper and hide them well.
What are seeds? A seed is a unique phrase consisting of 12-24 English words, from which the wallet generates a cryptocurrency address and private key. If you lose your Trezor, destroy it, or forget your PIN, you can use the seed to recover your crypto. Just buy a new wallet (not necessarily Trezor) and crush the original seed in the wallet.
Never share the seed with anyone, because anyone who knows the seed has access to the entire wallet. Don’t send the seed to anyone, don’t save it to your computer, and don’t take pictures with your cell phone so hackers can’t access it.
Account structure, passphrase
We will now see how many wallets “fit” Trezor and how they are arranged.
Trezor will create wallets for each cryptocurrency. You can then add up to 10 sub-wallets (called accounts) for each cryptocurrency in the app. But these accounts are linked – they are not separate wallets!
To be truly separate, wallets must have a different origin. However, Trezor can only work with one seed. So if someone steals your seed, they have access to ALL your wallets and accounts.
However, this can be avoided:
via hidden wallet.
A hidden wallet is a wallet whose password acts as the 25th root word (called a passphrase). Adding a password will change the origin, so you will have a completely different wallet from other addresses.
In fact, it works like this:
First, you go to settings and there you enable the passphrase feature. From now on, the Vault will not only ask for a PIN, but also for a password (passphrase). If you fill in the passphrase, Trezor will connect it to the seed and create another wallet.
You can create more hidden wallets – just use different passwords.
Instructions: How to use Trezor
Controlling Trezor through the Trezor Suite app is really simple. The app is clear, with Czech translation and clear step-by-step explanations so even a beginner can handle it.
But before you start using the wallet, you need to set up Trezor (install the firmware, create and save a new wallet, and set a PIN).
INSTRUCTIONS CRYPTOCURRENCY DEPOSIT ON TREZOR
- Start Trezor Suite, connect Trezor to your computer and enter your PIN.
- Choose the cryptocurrency and account you want on the left (if you have more than one).
- Click on the tab Receive and choose one of the addresses that Trezor gives you.
- Now you need to make sure that the app is giving you the right address (there are viruses that subtly change the address). Click the green button that says “Show full address.”
- The Trezor’s screen will show the address where the money is going. Check that the address on the Trezor is the same as the one on the Trezor Suite app.
- If both addresses are the same, right-click on the Vault and confirm them ( Confirm). Now that you have the address, you can copy it and send cryptocurrency to it.
INSTRUCTIONS FOR SENDING CRYPTOCURRENCY FROM TREZOR TO ANOTHER WALLET
- Start Trezor Suite, connect Trezor to your computer and enter your PIN.
- Choose the cryptocurrency and account you want on the left (if you have more than one).
- Click the tab that says Send.
- The app will show you a form where you fill in the amount (Amount) and the address of the person you want to send money ( Address). You can also change how much the transaction fee will be ( Fee).
- When the transaction is ready, click the Send button. The transaction is sent to the Vault so that it can be confirmed.
- On Trezor’s screen, the address of the person getting the money and the amount will be shown. Please check all of the information carefully, because once the transaction is sent, it can’t be taken back.
- If the numbers match, press the right Vault button ( Confirm). The transaction is signed by the vault, and the cryptocurrencies are sent.
Experience with Trezor One
Trezor One is a hardware wallet that will always be useful and has a great price-to-performance ratio.
The wallet is small, inexpensive, and works with most of the well-known cryptocurrencies. Maybe the only bad thing about the wallet is that it can’t be controlled by an iPhone. At the moment, only the more expensive Ledger Nano X and Ledger Stax models with Bluetooth offer this feature.
The older type of connectors also a small flaw (USB Micro-B). It doesn’t matter in real life, but newer models already have USB-C.
WHO IS BEHIND TREZOR MODEL ONE
Since 2014, people have been able to buy the Trezor One wallet, but the project has been going on since 2012. (see development progress ). SatoshiLabs, a Czech company, is the one who wrote it.
SatoshiLabs’ developers have worked on a number of successful projects, such as the Trezor hardware wallet and the Vexl mobile app. They are also actively working on the development of cryptocurrency networks. For example, SatoshiLabs wrote the Bitcoin standards BIP39 and BIP44, which are used by almost all hardware and software wallets today.
VAULT VERSUS LEDGER
Hardware wallets made by the French company Ledger, like the Ledger Nano S models and the updated Ledger Nano S Plus, are the biggest threat to Trezor One.
Ledgers are smaller and can handle more altcoins, but they are a little harder to set up (users have to install an app in their wallet for each cryptocurrency they want to use). The older version of the Nano S also has a small storage space that can only hold up to 4 apps.
And what are Trezor’s benefits?
Vaults’ source code is available to the public, so they are completely clear. On the other hand, ledgers are closed, so users must completely trust the company that made them. And this is a major problem in an area that values freedom and decentralization.
One small thing that works in Trezor’s favor is that it supports the Czech language and is easier to set up.
Trezor One review summary
The Trezor One is one of the hardware wallets that people buy the most. It was successful not only because it was cheap (about 2,000 crowns), but also because it came out when there was almost no competition.
But the older date will still be shown in Trezor: Some cryptocurrencies aren’t supported by the wallet, it uses an older type of connector, and its design won’t win over many people.
From the point of view of functionality, security, and ease of use, it will do the same things as newer models that cost many times more. And that’s what’s most important, right?
You may also like, Trezor T Reviews 2023: experiences, supported cryptocurrencies, comparison with competitors
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