In this review, we will look at the SatoshiLabs Trezor T hardware wallet, which was made in the Czech Republic. In the review, you’ll learn how Trezor T works, what its pros and cons are, and if it’s really safe to use. There will also be clear instructions and a look at how this wallet compares to others.
Trezor Model T review at a glance
The TREZOR Model T is a hardware wallet made by the Czech company SatoshiLabs. It will come out in 2020. The Trezor T costs less than 6,000, which is three times as much as the basic Trezor One.
Trezor T works with more than 1,500 different digital currencies and tokens, such as Bitcoin, Litecoin, and Ethereum. It also works with Cardano, Monero, and Ripple, unlike the cheaper Model One.
The Trezor Suite app, which you can download to your computer or phone, is used to control the device. The idea is simple: connect the safe to the computer with a USB cable and use the touch screen to enter the PIN. Then, you tell the app how you want to pay and confirm the transaction on the Trezor screen.
One Trezor can hold more than one account, but they will all use the same seed (i.e. a phrase consisting of 12 English words that can be used to restore the wallet). But if you use the passphrase feature, you can make wallets that are really different (ie, each one renews via a different passphrase).
Advantages:
- Transparent (open source)
- A secure crypto wallet
- It supports hundreds of cryptocurrencies
- Czech language support
- Security with MicroSD card
Disadvantages:
- High purchase price
- Cannot be controlled via iPhones
Model T – Basic Information
The Model T Safe is a hardware wallet published in 2020 by SatoshiLabs s.r.o. in the Czech Republic, supporting over 1,500 cryptocurrencies including Bitcoin, Ethereum, ERC20 tokens, and Litecoin, with a cold wallet and offline storage. The wallet management is non-custodial and it offers seed and optional password backup, secure access with a PIN and MicroSD, and control through a touch display. The wallet connects to a PC through USB-C and is priced at approximately 6,000 CZK.
Basic overview
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.
Trezor has two hardware wallets on the market right now: the original Trezor One from 2014 and the newer Trezor T. (2020). Both wallets work the same way, but Trezor T has a touch screen, supports more cryptocurrencies, and has more features.
Because there aren’t enough chips on the market, the price of Trezor T has gone up from 4,500 CZK to almost 6,000 CZK since it first came out.
PROCESSING AND TECHNICAL PARAMETERS
Trezor T is bigger than most hardware wallets, but you can easily carry it in your pocket or palm. The wallet is made of plastic, so it won’t protect you from water or shocks.
A color touch screen with a diagonal of 1.54 inches is on the front. In the bottom, there is a USB-C port, and on the left side, there is a slot for MicroSD cards. The Trezor T doesn’t have any buttons that move.
The package comes with the Trezor, as well as a connection cable, a magnetic adhesive pad, stickers, and two cards for writing the seed.
SUPPORTED CRYPTOCURRENCIES
Trezor T works with more than 1,500 different digital currencies and tokens, like Bitcoin, Ethereum, Ripple, Litecoin, Monero, and Cardano. On the wallet, you can also store NFTs or ERC-20 tokens, like the dollar-backed USDT, USDC, or DAI.
WALLET CONTROL
The Trezor T has a touchscreen, but in order to use it, you need a computer with the Trezor Suite app. If you don’t like the Trezor Suite, you can use third-party apps (eg MetaMask, Mycelium, or Exodus ).
The Trezor Suite app can be downloaded directly to your computer (Windows, Linux, or macOS) or it can be run without downloading through a 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 to your phone, you will need to buy a USB cable.
Where to buy Trezor Model T
You can buy the Trezor T wallet from the official trezor.io website or from authorized sellers’ online stores ( Alza.cz or CZC for the Czech market).
BEWARE OF SCAMMERS!
Do not buy hardware wallets from people who are not official sellers or that are used. Wallets may have firmware that has been changed or may be fake.
The new wallet must come in a complete package and without any firmware (installation will occur after the first connection). The security sticker on the Trezor that covers the USB port must not be broken.
If you buy a used Trezor, you should reset it and make a new wallet with a new seed before using it (see Trezor T instructions ). Never send cryptocurrency to a wallet that the original owner made.
Is Trezor T really safe?
Short answer: yes. Vault T is safe, so hackers or thieves won’t be able to get in. But the condition is a way for the user to show that they are being responsible.
Let’s talk in-depth about Trezor security:
- Non-custodial wallet: Users have full control over and are responsible for their cryptocurrencies. The person who made the wallet or an administrator can’t get to the coins, so they can’t be lost, stolen, or blocked.
- Offline wallet: Trezor stores and encrypts sensitive information so that hackers and viruses can’t get to it. Even if the Trezor is connected to a computer, sensitive information is not sent to the computer.
- Transactions are safe because Trezor has its own processor that makes new wallets and checks that transactions are correct. In other words, Trezor is where sensitive data starts and stays.
- Access PIN: You must enter a PIN every time you connect the Trezor to your computer (you set it when you start it for the first time). You can’t get into the Vault if you don’t know the PIN. If someone stole your Trezor and tried to guess your PIN, they would only get 16 chances. After that, the Vault will reset itself and delete all the data on its own.
- Using a MicroSD card as a second layer of security. You can also lock the Vault using a memory card. Here’s how it works: Your PIN is encrypted by Trezor, and the key to unlocking it is stored on the SD card. Then, if you want to get into the device, you have to enter the PIN and put the memory card with the key into the device.
RECOVERY SEED: BACKING UP THE VAULT
You must first make a new wallet in Trezor before you can use it. During this process, Trezor will show you the key to your wallet, which is called a “recovery seed.” You should write this down and keep it secret.
What do seeds do? A seed is a unique phrase of 12 to 24 English words that the wallet uses to make addresses and private keys for the cryptocurrency.
You can use the seed to get your cryptocurrency back if you lose your Trezor, break it, or forget your PIN: Just move it to a different wallet.
SHAMIR BACKUP
You can also back up Trezor T with a shared seed, which is something that other HW wallets can’t do. This is called a “Shamir backup.”
The idea behind shared seed is simple. Trezor makes more than one seed (for example, 5), and the user decides how many parts are needed to restore the wallet (e.g. 3 out of a total of 5). Then you can hide each piece somewhere different or give it to a different person.
Shamir’s help is good for two reasons:
- Protection from thieves and hackers: If someone steals your classic seed, they can access your whole wallet (this can be prevented with the passphrase function, but more on that in a moment). Even if someone steals one part of your shared seed, they won’t be able to get to your cryptocurrencies.
- Seed loss protection: If you lose your classic seed, you’ll also lose access to cryptocurrencies. Even if you lose a piece of the shared seed, you can still get your wallet back.
Account structure, passphrase
In Trezor, one wallet will be made, which will hold accounts for each coin (an account for BTC, an account for ETH, etc.). But if you want to, you can make more than one account for the same cryptocurrency. For example, you could make 5 accounts for bitcoin.
There is a catch, though.
All accounts are backed up with the same seed, so if someone steals your seed, they can access ALL cryptocurrencies.
HIDDEN WALLETS
To be truly different, each wallet or account needs its own seed. But Trezor can only hold one seed. So how do you do it so you don’t have to send all the coins to a single wallet?
Hidden wallets, which are different from regular wallets because they have a special password (passphrase), are the answer.
What is a codeword? A passphrase is like another seed word that you choose. By adding a new word to the original seed, you get a completely different wallet with a different set of addresses.
To use wallets that are hidden, you just need to turn on the passphrase function. This will make sure that each time you log in to Trezor, you need both a PIN and a password.
If you don’t enter a password, the original wallet will open. If you put in the password, the seed will be changed, and a whole new wallet will open.
Instructions: How to use Trezor
Through the Trezor Suite app, it’s very easy to control Trezor. The app will show you where to go and what to do at each step, so you know what you’re doing and why. In the settings, you can also turn on the Czech language.
Want to know how to set up, reset, or reset Trezor T? Read the guide for Trezor T.
INSTRUCTIONS CRYPTOCURRENCY DEPOSIT ON TREZOR
Start Trezor Suite, connect Trezor to your computer and enter your PIN.
Choose the account you want to send cryptocurrency to on the left side.
Go to the section Receive, where you will find one or more receiving addresses (you can choose any of them).
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, click the green button on the Trezor screen. Once the address is confirmed, 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 account from which you want to send coins in the left panel.
Choose the one. Send.
Type in the amount (Amount) and the address of the recipient ( 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, hold down the Vault’s green button ( Hold to confirm). The transaction is signed by the vault, and the cryptocurrencies are sent.
Experience with Trezor T
The main benefit of the Trezor T is that it can be controlled with a touch screen, which makes using the wallet much easier and faster. Also, Trezor T has a few features that other hardware wallets don’t have (security via memory card, Shamir backup).
What’s wrong? Putting aside small things like the stuck-on protective sticker that is almost impossible to get off, there is really only one problem: the price.
The Trezor T costs almost three times as much as the Trezor One, which is the basic model. At the same time, both wallets are about as safe as each other.
Some users also don’t like that the Trezor T doesn’t have a Bluetooth connection (like the rival Ledger Nano X ). Because of this, the iPhone can’t be used to control the wallet.
WHO IS BEHIND TREZOR MODEL T?
The Czech company SatoshiLabs made the wallet, which has been on the market since 2020.
Developers at SatoshiLabs have worked on a number of projects that have been successful, and they are also actively working to improve cryptocurrency networks. For example, SatoshiLabs wrote the Bitcoin standards BIP39 and BIP44, which are used by almost all hardware and software wallets today.
Trezor Model T review summary
There are a lot of good things about the Model T safe. But in terms of price-to-performance, the basic Trezor One or Ledger Nano S Plus models are better because they offer almost the same level of security for a lot less money.
The only thing that makes up for “Téka’s” high price is the touch screen, which makes it much easier to use than models with buttons. The Shamir backup function or the slot for a memory card is nice, but we don’t think they offer a major advantage.
So does it make sense to buy Trezor T?
Trezor T is a wallet for picky people who value comfort, a modern look, or extra safety. But if you want a safe crypto wallet for a fair price, you can get by with a cheaper model.
You may also like, BitBox02 Reviews 2023: Experiences, Supported Cryptocurrencies, Comparison with Competitors
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘xBTCh,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from ForexIndustry.com.
To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/16/trezor-t-reviews-2023/.
