In this review we take a closer look at one specific cryptocurrency storage product and the company behind it: SatoshiLabs and its Trezor hardware wallet device series.
We have introduced you to the idea of wallets as storage for bitcoins and other cryptocoins in our Cryptocurrency Wallet Guide, where we explain basic wallet terminology, look at the different types of wallets, and also touch upon the topic of hardware wallets, which are generally considered among the safest options to store bitcoins and other cryptocoins. In this review we take a closer look at one specific cryptocurrency wallet and the company behind it: SatoshiLabs and its Trezor hardware wallet device series.
- What is a Trezor?
- Trezor One vs. Trezor Model T
- Key facts at a glance
- How secure is a Trezor?
- Where to buy a Trezor
What is a Trezor?
A Trezor is a tiny single purpose computer device that serves as a hardware wallet for cryptocurrencies and allows for secure cold storage. It supports more than 1,000 coins and tokens (show all) and once it is connected via USB, it draws the power needed for operation and therefore does not require a battery. In addition to its primary function, it has other security applications, such as password management and second-factor authentication.
Trezor One vs Trezor Model T
The original Trezor (Trezor One) was the first hardware wallet of its kind, revolutionizing the way to store cryptocurrency assets. The Trezor Model T is considered a premium version, which was released in 2018. We were given the chance to put our hands on both of these devices. While both accomplish their goal - securely storing cryptocurrencies - in a very similar way, there are key differences which we want to highlight.
First, the Trezor Model T offers a color touch screen and a microSD card slot to manage passwords. Secondly, the Trezor Model T offers a bunch of new and improved features. For instance, Mac users will like that the Model T comes with a USB-C port which makes it easier to connect to a Macbook or iMac. And last but not least, the Model T offers a cleaner design and a better user experience overall.
Key facts at a glance
|Product Name||Trezor One||Trezor Model T|
|Generation||First (1.0)||Second (2.0)|
|Released||January 2014||February 2018|
|Connections||Micro USB type B||USB type C Micro SD card slot|
|Screen type||OLED display||RGB LCD touchscreen|
|Supported Coins||1,000+ coins and tokens||1,000+ coins and tokens|
|Price (as of Nov 2019)||approx. 60 EUR||approx. 180 EUR|
How secure is a Trezor?
Hardware wallets are among the most secure ways to store bitcoin and other cryptocurrencies. In terms of safety, only paper wallets can be considered contestants. Generally, Trezor devices offer the best possible protection of keys, which are stored in the persistent memory and will not be erased even if the device is not being used for an extended period of time. The small screen comes in handy to verify the legitimacy of entered data without having to trust the computer to which the Trezor device is connected. Keep your Trezor wallet secure by following security best practices e.g. choosing a strong PIN and passphrase as well as keeping your backup (also called recovery seed) safe.
Where to buy a Trezor
The easiest and recommended way of buying Trezor devices is through the Official Trezor onlineshop. It may be the case that you find cheaper Trezor deals elsewhere, however, since there have been reports of cryptocurrency theft caused by manipulated devices, we do not recommend buying hardware wallet devices like the Trezor off platforms like Ebay. Instead, you should verify whether your favorite retailer (this could be Amazon) is listed as authorized reseller on the Official Trezor website.