The cryptocurrencies era has brought with it certain risks, for instance, hacking and crypto theft. Guaranteeing the safety of digital currencies is almost as important as their acquisition. It is crucial to care for the investment in cryptocurrencies today because the price keeps going higher and it becomes expensive to buy.
A number of startups and organizations currently provide various options for storing cryptocurrencies. These options ensure that cryptocurrencies remain safe even when the computers or mobile devices are compromised. The Trezor cryptocurrency wallet is one of these fantastic inventions. The Trezor is a cryptocurrency hardware wallet that is developed to provide high-level security for Bitcoin and other cryptocurrencies. The wallet: Launched in 2013, was the first Bitcoin hardware wallet to hit the market. It offers top-notch security for cold storage, besides, giving its users protection from virtual theft as well as physical theft.
The small device is connected to a computer using a USB cable. In addition to that, the device is built in a way that, the private keys are stored offline for offline transaction signing. The wallet adds an extra layer of security to protect the digital currencies. There is a chance that a computer will get a virus or a malware, therefore, posing a threat to the private keys. Often private keys are usually stolen using the means of a key logger. Trezor can remove such threats including “phishing” used by some websites to steal private keys.
Trezor is an HD wallet with a 128*64 pixel OLED display. The device comes with a micro USB cable for connection to the computer and features two buttons on its front surface below the screen. There is a micro USB button to the bottom of the device. The wallet is backed up using 24 words generated at setup. The RNG generates the 24-word seed both from the computer and the wallet device. It is essential to note that even though the seed is generated in coordination with the computer, the entire process is offline and later displayed on the Trezor HD screen to ensure the backup word is never on a device connected to the internet. The 24-word seed is vital in case recovery of the wallet is necessary. For additional security a passphrase that makes the 25-word can be added by an individual, however, without it wallet recovery is impossible.
- Trezor wallet features a small screen for extra protection and verification.
- It keeps private keys on the device for additional security.
- Can be used even on a compromised computer with malware without risk of losing funds.
- The setup process is easy and short.
- Trezor offers great privacy.
- It is compatible with other wallets such as Electrum, MultiBit on the desktop while on android it is compatible with Mycelium.
- The price can be high for some, especially if on a budget.
- Unlike the hot wallet, it is not a very practical wallet when on the go.
Although, Trezor wallet was initially launched to support Bitcoin, it has been upgraded to store many more cryptocurrencies. As the number of cryptocurrencies increases, the investors should purpose to take extreme measures to care for their investments to avoid risks of loss by theft. The Trezor is the first of such wallets and offers a myriad of features and benefits to the users. If you are interested in purchasing the wallet you can find their wallet on their website Trezor.io