Trezor Model T Wallet Review

What is The Trezor Model T Wallet?

Company History

Pros & Cons

Advantages

Disadvantages

UX Overview

Installation Tutorial

Security

How Trezor Model T Compares To Other Wallets

FAQ

What currencies does Trezor Model T Support?

Does Trezor Model T support software wallets?

Is Trezor Model T secure?

Which Operating Systems does The Trezor Model T Support?

Conclusion

 

What is The Trezor Model T Wallet?

 

The Trezor Model T is a cryptocurrency hardware wallet that’s the advanced model of the original Trezor One, or T-One. Both were made by SatoshiLabs, and T-One launched in 2014 while the Model T launched just recently, in 2018. The Model T offers advanced features and usability compared to its predecessor, but these features come at almost double the price. However, with the support of multiple new cryptocurrencies such as Ripple (XRP), Cardano (ADA), Monero (XMR) among others, better security features, and a better user experience, we believe that the Model T is worth the price. The Model T is open source, making it somewhat unique in this aspect, and a definite improvement on other hardware wallets. 

 

Company History

 

As previously mentioned, both the T-One and the Model T were made by SatoshiLabs. SatoshiLabs and Trezor were founded in 2013 by two cryptocurrency enthusiasts – Pavol Rusnák (also known as Stick) and Marek Palatinus (known as Slush), and it is headquartered in Prague. The two pioneered technologies and inventions such as the first hardware wallet for cryptocurrency – Trezor, as well as the first mining pool. It is no wonder that Trezor is the most popular and best known hardware wallet out there, even though it has competition from the side of Ledger and KeepKey. The company also works on new projects that aim to help and support the growth of Bitcoin and other cryptocurrencies, as well as the blockchain technology. Alena Vránová was also one of the Co-Founders, but she has since stepped down in order to pursue new horizons and challenges in 2017. 

 

Pros & Cons

 

Pros

 

  • Top of the line security
  • Touchscreen
  • Easy setup
  • Easy to use
  • Support for 1600+ different cryptocurrencies
  • Open Source

 

Cons

 

  • Steep price point
  • Design is a bit bulky
  • Mobile app doesn’t support iOS systems

 

Advantages

 

The Trezor Model T is probably the most advanced and premium hardware wallet available on the market currently. As such, it sports many advantages for anyone that is willing to shell out a relatively hefty amount of money for it. For one, it is registered under an open source licence, meaning that it is more compatible with software wallets such as MyCelium, Electrum, Exodus, and Wasabi. 

 

The Model T has a touch screen that allows you to enter the PIN and passphrase codes with much less effort, among other useful features. Like the KeepKey wallet, the screen is also pretty large, but unlike KeepKey, Trezor Model T’s screen is in color, making it feel even more advanced. You can also expect to be able to trade more than 1600 different cryptocurrencies, and even more to be added in the future. 

 

Disadvantages

 

The one big obvious disadvantage is the price point of the wallet. Trezor Model T costs $169.99, and it comes in a pack that contains the Trezor Model T, Trezor One, and a cryptosteel safe for $274. Many people don’t think that the price is justifiable, and a lot of them are of the mind that the Trezor One is good enough. It is honestly the only notable disadvantage to using the Model T over any other hardware wallet on the market. The only other two disadvantages we could think of is the somewhat bulky design that can be off-putting to some, and the fact that the Model T doesn’t support the iOS operating systems and devices. 

UX Overview

 

We’ll go over what the user experience of the device is in this section. This includes what comes in the box, how the device looks and feels in your hand, and how convenient or inconvenient it is to use, among other things. 

 

So, what do you get when you purchase one of these top of the line hardware wallets?

Once you open up the box, you’ll find that it has all the standard things you’d expect, and a few bonus items:

 

  • The wallet itself
  • USB cable
  • User Manual
  • Recovery Seed Card
  • A couple of Trezor stickers
  • A magnetic dock for the wallet

 

The magnetic dock can be used to hide your wallet in hard to see places, such as the upper side of a drawer, or under your desk. The Model T has a seal that needs to be ripped off and its there to show that the device hasn’t been tampered with. You can check what it’s supposed to look like on their start page when you select the model T, here

The Trezor Model T also has a MicroSD card slot on it, which will be used as onboard encrypted storage in the future. Note that the card will not store your recovery seed or any private keys derived from it. 

 

The Trezor Model T is also fairly light, weighing 22g. The size is approximately 64 mm x 38 mm x 10mm, making it relatively small and easy to fit in your pocket. The casing is put together using ultrasonic welding, meaning that there are no bolts, screws, or other things keeping it together. The only issue some users have with it is that for some of them is that the touchscreen is awkward to use due to its small size.

 

Installation Tutorial

 

As with most other hardware wallets aside from the Ledger Nano X which has a bluetooth connection feature, the first thing you’ll want to do is connect your Trezor Model T to the device of your choice with the USB provided. As mentioned above, make sure that the device is new by checking if the seal on its USB port is completely intact. 

 

Once you’re connected, you will need to follow the instructions that will be displayed on the screen of the device. Then you’ll want to open up your browser and head to the trezor start page – trezor.io/start. This works with both Firefox and Chrome. Choose the Model T which will again warn you to make sure that the seal was intact before you got hold of it. After this, download and install the Trezor Bridge and once the wallet recognizes your device, it will automatically ask to install the firmware needed. Once the device restarts, you’ll be able to create a new wallet.

 

After this come the pretty standard procedures of generating and writing down the recovery seed on paper (do it two times if you can, once each on two different pieces of paper and keep these as safe as possible). You will be asked to confirm a few of the words from your recovery seed and once you’re finished with all of that, all you’ll need to do is input a PIN code and you’re done with the initial setup.

 

Security

 

Being a hardware wallet, the Trezor Model T is susceptible to the same attacks as most other hardware wallets. Meaning that most of the risk comes from hackers having physical access to the device. This is only a risk to around 7% of cryptocurrency users, according to Trezor. SatoshiLabs have also managed issued patches and fixes that help combat the problem in the security that Kraken previously found. They have assured users that their devices cannot be hacked remotely or if the passphrase feature is turned on. 

 

A cool security feature that the Trezor wallet has is its decoy self-destruct PIN. You can use this to fool any potential hackers who might get physical access to your device. If they input this decoy PIN instead of the real one. The Trezor wallet will erase all data and reset to factory settings. How can you utilize this? Well, keep the decoy PIN near your device so that the hackers that find it try using it instead of the real PIN. 

 

As far as hardware wallet security goes, the Trezor Model T is top of the line, even with the issues found by Kraken.

 

How Trezor Model T Compares To Other Wallets

 

Compared to its predecessor, the Model T comes out ahead in quite a few features, such as the new color touch-screen, among others. It also supports a wider variety of cryptocurrencies and enhanced security features. With the price difference compared to the older T-One model, we expect at least this much of an improvement. 

 

When compared to the similar Nano X, there are a couple of noticeable differences, the price being the main one. The Ledger Nano X is priced at $119.99 while the Trezor Model T is a bit more expensive at $169.99. However, we believe that this price difference is justified given how the Model T is generally the better device. Still, the Nano X has a few features such as the bluetooth connectivity option that may make a significant difference to some users.

 

FAQ

What currencies does Trezor Model T Support?

The Trezor Model T supports all of the currencies that the previous model does. Such as Bitcoin (BTC), ETH (Ethereum), Litecoin (LTC), Bitcoin Cash (BCH). They are also supporting a lot of newer coins that the older and cheaper model does not. These include Ripple (XRP) and Cardano (ADA). All in all, the Trezor Model T currently supports 1617 different coins according to their website. Which is more than enough for any kind of user, new or old.

 

Does Trezor Model T support software wallets?

Being open source means that the Model T supports a lot more software wallets such as MyCelium, Electrum, and many others compared to its competitors which may support only a couple of these. 

 

Is Trezor Model T secure?

As far as we’ve been able to find, the Trezor Model T hasn’t had any significant security breaches, and while the Kraken Security Labs managed to find a vulnerability in the device that allowed them to hack it within 15 minutes, SatoshiLabs has assured users that their devices cannot be remotely hacked or if the passphrase features that came with the updates are enabled. We find it to be one of the most secure hardware wallets available.

 

Which Operating Systems does The Trezor Model T Support?

 

Trezor supports all major operating systems: Windows 10, MacOS, Linux. On mobile devices, only Android is supported while iOS isn’t just yet. ChromeOS is not yet officially supported, but it should work via Google’s WebUSB.

 

Conclusion

 

The Trezor Model T is a great premium wallet with a lot of enhancements over its predecessor. It is, in our opinion, one of the best cold storage solutions one can find on the market at the moment as long as the steep price point isn’t an issue. 

 

 

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