Trezor Wallet Review

What is The Trezor One Wallet?

Company History

Pros & Cons

Advantages

Disadvantages

UX Overview

Installation Tutorial

Security

How The Trezor One Compares To Other Wallets

FAQ

What currencies does The Trezor One Support?

Does The Trezor One support software wallets?

Is The Trezor One secure?

Which Operating Systems does The Trezor One Support?

Conclusion

 

What is The Trezor One Wallet?

 

The Trezor One is the first hardware wallet and one of the oldest one available today, and for good reason. It was first released in 2014, and it is still one of the best cold storage options even after so many years. You may be wondering what a hardware wallet is in the first place, but don’t worry, we’ll get to that in a moment.

The Trezor One boasts a lot of great features when it comes to security, and coming at a price point of $59 (at the time of writing), it’s a very attractive piece of hardware used for protecting your bitcoin as well as other cryptocurrencies. In fact, it’s one of the safest hardware wallets available on the market, and it comes as close as ‘hack-proof’ as possible.

 

What is a Hardware wallet?

 

Hardware cryptocurrency wallets are, put simply, the safest option for storing and safely keeping your cryptocurrencies. This is due to the fact that they don’t require a constant internet connection, and as long as they don’t get stolen physically, much like your regular wallets, they’re usually unhackable. It is highly recommended to use a hardware wallet if you can and especially if you possess a large amount of cryptocurrencies.

 

Company History

 

The Trezor T One was made by SatoshiLabs. SatoshiLabs was founded by two cryptocurrency enthusiasts in 2013. They have practically pioneered the hardware wallet as well as the pooling technology. Despite the fact that there have been a few that followed soon after, the fact remains that SatoshiLabs is one of the oldest and most reputable cryptocurrency tech companies that still try to invent new technologies. These push Bitcoin and crypto in general into the mainstream, and make it known to as many people as possible.

 

The main two people responsible for SatoshiLabs are Pavol Rusnák (CTO) and Marek Palatinus (CEO). Alongside a talented business developer and bitcoin supporter, Alena Vránová (ex-CEO). However, Alena has since stepped down from her position in order to pursue new and exciting goals in 2017.

 

Pros & Cons

 

Pros

 

  • Great price point
  • Great security
  • Passphrase support
  • Open source
  • Easy to use

 

Cons

 

  • Limited cryptocurrency support compared to The Trezor Model T
  • Black and white screen

 

Advantages

 

When talking about one of the oldest, most reputable, and safest hardware cryptocurrency wallets available. There are quite a few advantages to using the Trezor One we can think of. The first would be its great price point. It costs just $59 when purchased directly from SatoshiLabs, and you’ll be hard pressed to find anything that costs less than that, but provides the same kind of quality and degree of security, trust, and support as Trezor One does. One of the many advantages is also that the Trezor One (as well as the Model T) is open source, compared to its main competitor – Ledger Nano S.

This means that the Trezor One is supported by the community quite a lot more than Ledger ever will be. As such also has a lot more integration with various software wallets. While it doesn’t provide the same kind of cryptocurrency support as its successor – the Model T, The Trezor One still allows you to have a large portfolio and supports nearly the same amount of coins as the Model T. Which is around 1600.

The various security features also ensure that the Trezor One remains as one of the safest hardware wallets out there. It should be noted that there was a breach in 2017 related to the chip that the device uses.

Disadvantages

 

The only notable disadvantage to using the Trezor One is that it doesn’t support some of the more recent popular cryptocurrencies, such as Ripple (XRP), Cardano (ADA), and Monero (XMR). There’s also the fact that a lot of the supported coins can’t be interacted with natively in the sense that you’ll need to use an external wallet in order to use these coins. While we don’t think it’s that serious, considering only 6-9% of cryptocurrency users are subjected to these attacks.

It wouldn’t be right to not mention the security breach of 2017, where an issue with the chip that both Trezor One and the Model T use was found. It allowed hackers to get access to your coins in just around 15 seconds if they had physical access to your wallet. 

UX Overview

 

We’ll talk about what you’ll get in the box, how it all feels, and what it’s like to use the Trezor Model One in this user experience overview.

 

First things first, the box and what comes in it.

Everything is pretty standard and ordinary. The box it comes in has two seals in order to show that it hasn’t been tampered with an opened, and the insides hold:

 

  • Trezor One Device
  • USB cable (Type B)
  • User Manual
  • A couple of Trezor Stickers 
  • Lanyard
  • Recovery Seed Card (x2)

 

The device itself is pretty similar to the advanced model, Trezor Model T, but it’s almost half its weight, weighing only at 12g while the Model T is 22g. The dimensions are approximately as follows: 64 mm x 39 mm x 10 mm, which is almost the same as the Model T. It’s pretty small, and users can carry it around with them in their pockets or on their keychains if they want. 

Installation Tutorial

 

Once you unbox the wallet and connect it to the device of your choosing, it will instruct you to go trezor.io/start. Once there you’ll be asked to choose your device among the two models, and once you choose the Model One you’ll be again directed to go to a different webpage – https://wallet.trezor.io/#/.

You’ll then need to install the bridge that allows your wallet to interact with the blockchain. You can either download the browser add-on, or download it directly onto your device. After that you’ll need to install the required firmware and once that is done, the device will restart and you’ll be able to setup your first wallet!

 

Note: If your Trezor One comes with pre-installed firmware, do not use it and immediately contact Trezor support.

Security

 

Security is always a tricky topic when it comes to hardware wallets. While they’re proven to be the safest overall option when it comes to cryptocurrency storage, they always come with the risk of physical theft and hacking. The Trezor One isn’t an exception to this rule. It should be noted, however, that only approximately 6% of cryptocurrency users are subject to physical theft of their devices, and even then you need to be held accountable to keep your personal belongings safe, much in the same way you would your regular wallet. 

 

We’ll get into the meat of the security breach a bit later, but first let’s take a look at the security features that the Trezor One provides. 

Security Features

Firstly – The Limited USB connection. What does this mean, exactly? Well, think about any kind of computer virus affecting your device. Then think about whether or not it can affect your USB-connected mouse or keyboard. It can’t, of course. The Trezor One uses that same tech, and it means that even if you connect it to a malware/virus infected device, it’s still safe to use. It’s protected from keyloggers as well due to the PIN numbers being moved around each time you input a number. 

 

Secondly – The constant firmware updates. This would usually be considered standard, but SatoshiLabs makes sure that they update their firmware regularly and they seem to be able to stay on top of everything.

 

When it comes to the aforementioned security breaches of the device (that require physical access), there seem to be two issues. One security issue was found by Kraken Security Labs, while the story covering the second issue can be found here


Both of the issues are related to the microchip that Trezor Model One, Trezor Model T, and the KeepKey hardware wallets use. Luckily, SatoshiLabs have since come out to say that both of these issues have been fixed, and as long as you use the passphrase feature of their devices, your coins will remain safe. 

How The Trezor One Compares To Other Wallets

 

The Trezor One is a bit more basic than its successor, while remaining one of the best ‘standard-priced’ hardware wallets out there. It’s priced at $59, and users shouldn’t expect the same features that the premium wallets, such as the Model T and Nano X offer. That said, for its price it compares and competes quite well with other such wallets, like the Ledger Nano S and KeepKey.

 

The Trezor one is most similar to the Ledger Nano S, while there are a few key differences between it and KeepKey. For example, KeepKey has a much larger screen that’s able to show full cryptocurrency addresses unlike the Trezor One, but also has a much more limited amount of supported coins available. 

 

FAQ

What currencies does The Trezor One Support?

The Trezor One supports all of the main cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dash (DASH), Zcash (ZCH), Stellar (XLM) along with over a thousand others, but unlike its successor, the Model T, it doesn’t offer support of the newer popular currencies such as Ripple (XRP), Monero (XMR), and Cardano (ADA).

 

Does The Trezor One support software wallets?

Being open source – yes, the Trezor Model One supports software wallets such as Electrum and MyCelium and more.

Is The Trezor One secure?

As long as it doesn’t get physically stolen, your Trezor One device is pretty much unhackable. SatoshiLabs have also stated that as long as you use their passphrase features, your Trezor device will remain safe.

Which Operating Systems does The Trezor One Support?

Trezor One currently supports the following operating systems: Windows 10, Linux, and MacOS. On mobile devices, only Android is supported so far.

 

Conclusion

SatoshiLabs are one of the oldest and most reputable companies in the business, and it shows. The first hardware wallet – Trezor One, which was their creation remains as one of the best options for cold storage available right now.

The Trezor One is also quite affordable at its price point of $59. It’s an excellent choice for veterans and beginners alike. It’s a lightweight and convenient device that users can easily carry with them.

Especially when compared to something like the KeepKey hardware wallet which is quite a bit larger. The safety measures and constant security updates from SatoshiLabs make sure that the device is secure and as hack-proof as it can possibly be. 

 

 

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