Crypto safety also comes through the wallet
The topic of crypto security is always on our minds; in this article we will delve into Trezor, a hardware wallet for storing your funds with greater peace of mind.
Holding cryptocurrencies comes with no small responsibility. Unless we rely on custodial wallets (which we advise against), we will be the ones who will have to manage their holding without intermediaries of any kind. However, this aspect is also the great advantage of virtual currencies, because it puts power back into the hands of the people. The currencies are then effectively in our 100% possession, with no other parties and entities in the way.
There are different types of wallets, but one of the most recommended is a hardware wallet, which is a device that allows coins and tokens to be stored more securely than a software wallet. So let’s learn more about Trezor, one of the leading players in the market.
What is Trezor wallet?
Trezor is a company founded in Prague in 2013 that produces the eponymous hardware wallets.
Unlike a software wallet, such as Exodus or MetaMask, a hardware wallet involves a physical device that enhances the security of deposited funds. In fact, every transaction must go through the device itself: if confirmation is missing, it cannot proceed. Therefore, if an attacker wanted to access the available funds, he would have to steal the device and know its access data; otherwise, his plan cannot succeed (although we later find out that in some cases this is not an entirely true statement).
Trezor is an alternative to the well-known Ledger devices, with which it contends in the market. There are some important differences between the two brands, so we will make a quick comparison in one of the following paragraphs. For now, suffice it for us to know that both solutions are excellent and offer well-designed and fit-for-purpose products.
The hardware wallet is not a must have: it all depends on the figures involved and the operation.
A trader or user who trades and trades several times a day anyway might find it annoying to have to keep confirming trades through Ledger or Trezor. In contrast, those who make more occasional trades would have no problem.
Then, holders of small crypto figures would not have much convenience in buying a physical wallet: why spend €70/100 (or more) for a few hundred euros of countervalue? However, it is a different matter for those who already have more structured capital, where it is necessary to be forward-looking and protect themselves from any negative event.
Obviously, what has just been written is not law: everyone can move as he or she prefers; having a hardware wallet is always the safest solution when compared to a software one, there is no doubt about that.
Comparing to Ledger, is Trezor safe to use? Short answer, yes, but we’ll return to the question soon.
Trezor wallets devices
Three Trezor models are immediately available on the market.
Each device supports over 8000 coins and tokens and is equipped with open-source code, the real strength of Trezor. What’s more, you can protect your privacy by integrating Tor, as well as shield yourself from harm with pin and passphrase.
Trezor wallets have a plastic shell, considered by some to be an unsuitable choice for the type of product. However, the company claims that the material is designed to last and that the buttons withstand more than 200,000 clicks. This should therefore be enough for most users, even with heavy use.
Image from the official Trezor website. Prices subject to variability.
Trezor Model One
The cheapest of the family is nonetheless a very viable device, suitable for ordinary cryptocurrency holders. Key features include a 0.96” monochrome LED screen.
Backup is standard (the classic seed phrase to be noted on a secure medium) and USB is micro.
Minimal expense, good performance.
Trezor Safe 3
The newest Trezor device is an improved Model One, with which it shares the screen.
The big difference is in terms of security, with the integration of the Secure Element protected Certified Chip EAL6+: improved protection and better sleep.
Indeed, the Secure Element prevents the seed phrase from being extracted directly from the hardware wallet, which is possible on models without this component (T and One). Clearly, the extrapolation procedure is not simple and requires equipment and computer knowledge, but it has been shown that it can be accomplished successfully.
The seed phrase can also be decomposed according to the Shamir backup, which involves precisely the derivation from the main seed phrase of several secondary seed phrases. Only by having a certain number of the latter (e.g., 3 out of 5) will it be possible to regain the “master” seed phrase, i.e., the one that can get us access to the wallet.
A few more euros for an excellent device, probably destined to replace the Model One over time.
Trezor Model T
Here we come to the top of the range, definitely more expensive than its “brothers.”
What changes is mainly the screen, in this case in color, equipped with a touch screen and more generous in size (1.54″).
It retains the security features of the Safe 3, except that it does NOT have the Secure Element protected Certified Chip EAL6+.
Convenient, but perhaps not the best choice even considering the unaffordable price at the time of writing.
How to use Trezor?
These devices are designed to reduce complications that can create boredom for users. Setting up a Trezor takes only a few minutes, while operation is rather mechanical, difficult to get wrong.
The company has created dedicated guides available in the learn area of the official website. From first use to troubleshooting, nothing is missing. In addition, the Trezor forum hosts very useful content including YouTube videos for maximum understanding of various operations.
Trezor vs Ledger
Let us start by saying that both solutions are valid. However, let us discover some differences that may tip the balance toward one or the other brand.
Code
First, the code: Ledger’s is closed, while Trezor’s is open-source, which benefits transparency and bug-fixing.
Chip
On the other hand, every Ledger has the Secure Element, while Trezor introduced it only on the Safe 3. In case of device theft, Trezor (except for the Safe 3) would be less secure than Ledger.
Materials
Ledger wins here: metal versus plastic (durable and quality, but still plastic), not much to add.
Connectivity
Ledger also supports Bluetooth, while Trezor uses cable (USB-C or Micro USB, depending on model).
Coins supported
Both brands allow us to hold lots of coins and tokens.
Applications
Both Trezor and Ledger wallets offer an application available on computers, Macs, and iOS and Android smartphones.
Prices
Prices vary: a Nano S Plus can be purchased for about the same amount as Trezor One and Safe 3. In contrast, Ledger Nano X is more affordable than Trezor Model T. We do not reason about Ledger Flex and Ledger Stax, because there is no comparable Trezor device.
Buy Trezor
Trezor can be purchased on Amazon at the following affiliate links (if you purchase a product, the platform will pay us a commission):
Alternatively, you can of course buy on the official store.
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