Are you a cryptocurrency enthusiast, and have come here wanting to find the safest place to store your coins? Choosing the Best Wallet, might be harder? Or have you already heard about Trezor, looking forward to knowing more about it? Find out more.
In this post, You will find everything you need to know about the Trezor Hardware wallet and is it worth the price? Then you can later decide whether to purchase this wallet or not.
What is the Trezor Wallet?
The Trezor wallet was the original cryptocurrency hardware wallet to be released. It is a hardware wallet that allows you to safely store, send and receive a wide range of cryptocurrencies. The wallet was first released in 2014 by a company called SatoshiLabs, which is located in the Czech Republic.
Being a hardware wallet, the Trezor wallet is much safer than traditional software wallets, as private keys are held on the physical device, rather than on a mobile or desktop computer. The wallet is never connected to an internet server, meaning that it is virtually impossible for a hacker to access your funds.
Trezor One Vs Trezor Model T
The Above Prices are Non-Discount Prices [ as of April 2021 ]
It’s Good that Trezor Wallets support Multi-Currency, which means you can store more than 100+ Different CryptoCurrencies on it. Your portfolio will be diversified into different types of Crypto tokens, and coins.
Trezor Ethereum wallet can store all Ethereum-based (ERC-20) tokens. This is great as there are hundreds (if not thousands) of different ERC-20 tokens available on the market.
The Big advantage of Trezor wallet is that your private key is offline, meaning hackers won’t have access to it, it is never connected to the internet.
When it comes to accessing your Trezor wallet, whether that’s to send/receive coins, or even check your balance, you will need to enter your personal PIN number. Only you should know what this PIN number is, as you have to choose it when you first set up the device.
You will be provided a backup passphrase which you MUST write down. If your Trezor wallet was stolen, you would be able to recover your funds by entering your backup phrase on to another device.
Keep in mind that, you have to spend $50 or $200 in order to get this product. If you are holding a Crypto for less than $1000 or $2000, it might get expensive for you, but still securer.
If you think this is expensive go for the software-based wallet.
It is not user-friendly, as the company focuses on security. So if you want to transfer crypto, you have to always plug it into a desktop and enter a pin-code every time you want to make a transaction.
If you feel unprotective and want to have more security for holding crypto, hardware wallets are the best. Even if your Trezor wallet is stolen, you can still recover your funds as long as you wrote down and stored your 24-word recovery password safely!