What is the Bitcoin TREZOR?
Trezor is a tool for storing bitcoins and for signing transactions.
Key benefits of the Bitcoin TREZOR
Virtual and Physical Security
All the private keys are generated by the device itself and thus they can’t be touched by any malware and can’t get stolen.
TREZOR has also a unique way of PIN entering preventing keyloggers from recording it. One can also set an encryption passphrase on top of the standard PIN protection.
With a Bitcoin TREZOR you also don’t depend on any wallet providers. The TREZOR can’t be hacked and nobody can just run away with your Bitcoins (like what happened @ Mt.Gox). Thanks to its deterministic wallet structure the Trezor can store an unlimited number of keys.
When the device is initialized it automatically generates a recovery seed. All of it’s contents can be restored into a new device or another compatible wallet with a recovery seed, in case the device gets stolen or lost.
Supported Plattforms: macOS, Windows, Linux
Interface: TREZOR Chrome Extension, myTREZZOR, Electrum, MultiBit, etc.
Easy to use
The device can be easily used on all plattforms (Windows/OS X/Linux), all you need to do is to connect your TREZOR to the computer and follow the instructions. TREZOR has only two buttons, to confirm or to deny an action.
Private keys always stay safe, no matter how unprotected your computer or internet connection might be.
TREZOR code is open-source and technical desisions are discussed with the wider developer community. Every part of the code can be audited by an third party.
TRAZOR automatically generates a recovery seed. A user can restore all of the contents into a new device with the recovery seed.
Thanks to the advanced cryptographic algorithms of TREZOR you don’t have to be a crypto-expert in order to use them properly.
Our TREZOR Review and Test
We bought a TREZOR
So we ordered our own TREZOR to make a review and show you how it can be operated! Questions like ‘How to Setup TREZOR?’ and ‘How to send Bitcoin to my TREZOR?’ are going to get answered below.
TREZOR: Content of delivery
The delivery package was in a good condition. And the TREZOR box so well glued, that you will 100% see if someone has tempered your device before it got to you! Meaning, you can not get the device out without destroying the box.
Contents of the TREZOR box:
- The TREZOR device itself
- USB to micro USB cable
- Small key chain where you can attach your hardware wallet
- Letter with info about setting up and security
- Paper where you can write your recovery seed
- Four stickers
So let us see if it is really that simple to set up the TREZOR as they state on their website!
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Setting up your TREZOR device
There are currently (8.1.2017) four ways to set up this bitcoin safe:
- Online at myTREZOR.com
- TREZOR Chrome extension
- TREZOR Manager for Android
- Offline with Python tools
We chose the second solution (Chrome), since it was said it is the easiest and we don’t really need to install new software at the computer.
Step 1: Just go to the website myTREZOR.com and install the chrome plugin. Alternatively, you can go to the same website and install the software for your computer.
Step 2: Press on ‘Add app’.
Step 3: Connect your TREZOR device to the computer. You will probably be prompted to update the device firmware – do this.
Step 4: Label the device and you will be prompt to enter a PIN. Do so.
Step 5: Recovery seed setup. You will need to write 24 words that will be shown to you. This way you can recover your account in case you lose your device. And this is it, your device ins not ready to use!
Start using your TREZOR!
Let us now move some coins to this Bitcoin safe!
Step 1: Go to Account -> Receive. Here you can see your new Bitcoin public key.
Step 2: Send Bitcoins to the adress from Step 1.
And in just some minutes it arrived on our TREZOR:
Sending Bitcoins over TREZOR
It is as simple as receiving, one just needs to go to the ‘Send’ tab under your account. Put in the address, amount and press on send.
Disconnecting and connecting TREZOR
There are two options to disconnect your TREZOR:
- Unplug the device – You will still be able to see your TREZOR accounts over the myTREZOR website. You will see changes to your balance, but your Bitcoins cannot be moved without reconnecting your TREZOR device.
- Unplug and Forget device – By clicking “Forget device” after having it unplugged, all TREZOR related data will be removed from the browser. This is recommended if you don’t want anybody to see your balance when using the same computer.
Increasing the security of your TREZOR
So currently we have two layers of security.
Layer 1 is the hardware device itself. Nobody can move your Bitcoins without having your device in their hands.
Layer 2 is the PIN Code which you entered. This needs to be entered making the first Bitcoin transaction for the session.
and you can set up a third layer, which makes your bitcoin wallet even more secure!
Layer 3 is the passphrase encrypted seeds. This way even by examining your TREZOR chip under an electron microscope they will not be able to use the recovery seed, since they will need a password nowhere to be found. The flip side to this extreme level of security is that if you forget your passphrase your bitcoins are lost. Really lost!
Conclusion: Bitcoin TREZOR
To end our TREZOR review and test here is a short summary.
TREZOR: Upshot: This Bitcoin safe is easy to use and offers the highest security possible. It is no wonder for us now, why it is called the ‘Bitcoin Vault’! And since it is impossible to steal your coins without having access to the TREZOR, we recommend everybody not daily cryptotrading to buy or make themselves a Bitcoin hardware wallet. It doesn’t matter if it is the TREZOR or a different one (see below for details on others). Important is, that it is a cold wallet!
Bitcoin Hardware Wallets Overview
- Easy to use
- Modern cryptography
- Easy to use
- Multiple Editions
- Easy to use