What is the Trezor Hardware Wallet [Explained]

Michael 0:00
Welcome to the New to Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto and don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Trading Center and the Lifestyle Dezign Studio. Here’s your host Crypto Travels Michael.

Welcome to today’s podcast. Today’s gonna be an exciting one. It’s all about the Trezor hardware wallet. And I want to break down and unpack to you what is the Trezor wallet. And so without further ado, let’s jump into today’s episode. The Trezor wallet is a hardware wallet that allows you to safely store send and receive a wide range of cryptocurrencies. And the wallet was first released in 2014, by a company called Satoshi labs mean 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 mobile or desktop computers. The wallet is never connected to an internet server meaning that it is virtually impossible for hackers to access your funds. The Trezor wallet does come with a price tag however, so you need to it’s something that you need to purchase. And this means that if you only have a small amount of tokens or coins, it might not be worth it for the investment. On the other hand, if you have a significant amount, or if you just want to plan for the future, this is something to research and… to entertain. By the way, if you’d like to read more if you’d like to purchase one, just click the link from today’s episode, or the one on today’s blog posts page for this episode, and it’ll take you over to their site. So what are the supported coins for the Trezor wallet?

It’s a multi-currency wallet meaning that it can store many different types of cryptocurrencies. And this is great if you have a portfolio that contains a variety of different Kryptos. You also need to store each one in an individual wallet meaning each coin type. So as of today, Tresor supports almost 1400 tokens. That’s almost 1400 Different cryptocurrency tokens, and the Tresor Ethereum wallet can store all Ethereum based ERC 20 tokens, this is great, because there’s hundreds if not 1000s of different ERC 20 tokens available on the market. And don’t forget, the Trezor team is always expanding the amount of coins that they support. So it’s definitely worth checking back on their website regularly to see new releases. And to see which tokens they’ve added. It is worth mentioning, if you send a cryptocurrency to your Trezor wallet, which isn’t one of the Trezor supported coins, you could lose your those tokens forever. So definitely research go through the process, especially the first time slowly so you understand exactly what it is you’re doing. So let’s break down some of the security. A huge advantage of buying a Trezor wallet is there is security built-in into this device to store your cryptocurrency. To get a better understanding of this, let’s break down how it works. The first thing to consider is that your private key is always kept offline, meaning that it never has a direct connection to the internet.

This is completely different from storing your cryptocurrencies on desktop, mobile, and web wallets as hackers or they can find, you know, new ways to infect with a virus or even malware your machine or your network. By the way, just a little side note, what I personally do is I hand write my passphrases my codes my keys, and written I never keep them digitally. That’s just what I do. And I’ve never been hacked. When it comes to accessing your Trezor wallet, whether that’s descender to receive tokens, or even check your balance of your current portfolio of your tokens, you will need to enter your personal PIN number. Now this is a pin number that I personally keep hand written down. As I mentioned earlier, I don’t like to keep any of the pins or seed phrases in a digital format. They’re all handwritten down. So only you should know what your pin number is, as you have to choose it before you you know when you first set up the device, you’re also given a backup passphrase which you must write down. You must write it down. If your Trezor wallet was stolen, you would be able to recover your tokens by entering your backup phrase on another device. And it’s interesting to know about their firmware updates to ensure that Trezor wallet remains protected against new threats.

The team releases regular firmware updates. And this is similar to like a Windows Update, and they are designed to protect your device. Trezor wallet updates are not automatic though, so you will need to make sure that you update yourself when they are released when the new updates come out. Satoshi Labs has released full instructions on how to do this. So all the step by step on how to do this in all the directions, you’ll definitely want to check out with them and I will try to provide as much as possible on the episode Blog Post page on our website for today’s episode. So let’s break down the connectivity. Trezor wallet operates with USB connectivity, and since the wallet is multi platform, it is compatible with computers, such as Windows, Mac, iOS, and Linux. Let’s break down the browser wallet. The browser wallet is an easy to use browser interface for Trezor powered by Satoshi labs. Using the wallet you can easily set up the device and manage your cryptocurrency assets, initiate transfers to other services or friends and more. The purpose of this wallet is to provide a stable and uninterrupted access to Trezor functions. So what are some of the disadvantages, the disadvantages could be considered that there is a feed to buy this, as it’s a physical little device that you need to purchase. So if you hold a smaller amount of cryptocurrency, you know, it may not be an advantage for you, it’s up to you.

You also need to consider how often you plan on using the Trezor hardware wallet to make transactions. So every time you want to send funds or tokens, if you will, you will need to plug the wallet into your desktop device and enter your personal pin. This isn’t exactly the most convenient way to access your cryptocurrencies. So that’s why I haven’t under the negative points mentioned, it’s really up to you of how you want to design, maybe you just huddle and you buy tokens and you let them sit for months or even years. And this might be an added benefit for you. So let’s break down buying a Trezor wallet. If you’d like to buy one just click the link in today’s episode. So I will provide as much step by step and how tos as possible. definitely head over to our website under today’s episode to find out more and to access all the links. If you liked today’s episode, definitely like and subscribe to the podcast. We’re interviewing some of the top people here in 2022 coming up in the industry and we’re also building out more how to guides and more resources as well as courses to help you in your journey on navigating the cryptocurrency landscape with pinpoint accuracy. So like and subscribe and chime in here tomorrow for another special episode. Until then, make it a great day.

Thanks for tuning in to New To Crypto Podcast. If you liked the episode, be sure to follow and subscribe. You can listen to every episode on all major platforms. Have an interest in being on the show or want advertising reach out at new to crypto.io. Head over to our site new to crypto.io to access the resources mentioned in each episode. Until next time, remember to navigate the crypto landscape with pinpoint accuracy.