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What is the Trezor Hardware Wallet [Explained]

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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.

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By: cryptotravelsmichael
0

Table of Contents

Welcome back to another podcast episode! Today’s discussion will be an explanation of the Trezor Hardware Wallet. Let’s get into it! 

What Is A Hardware Wallet? 

Unlike an online wallet or an app, a hardware wallet is a piece of physical hardware that has been built to hold cryptocurrency. Most wallets are dedicated to a single cryptocurrency, which is usually Bitcoin, but there are special cases, such as the Trezor wallet, on the market.

Trezor was the first cryptocurrency hardware wallet to hit the market. It’s a hardware wallet that lets you store, send, and receive a variety of cryptocurrencies safely. SatoshiLabs, a firm based in the Czech Republic, introduced the wallet in 2014.

Because the Trezor wallet is a hardware wallet. It is significantly more secure than typical software wallets because private keys are stored on the device rather than on a mobile or desktop computer. Because the wallet is not connected to the internet, it is practically impossible for a hacker to access your assets.

A hardware wallet is an ideal answer for anyone who wants their cryptocurrency to be as safe as possible. External wallets, unlike ordinary storage devices, are protected by encryption techniques that prevent unwanted access. 

Furthermore, wallets like Trezor come with dedicated software that considerably improves the equipment’s functioning. It enables you to move cryptocurrency from other locations and provides you with access to a variety of unique features, such as document encryption and a password manager.

What Is The Trezor Hardware Wallet? 

Trezor is among the most popular bitcoin wallets. This is related not only to the highest level of security but also to the wallet’s and accompanying application’s unique functionality. For various reasons, the bitcoin owner held in the wallet can be confident in its security.

To begin with, an unauthorized person wishing to obtain access to cryptocurrencies must take both the actual wallet and the PIN that secures it. Furthermore, the equipment can be protected with extra passwords, and the system’s security can be enhanced by randomly creating seed word sets.

You should not overlook Trezor’s extra features, which allow you to protect your investment completely. Not only about the document encryption feature but also about the ability to use the Trezor wallet as a U2F security key, among other things.

Where Do You Get It From? 

You already know that Trezor is the best safety guarantee; knowing where to acquire this equipment is another helpful bit of info. First and foremost, keep in mind that your own savings will be kept in your wallet. Thus the source of the equipment is critical. The safest approach to obtain this equipment is to go to the manufacturer’s website and make a direct purchase.

However, because the Trezor wallet device’s feature is so popular, this is not the quickest way to purchase one. As a result, the waiting period could be several weeks. You can be sure that your wallet will reach you faster if you buy the item through an official dealer. Nonetheless, no responsible person should purchase equipment from an unknown location.

Supported Coins

Trezor is a multi-currency wallet, which means it can hold a variety of different cryptocurrencies. This is useful if you have a portfolio with a range of cryptos, as you would normally have to keep each one separately in a wallet.

The Trezor supports almost 1400 coins as of July 2022. All Ethereum-based (ERC-20) tokens can be stored in the Trezor Ethereum wallet. This is advantageous because there are hundreds of different ERC-20 tokens accessible.

Remember that the Trezor team is always extending the number of coins they support, so it’s useful to check their official website to see what’s new. You risk losing your cash if you send a cryptocurrency to your Trezor that isn’t one of the Trezor supported coins.

This is completely different from storing your cryptocurrencies on desktop, mobile, and web wallets. The wallet is never connected to an internet server meaning that it is virtually impossible for hackers to access your funds.

- Crypto Travels Michael

Here's What We Discussed in Detail in This Interview

  • What is a Trezor Wallet?
  • Benefits and features
  • Security
  • Trezor Browser Wallet
  • Disadvantages

Killer Resources

HOW TO REACH TO CRYPTO TRAVELS MICHAEL

Final Thoughts

The first thing to remember is that your private key is always kept offline, which means it is never connected to the internet directly. This is in stark contrast to holding your cryptocurrency on a desktop, mobile, or web wallet, where hackers are constantly devising new ways to infect them with malware or viruses.

You’ll need to input your unique PIN number whenever you want to use your Trezor wallet, whether it’s to send/receive coins or check your balance. Because you must choose this PIN number when you first set up the device, only you should know it.

You will also be given a backup passcode, which you must record. If your Trezor wallet is stolen, you can get your money back by entering your backup phrase on a different device.

You can find them at their website: https://trezor.io/

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