Trezor: A Safe Way of Storing Bitcoins

This review covers hardware bitcoin wallet Trezor. Currently, there are three companies manufacturing bitcoin storage appliances: Case, Ledger (we have already reviewed their wallet Ledger Nano), and Trezor.

Trezor was developed by Czech company SatoshiLabs, which is also engaged in bitcoin mining and works in other crytptocurrency-related projects. The manufacturer positions Trezor as an effectively secured device. Protection degree of a computer the wallet is connected to seems to be of no significance: the device will not compromise your private keys. The wallet is also useful for offline signing of transactions confirmed via small display.

The wallet is supplied in a compact package sealed with a holographic sticker. The manufacturer cares to warn you that in case the sticker is damaged or other evidence of opening is present upon receipt, the customer shall contact the support. The supply is complete with the device itself, two USB cables, a manual, a recovery seed form, and several branded tags.

Launching the wallet is extremely simple: just connect the gadget to your computer, visit myTrezor.com, and follow the instructions.

We decided to use the standard operation method for the wallet. So our next step was installation of a Chrome plugin. The installation process is mostly automatic: the only thing you actually have to do is to permit the installation.

Following the plugin installation you will have to select a PIN. PIN input method eliminates any possibility of sniffing it with malware like keylogger. The wallet’s screen displays a random set of numbers, while the browser offers you to enter the code on the basis of the sequence of the numbers on the device’s screen. As the sequence is random at every instance, you will have to take a look at the appliance every time you want to enter the code.

Then the wallet’s screen sequentially displays 24 randomly generated words you have to write down. The phrase may be used to restore your wallet. As Trezor employs BIP 39 and BIP 44 standards, you may use any compatible software to recover the access.

Another advantage of Trezor is its compatibility with various bitcoin wallet software, including MultiBit, Mycelium, and Electrum. Moreover, the device is applicable for altcoin storage. Open source code and compatibility with the majority of popular operation systems make the device a cross-platform and truly safe one.

Development of bitcoin industry and increasing interest towards the blockchain technology actualize the demand for safe storage of assets. Hardware wallets available at the contemporary market are hardly perfect and absolutely convenient. This might be the reason why some manufacturers actively develop in the direction of NFC-based payments.

Some inconveniences are related to the fact that the wallet is actually a mere safe for your bitcoins. However, no manufacturer has released a solution for operative management of wallet-stored assets so far, be it instant converting to fiat currency or any other useful functionality.

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