Cryptocurrency is undoubtedly the modern way to save and invest your money online but security has been a major concern and this is where the Trezor Hardware wallet comes in. Imagine being able to hold your security in your hands and being able to keep/store them in a secure location just like your mobile phone it makes you feel more at ease knowing no one can hack or get access to your assets without your consent.
A cryptocurrency wallet is a device, program, service, or physical medium which stores the public and/or private keys for cryptocurrency transactions. In addition to this essential function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encoding and/or signing information. Signing can for example mean executing a cryptocurrency transaction, a smart contract, identification or legally signing a ‘document’.
Furthermore, in this article, we give answers to add some compelling questions like; what is a trezor hardware wallet? How are private and public keys generated? what coin does trezor hardware wallet support? Pros and cons of trezor wallet? And finally a step-by-step guide on how to purchase and use a trezor hardware wallet. We advise you to read through this well-detailed article to get answers to the above questions.
What Is Trezor Hardware Wallet?
On hearing the word Trezor Hardware wallet one can easily tell that it’s a physical device but, do you know the hardware wallet is just about the size of your palm at exactly 3.2 x 0.39 x 3.3 inches which makes it very mobile-friendly and easy too store in a secured location. In addition to that, these light-weighted hardware wallet is like a thumb-drive that stores your private and public key which can be kept in a safe place and only connected to a computer or device when you want to use your crypto. This helps balance security and convenience.
How Are Private and Public Keys Generated?
A cryptocurrency wallet works by a random number being generated and used with a length that is dependent on the algorithm size of the cryptocurrency’s technology prerequisites. The random or theoretical numbers are then converted to a private key. A public key is then generated from the private key using whichever cryptographic algorithm that is needed. Also, The private key is used by the owner to access and send cryptocurrency and is known to only the owner, whereas the public key is to be shared with any third party to receive cryptocurrency.
Note: The public key and private key pair (known as an address) are not known by the blockchain or anyone else. When the cryptocurrency is sent to the blockchain, The blockchain only records the transaction of the public address, thus recording in the blockchain ledger the transaction of the public address.
What Coin Does Trezor Hardware wallet Support?
Trezor Hardware wallet supports a very long list of coins such as;
However, Trezor currently has two models and each of them has some unsupported coin. Trezor one device does not support Ripple(XRP), Monero, Cardano, and Zencash. While Trezor Model T does not support Dexon and Qtum.
Where Can I buy Trezor Hardware Wallet?
Step by step on How To Use Trezor Hardware Wallet
Time Needed : 5 minutes
After you must have purchased your Trezor Hardware Wallet the next thing you need to do is to set it up. Trezor Hardware Wallet.
Connect your Device and Install the Trezor Firmware and Bridge
1. Connect the Trezor device via the USB cord that it came with.
2. Open trezor.io/start in your web browser. Like Chrome and Mozilla Firefox.
3. Choose the Trezor One as your device.
4. Then, Download and install the Trezor bridge and refresh the page. you can use this link if you’re not automatically asked to download the Trezor bridge: https://wallet.trezor.io/#/bridge.
5. Once your device is recognized, you will automatically be asked to install the firmware. Click on “Install firmware” and wait for a while until the installation completes and the device reboots.
6. The Trezor One uses only two buttons, right and left to navigate the device. You will mostly use the Trezor Web interface (or another third-party interface) to view make transactions and view balance.
Backup your Recovery Seed
1. After installing the firmware, select “Create a new wallet” from the Trezor web interface and confirm the action by clicking the right button on the Trezor device.
2. Next select “create a backup in 3 minutes.”
If your recovery seed is stolen or lost then you will lose all of your crypto assets. You are advised to write down this recovery seed on paper and store it in a secure location.
3. Write down the first word displayed on the Trezor device screen. Once you have written it down, click the right button on the Trezor one to go to the next word.
4. The second word will be displayed. Do this for all 24 words, make sure to write them down in the correct order with the correct spelling.
5. Once you have copied all 24 words, select next.
Trezor will have you review the 24 words again, to make sure you copied them correctly.
Once you have completed this step, You will now be asked to name your device. Type any name you want in the Trezor Web interface and confirm this name on the Trezor device
Create a PIN code
1. The next step is to create a PIN code for your Trezor device. The PIN code is what protects your crypto assets. The PIN code can be 4 or 9 digits long.
2. The screen of the Trezor device will ask you if you want to set a “new PIN.” Press the right button to confirm
3. The Trezor device will then display nine numbers in a 3×3 grid. The Trezor web interface will also, display a 3×3 grid but, with no numbers, but only dots in the boxes.
Let’s say you want my PIN code to be 4299. In this example, your Trezor device is displaying 4 in the top middle box, 2 in the bottom middle box, 9 in the center, box, and 9 in the middlebox.
4. So on the blank grid on the Trezor web interface, you will select the top middle box, then the bottom middle box, then the center box, and then the middlebox (Note that you will not use the right or left button of the Trezor device to enter the PIN code, only use your mouse to click on the grid displayed in the web interface.
5. Once you enter these four digits you can click on “Enter Pin” from the web interface.
You will now be asked to reenter my PIN code.
6. The Trezor device screen will display the grid again, but with the numbers in different places.
7. Now the 4 is in the top left box, the 2 is in the top middle box, the 9 is in the bottom middle box and the 9 is in the middlebox.
So on the blank grid on the Trezor web interface, you will select the top left box then the top middle box, then the bottom middle box, and then the middlebox.
8. Once you set up the PIN code, the Trezor web interface will ask if you want to follow Trezor via social media or email. Select your choice2 and then click “Continue.” Then click “Finish.”
9. You have now successfully initialized your Trezor device and you are ready to make transactions
- Trevor Device
FAQs on How To Use Trezor Hardware Wallet
How do I send and Receive Crypto Assets With Trezor Hardware Wallet?
After connecting your wallet through the web or App. https://suite.trezor.io/web/
- select the specific cryptocurrency you want
- Click on “Receive.”
- Click on “Show full address” and then confirm this address on the Trezor device
- Copy and paste this address into the exchange or wallet that you are sending crypto assets from
- Once the transaction is complete, your new balance will show under “Account #1.”
Can I Stake On Trezor Hardware wallet?
Unfortunately, Trezor Model T Device and Trezor One does not directly support staking. What you can do, is to link your Trezor One or Trezor Model T Device wallet to a staking pool or validator. One example of such staking services is AllNodes Or by connecting your Exodus wallet
Can I recover all my assets if my TrezorDevice Is Lost or Stolen
If your Trezor One is lost, reset, stolen, or damaged. Provided you have the recovery seed backed up, you can recover all of your assets by reentering the seed into any of the compatible hardware or software wallet.
Where Can I buy Trezor Hardware Wallet?
After reading this article, we are sure you now know how to setup your Trezor device with the Trezor web interface, and how to use your Trezor device to send and receive transactions.