Trezor One

Written By
Deniz Saat
Reviewed By

Did you know that Trezor One was the first hardware wallet to hit the crypto market? Learn all about the Trezor One, its functions, security features, and supported currencies in this review.

Overview

First hardware wallet

Compact and secure.

Holds multiple currencies.

Overall Rating
  • Features
  • Ease of Use
  • Security

Jump to Section

Who are they?FeaturesCurrencies SupportedHow does it work?Is it Safe?ProsConsFAQ

Who are they?

Trezor One was the first hardware wallet to hit the cryptocurrency market. SatoshiLabs is an innovative Czech startup that released the device in 2014. It is one of the best hardware wallets available. The Trezor One is very popular among the crypto community because of its security and affordability. While being able to store different types of cryptocurrencies and digital tokens, the wallet enables secure crypto transactions, even on malware infected computers. It is a highly sophisticated device with multiple features that put it way ahead of the competition. The wallet is made of light but highly durable plastic. It is small enough that you can carry it around in your pocket. The Trezor One has a small screen, two buttons, and a USB port. It comes in a simple package which contains:

  • The device.
  • A USB cable.
  • A lanyard.
  • Information Booklet.
  • Two recovery seed cards.
  • Four Stickers.

Features

  • Trezor One supports more than 1000 cryptocurrencies and digital tokens.
  • It has a monochrome display with two buttons for easy navigation.
  • Simple and easy to use.
  • Trezor One follows a highly advanced security protocol.
  • The password manager app helps users store all their important passwords.  
  • Two-factor authentication to verify transactions.
  • SatoshiLabs offers excellent customer support that is available 24/7.

Supported Currencies

The Trezor One supports up to 1300 cryptocurrencies and digital tokens. Here are some of the popular coins:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • EOS (EOS)
  • Ethereum Classic (ETC)
  • Stellar Lumens (XLM)
  • Dash (DASH)
  • Dogecoin (DOGE)
  • Tether (USDT)

How does it work?

Here is a step-by-step guide to set up the Trezor One:

  • Use the USB cable to plug the device into your computer.
  • Go to wallet.trezor.io and download the browser plugin.
  • Once activated, write down the randomly generated 24-word recovery seed. The recovery seed is the only thing that can restore and backup your wallet, so it is essential to save it offline safely.
  • Create a PIN.
  • After completing these steps, your device is ready to use.
  • To use the device, plug it in, and enter your PIN.
  • You can use the ‘mytrezor’ interface to send and receive coins.
  • The ‘mytrezor’ interface can be unlocked, and your transactions may then be confirmed using your Trezor One.

To send and receive funds with your Trezor One, connect the device, and open your Trezor account.

For sending:

  • Select the currency you wish to send.
  • Enter the receiver’s address and the amount.
  • Confirm the details and authorize the payment.

For receiving:  

  • Click on the receive icon.
  • Select “show address”.
  • Make sure that the address displayed on your computer’s screen matches the address displayed on your Trezor’s screen. Copy and send the newly generated address to the sender.

Is 

Trezor One

 safe? 

Trezor is known for its stringent security measures. They are pioneers in providing highly secure wallets at affordable prices. Here are some of the security features included with the Trezor One:

  • The hardware and firmware are open-source and available on GitHub. This allows anyone the ability to audit and verify the source code.
  • No updates for the device’s firmware may be made without the user’s PIN.
  • Every transaction requires an on-device confirmation.
  • The private keys stored on the device will never touch the internet.
  • The device requires no input from the keyboard, making it that much safer from hackers.

Pros of 

Trezor One

  • Offers multi-currency support
  • Affordable
  • Quick and easy to set up
  • Highly secure
  • Well-designed display screen
  • Small and portable
  • 24/7 customer support

Cons of 

Trezor One

  • Black and white screen
  • Case is plastic

FAQ

1. What is a recovery seed?

The recovery seed is a set of 24 words that need to be written down in sequential order. It’s a method for saving your private key in a readable format rather than using a very long series of numbers and letters. Whoever has access to your recovery seed can gain control of your wallet. It is imperative to keep it safe and private.

2. What is the difference between Trezor One and Trezor T?

The significant difference between the Trezor One and Trezor T is that the model T has a touchscreen while the Trezor One has two pushbuttons.

3. What happens if I lose my Trezor One wallet?

If your wallet is lost or damaged, you can use your recovery seed to restore your wallet. The recovery process involves having the user enter the seed words into the new Trezor device.

4. How to access my Trezor One wallet?

Connect the Trezor One to your computer. Go to wallet.trezor.io.Enter the PIN for your wallet.You may now send and view addresses associated with your Trezor device.

5. Can I reset my Trezor One?

The Trezor One can be reset by following these steps:Connect your Trezor One online.Go to wallet.trezor.io.Enter your PIN. Go to the “Advanced” tab and click on “Wipe Device.” Confirm the action on your Trezor One.

6. How safe is Trezor One?

The device has no pre-installed firmware. The firmware is installed during the setup process and is protected by a PIN. Every transaction requires on-device confirmation. The private keys are stored offline on the device.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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