Trezor Model T Cryptocurrency Wallet Review: Is It Worth It?

A young woman with glasses using a laptop while lying on a couch in her living room.

Mihailomilovanovic/Getty Images

The growing cryptocurrency community was deeply concerned about security even before the Mount Gox hack brought the industry to its knees in February 2014. Later that same year, two Czech programmers and crypto enthusiasts created a new industry and redefined blockchain security when they unveiled Treasure One. , the world’s first cryptocurrency hardware wallet.

Read: Want to Diversify Bear Market? Consider These 6 Alternative Investments

It was a true game-changer that secured assets offline in “cold storage” and out of reach of criminals. While the original Trezor Wallet is still available for purchase, 2018 saw a dramatic upgrade in the form of the Trezor Model T.

It’s one of the most popular and trusted hardware wallets on the market – but is it right for you? Here is a review of the Trezor Model T crypto wallet.

Is Trezor a Good Wallet?

Trezor isn’t just the oldest hardware wallet. It is one of the safest, proven and popular; However, it is also one of the most expensive. Keep reading to find out if the cost is worth it to you.

The only real disadvantages are cost and compatibility

With a $250 price tag, cost is the Model T’s primary shortcoming. A comparable device from a competitor called the Ledger, which you’ll read about at the bottom of the page, sells for a full $100 less.

The other important sticking point is compatibility. Trezor supports Android, but it’s not compatible with iOS, which means it won’t work with the iPhone. It also does not support Windows Phone. As far as Google device compatibility, Trezor’s website provides this disclaimer: “ChromeOS is not yet officially supported, but it should work via Google’s WebUSB.”

The device supports all major computer operating systems.

There Are Too Many Professionals – And Oh, That Screen

If computer compatibility is good enough for you, and if you’re comfortable with cost, the Trezor Model T doesn’t have any major flaws and there’s a lot to like.

Read |  Coinbase Will Extend Hiring Freeze And Cancele Some Accepted Offers

First and foremost is its color touchscreen display, which is, hands down, the best on the market. Typical hardware wallets only have a pair of buttons that require you to cycle through numbers to enter your PIN on a monochrome screen, a tedious and frustrating process that the Trezor Model T rendered obsolete. The cheaper 2014 Treasure One has an old-fashioned monochrome display with two buttons.

The Model T also improves on the Treasure One with a built-in password, PIN, and password recovery manager. With Trezor One, users secure their digital identity via a computer or mobile device.

Lastly, the Trezor Model T supports over 1,200 cryptocurrencies, can store NFTs, and is known for excellent customer service.

Is Trezor Better Than Coinbase?

Trezor is neither better nor worse than Coinbase, but it is different. Coinbase is a centralized publicly traded cryptocurrency exchange where users can buy, sell, trade, research and store digital assets. Trezor, on the other hand, is a cold-storage wallet designed with security in mind.

You can’t lock the coinbase wallet in your desk drawer

Coinbase does offer a digital wallet, but it cannot be compared to the Trezor One or the Trezor Model T as it is a fully digital software wallet. That’s not to say that it isn’t impressive. Coinbase Wallet offers the highest security, supports a huge menu of tokens, lets you store your coins and NFTs in one place and, as a self-custodial wallet, it allows users to store their keys, data and gives control of identity management.

But this is a hosted wallet that requires you to be online and connected to access your assets, which is at the mercy of the Coinbase network. The whole point of a hardware wallet like the Trezor Model T is to keep your assets offline and securely in cold storage. Trezor sums it up neatly with this: “Online exchanges and wallet providers can go missing, go offline, and get hacked.”

Read |  China's Huobi founder wants to sell stake for more than $1 billion - Bloomberg News

Hardware wallets can’t.

A Coinbase scare sent customers the way to Treasure

In May, as the deep cold of the 2022 cryptocurrency winter was beginning, Coinbase warned that users could lose their digital assets in the unlikely event of the exchange going bankrupt. It was a surprise admission that made many crypto investors scramble to move from their Coinbase wallet to a hardware wallet like the Trezor Model T.

According to Business Insider, seasoned crypto owners have long preferred hardware wallets for the added layer of physical security they provide in case of incidents like these.

Although it is fairly easy to transfer assets from Coinbase to Trezor – sites like Protrada provide step-by-step instructions – Coinbase does not directly support Trezor the way it supported Ledger, a competing hardware wallet, since February. Is.

What exchanges are available in Trezor?

Exchanges available in the Trezor Wallet include Changelly, ChangeNow, CoinSwitch, ChangeHero, Fox.exchange and MorphToken.

Which is better, Trezor or Ledger?

Ledger’s flagship device is the Nano X, which has a lot going for it – other than the fact that it is directly backed by the largest crypto exchange in the US, Coinbase. Most notably, the Ledger Nano X is priced at $150, is iOS compatible and supports an impressive 5,500+ tokens. The Bluetooth-enabled hardware wallet is highly secure with industry-leading security features that rival or match those found in Trezor devices. Even if the device’s Bluetooth connection is hacked, important data such as private keys and seeds cannot leave the device.

However, the reason for the $100 price difference is clearly evident in its interface. The Ledger Nano X features a 128×64 pixels monochrome screen with two-button controls, which looks and feels primitive and clumsy compared to the intuitive and user-friendly full-color touchscreen of the Treasure Model T.

Read |  War on Crypto! From Ethereum Mixers to Media Newsletters

The Ledger also has a lower-end device called the Nano S Plus for $79, but it’s not comparable with the more sophisticated Nano X and Trezor Model T.

Has Treasure Been Hacked?

The Trezor Wallet has been compromised, but is only allowed in after criminals defrauded users. When secured properly, individual Trezor wallets prove to be virtually impenetrable.

In February, technology writer Zhiyuan Sun wrote in Cointelegraph that “as long as a recovery seed is written, a PIN and passphrase is established, it is theoretically impossible to hack Trezor One, which began in 2014.”

Treasure Model T. security with

The Trezor Model T is even more secure, but adjacent services are always vulnerable even if an individual wallet is impenetrable. For example, Bloomberg reported in April that software company Intuit was facing a class-action lawsuit for failing to secure its Mailchimp email marketing service. The vulnerability allowed hackers to harvest so-called audience data from more than 100 customers, one of which was Trezor.

The breach allowed the hackers to launch a sophisticated phishing attack that involved sending emails to Trezor users instructing them to download a newer version of the app that their accounts had been compromised. After completing the download, those who take the bait are prompted to enter their passwords and recovery codes, giving hackers access to their wallets and digital assets, some of which were stolen.

If you invest in crypto, invest in a hardware wallet

Whether you decide whether the Trezor Model T is worth the extra cost, consider investing in a hardware wallet. They are the preferred choice of experienced crypto investors for a reason. Cold storage takes your assets and important data offline and out of reach of hackers, while keeping them safe from bugs, bankruptcies or any other system failures that could threaten a hosted software wallet that is an entirely digital space are present in.

Source link