Wallet Type: Hardware wallet
Cryptocurrency Support: Bitcoin, Ethereum, Dash, Dogecoin, Bitcoin Cash, Bitcoin Gold, Ethereum Classic, ERC20, NEM, Namecoin, Zcash, Expanse, and Ubiq.
Operating with a Zero Trust approach, the Trezor wallet is a good option for those wanting to keep their cryptocurrencies safe. Why? Because this is a bitcoin hardware wallet that limits the ways in which hackers can gain access to a person’s crypto wallet. The wallet functions as a USB dongle and as such it isn’t always connected to the internet and also, can be stored securely away. As the device is separate to the computer, users can gain access to their virtual currencies even if accessing them on a computer that has been compromised or lacks security.
Receiving Bitcoin on a Trezor Wallet
If Bitcoin is your chosen currency and you’re looking to add it to your Trezor wallet, you will be required to follow 4 installation steps. The first is downloading the myTREZOR plug-in. This step is simple. All an individual has to do is maneuver over to the Trezor wallet website and download the plug-in. If you are a first time user of the Trezor wallet, note that you will be asked to create a pin and save your recovery seed. The second step involves clicking on your account and getting your first bitcoin address.
Once you have completed the above-mentioned steps, be on the lookout for an eye icon. Essentially, this icon shows an address that should be a direct match to the one that is displayed on your Trezor screen. It is crucial that you never make a transfer if the icon does not show a matching address. Why? This could be an indication of phishing. The last step involves simply looking for a sign of confirmation. If the transaction has not yet been completed, the Timestamp column will read “Unconfirmed.” If there is a date and time placed in the Timestamp column, the transaction has been finalized – the money is now yours.
Using the Trezor Wallet
You can make payments on your Trezor wallet via the myTREZOR plug-in. Start by entering the address for the intended transaction, as well as entering in the amount you are sending. Note that you have the option of writing the amount in either fiat currency or Bitcoin. CoinDesk will be in charge of calculating the exchange rate. Next, you must enter your PIN. You need to complete this step so you can unlock your device. After that, the user will have to confirm the transaction on the hardware. The last step when using your Trezor wallet is to watch the progress of the transaction. Don’t walk away. Make sure you follow the outgoing transaction from the Transaction tab.
What You Get
The Trezor wallet has various security features. Security is important to Trezor, which is why it operates on a Zero Trust approach. The Trezor wallet includes the following security features: PIN protection, recovery seed, single-purpose device, and limited attack surface. There are other benefits of using the Trezor wallet that don’t have anything to do with security, either. For instance, the myTREZOR browser plug-in is extremely easy to use, which is an important factor for some people looking into crypto wallets. Moreover, the Trezor wallet has an advantage in the sense that it supports other virtual currencies and not just Bitcoin.
The Trezor Wallet
The Trezor wallet is a great option for someone who values security, someone who wants to be protected from malware and hackers. However, if you are someone who values constant access to your virtual currencies or someone who needs to make transactions on a daily basis, this might not be your best option. If you don’t need constant access, and you would rather have a crypto wallet that supports several cryptocurrencies and has several security features, then the Trezor wallet might just be for you!
To purchase the Trezor Wallet click here.