The nascent cryptocurrency community was deeply concerned about security even before the Mt. 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 Trezor One, the world’s first cryptocurrency hardware wallet.
Read: Looking to diversify in a bear market? Consider These 6 Alternative Investments
It was a real game-changer that secured offline assets in “cold storage” and out of reach of potential criminals. While the original Trezor Wallet is still available for purchase, a dramatic upgrade has arrived in 2018 in the form of the Trezor Model T.
It remains one of the most popular and trusted hardware wallets around, but is it for you? Here is a review of the Trezor Model T crypto wallet.
Is Trezor a good wallet?
Trezor is not only the oldest hardware wallet. It is also one of the most secure, proven and popular; however, it is also one of the most expensive. Keep reading to find out if the cost is worth it for you.
Cost and compatibility are the only real downsides
With a price tag of $250, cost is the Model T’s biggest downside. A comparable device from a competitor called Ledger, which you’ll read about further down the page, sells for $100 less.
The other major sticking point is compatibility. Trezor supports Android, but it’s not compatible with iOS, which means it won’t work with iPhones. It also does not support Windows Phone. As for Google device compatibility, the Trezor website offers this disclaimer: “ChromeOS is not officially supported yet, but it should work via Google’s WebUSB.”
The device supports all major computer operating systems.
There are way more benefits – and Oh, that screen
If computer compatibility is enough for you and if you are comfortable with the cost, Trezor Model T has no major flaws and a lot to like.
The first and most important is its color touch screen, which is easily 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 Trezor Model T has made obsolete. The cheaper Trezor One from 2014 has an old-school monochrome display with two buttons.
The Model T also enhances Trezor One with the addition of a built-in password, PIN and password recovery manager. With Trezor One, users secured their digital identity through a computer or mobile device.
Finally, Trezor Model T supports over 1,200 cryptocurrencies, can store NFTs, and is known for its excellent customer service.
Is Trezor better than Coinbase?
Trezor is neither better nor worse than Coinbase, but it is different. Coinbase is a centralized exchange-listed 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 offers a digital wallet, but it is not comparable to the Trezor One or the Trezor Model T because it is a purely digital software wallet. That’s not to say it’s not impressive. Coinbase Wallet offers top-notch security, supports a huge menu of tokens, lets you store your coins and NFTs in one place, and as a self-service wallet, it puts users in control of their keys , their data and the management of their identity.
But it’s a hosted wallet that requires you to be online and logged in to access your assets, which are at the mercy of the Coinbase network. The whole point of hardware wallets like the Trezor Model T is to take your assets offline and secure them safely in cold storage. Trezor sums it up perfectly: “Online exchanges and wallet providers can disappear, go offline and be hacked.”
Hardware wallets cannot.
A Coinbase scare sent customers the Trezor way
In May, as the deep freeze of crypto winter 2022 set in, Coinbase warned that users could lose their digital assets in the unlikely event that the exchange goes bankrupt. It was a startling admission that sent dozens of crypto investors scrambling to move their holdings from their Coinbase wallets to hardware wallets like the Trezor Model T.
According to Business Insider, veteran crypto owners have long preferred hardware wallets for the extra layer of physical security they provide in the event of events like this.
While it’s fairly easy to transfer assets from Coinbase to Trezor – sites like Protrada offer step-by-step instructions – Coinbase does not directly support Trezor as it has supported Ledger, a competing hardware wallet, since February. .
What exchanges are available on 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 to offer other than the fact that it’s directly supported by Coinbase, America’s largest crypto exchange. Most notably, the Ledger Nano X costs $150, is iOS compatible, and supports over an impressive 5,500 tokens. The Bluetooth-enabled hardware wallet is highly secure with state-of-the-art security features that rival or match what’s found in Trezor devices. Even if the device’s Bluetooth connection is hacked, critical data such as private keys and seeds cannot leave the device.
However, the reason for the $100 price difference is evident in its interface. The Ledger Nano X features a 128×64px monochrome display with two-button control, which looks and feels primitive and clunky compared to the Trezor Model T’s intuitive and user-friendly color touchscreen.
Ledger also offers a lower-end device called the Nano S Plus for $79, but it doesn’t compare to the much more sophisticated Nano X and Trezor Model T.
Has Trezor been hacked?
Trezor wallets were compromised, but only after criminals tricked users into letting them in. When properly secured, individual Trezor wallets have proven to be virtually impenetrable.
In February, tech writer Zhiyuan Sun wrote in Cointelegraph that “as long as there is a written recovery seed, PIN code and passphrase installed, it is theoretically impossible to hack the Trezor One, which has made its debut in 2014.
Security with Trezor Model T
The Trezor Model T is even more secure, but adjacent services are still 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 clients, including Trezor.
The breach allowed hackers to launch a sophisticated phishing attack that involved sending emails to Trezor users urging them to download a new version of the app on the pretext that their accounts had been compromised. After completing the download, those who took the bait were 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 the Trezor Model T is worth the extra cost or not, consider investing in a hardware wallet. They are the preferred choice of seasoned crypto investors for a reason. Cold Storage puts your assets and critical data offline and out of reach of hackers while protecting them from bugs, failures or any other system failures that could threaten hosted software wallets that only exist in space digital.