So you are a multi-million dollar cryptocurrency (or not) and want to know the safest place to store your coins now? Or are you thinking about buying a hardware wallet and want to know if the Trezor wallet is right for you?
Allow me to explain what Trezor Wallet is and what it does. Then, explore its benefits. It also includes security features and comprehensive analysis of the currencies supported by Trezor. So, if you decide to buy, we also provide a step-by-step guide on how to set up and how to send and transfer cryptocurrency.
What is the Trezor Hardware Wallet?
The Trezor wallet was the first cryptocurrency hardware wallet to be launched. It can safely store, send, and receive a wide variety of cryptocurrencies. It was first launched in 2014 by a company called Satoshi Labs in the Czech Republic.
As a hardware wallet, Trezor wallets are much more secure than traditional software wallets. This is because the private key is kept on the physical device, not on the desktop or mobile computer, and it never connects to Internet servers. In other words, a hacker can't access your money.
The security features of the wallet will be explained in detail later. However, to see how popular it is, Satoshi Labs sells over a million devices. Not bad for niche market.
One thing to note, the Trezor has a price, so, if you only have a few coins, it may not be worth the investment. On the other hand, if you have a fair amount, it most certainly is.
Trezor Supports Many Cryptocurrencies
The Trezor wallet is a multi-currency wallet that can store many dfferent types of cryptocurrencies, and because it has a bridge to MyEtherWallet, it can store all the Ethereum tokens as well.
It must be noted, the Trezor team is constantly expanding the number of coins it supports, so it's a good idea to regularly check the official website for new releases.
It’s important to only send cryptocurrencies that Trezor can hold, because if you send one that Trezor doesn’t support, it can lead to a permanent loss of funds.
How to Transfer Cryptocurrencies to a Trezor Wallet
1. First, connect the Trezor hardware wallet to the computer device and enter the PIN created when you first get it.
2. Next, you need to access your Trezor wallet. This is done through the Google Chrome extension or a previously downloaded software program.
3. In the upper left corner of the page, you will see a drop-down box. Select the cryptocurrency to be sent to your Trezor wallet.
4. Then click Receive at the top of the screen. The unique address of the cryptocurrency wallet to be transferred is displayed.
5. Copy the address and go to the wallet where your current cryptographic currency is stored. Paste your address and send the coins. Depending on the coins transferred, it may take a few seconds or minutes to reach your Trezor wallet.
How to Send Crypto From a Trezor Wallet
1. On your computer, open the Trezor wallet panel.
2. Select the currencies to be sent from the drop-down list on the left.
3. Then click Submit at the top of the page.
4. You will be asked to enter the wallet address and the amount of money to be
sent. When you are satisfied with the information entered, click Submit.
5. Always treble check you have the correct address. It will ask you to check on your device, too, so make sure the addresses match.
Trezor Wallet Advantages
Perhaps the biggest benefit of buying a Trezor wallet is that it’s the safest way to store your cryptocurrency. To better understand why it is so safe, I’ll explain how it works.
The first consideration is that the private key is always kept offline. In other words, there is no direct connection to the Internet. This is quite different from storing cryptocurrencies in your desktop, mobile, or web wallet, as hackers always find new ways to get into software products.
Related Reading: The Best Bitcoin Wallets in 2020
To access your Trezor wallet, sending or receiving coins, or checking your balance, you must enter your PIN. Only you know this PIN because you must choose it when you set up the device for the first time.
You will also receive a backup seed phrase to write down. If your Trezor wallet is lost, damaged or stolen, you can recover your funds by entering your backup seed phrase on another device.
The Trezor Hardware Wallet was the first of its kind. First launched in 2014 by Satoshi Labs, it is the biggest selling hardware wallet.
If you have enough cryptocurrencies that would hurt you if they were lost or stolen, getting yourself a Trezor wallet is really a no-brainer.
They are simply the most secure way you can store your cryptocurrencies.