Choosing from all the different cryptocurrency hardware wallets out there can get confusing…
Luckily, you’ve come to the right place.
We get it…
This can be expensive for some, but the extra security this device offers is certainly worth it.
The Trezor T comes in a sleek yet easy to open paper box. Once opened, you’ll see three main components.
The first is the actual Trezor device. On the bottom, you’ll find a silver strip protecting the USB Cable entry.
One of the other pieces is a container holding the USB Cable, user manual and recovery seed card (oh and some stickers).
To get started setting up your Trezor, connect it to your PC, Mac or mobile device using the provided USB cord.
Next, go to the official Trezor website and select the device you are setting up. This review covers the Model T, so we will select this.
If your device does not have a strip at the bottom, it is highly recommended to return the device and get a new one.
This means the device has been tampered with before you received it which could mean it’s compromised.
If the strip is still there, take it off and continue.
Next, you’ll want to download the correct Trezor Bridge software for your device.
This tutorial will display instructions on Mac, although it should be pretty similar for other systems.
Once it’s downloaded, go back to the Trezor website to install the latest firmware. From here, you’ll be prompted to create or recover an existing wallet.
For most of you, you are going to create a new wallet. Click the prompt on the device (it’s a touch screen).
After hitting new wallet, the basic setup is finished.
DO NOT use your wallet until this next major step is done.
Go back to the main page, and start doing the recovery steps.
Using the recovery seed card provided write down every seed word in the corresponding order.
Make sure to use a marker or pen so the ink stays down on the card.
This card and series of words should not be shown to anyone, or put online. This is pretty much all that is needed to access your funds.
This is just an example recovery seed, you will not find anything on this wallet.
After writing down the recovery seed, you’ll be asked to create a PIN.
These combine to make a very powerful line of defense against security threats.
The recovery phrase can be used to recover (duh!) any lost wallets if the device is broken, lost or hacked.
The PIN is prompted every time the device is turned on to protect against unwarranted users.
Next, you’ll be asked to come up with a name for the device. This doesn’t matter too much and they have some suggested names.
Once this is complete, you have successfully set up your device!
Go to the dashboard of the Trezor website to manage your wallets, send, and receive cryptocurrency.
For example, if you want to receive Bitcoin, click receive and give the sender the address shown. Make sure to confirm the address on the Trezor and website align.
Trezor has listened to community concerns about their past wallet not supporting a variety of altcoins.
Which is why the Trezor Model T supports over 1,000 cryptocurrencies. These include alts such as Dash, Zcash and all ERC-20 tokens.
By default, the Trezor may only support a few coins, but the necessary firmware for each can easily be installed on the Trezor wallet dashboard.
No, no, no! It’s an extremely bad idea to buy a Trezor or any hardware wallet from any seller other than the official Trezor site. In the past, people have lost coins by buying 3rd party wallets and then have their coins stolen when put on the device.
To avoid this, make sure the strip is on the device on first use, and that you purchase only from the official Trezor website.
One way to add another whole layer of security to your Trezor T is through a cryptosteel or BillFodl. These are cold storage tools that allow you to preserve private keys/recovery phrases through all possible conditions.
Even if you’re house/storage location caught on fire or flooded, these devices preserve all the stored information.
The main differences between the two devices are the wallet appearance and navigation system.
The Trezor One is smaller and uses 2 buttons to navigate. Some people did not like this, so the Trezor T has a very responsive touch screen.
Originally, the Trezor One supported very few cryptocurrencies.
After an update, both wallets are able to store the same cryptocurrencies. The wallets aren’t too different aside from the mentioned features.
Like always, for these extra features, you’ll end up paying more.
As stated above, the Trezor T sells for around $165, while the Trezor One is going for $78.
These devices are relatively similar and offer unrivaled levels of security to other wallets. The main differences between them would most likely be the Bluetooth functionality of the Trezor T, the materials each are made of, and the buttons/user interface.
The Trezor T features Bluetooth abilities to link to your phone or other devices for use on the go. Depending on your intended use for the wallet, this can be a pro or a con. If you are making frequent transactions this can be an outstanding feature.
However, if your wallet is mainly for cold storage, Bluetooth offers another attack vector for a hacker, so it may not be worth it. This is entirely up to you.
As far as materials, I’d assume the Trezor T is mostly high-quality plastic, while the Ledger Nano X consists of brushed stainless steel and plastic.