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There are many crypto hardware wallets available out there but not many can make you go wow. In this review, we’re going to walk you through Trezor Model T, one of the premium wallet models that not only have impressive features, but also a price tag that will make you go wow.
Jokes aside, let’s dive deeper into what this device is, its pros and cons, how it compares with its competitors, and if we think it’s worth the money.
Released in 2014 by SatoshiLabs, Trezor Model T is one of the oldest cryptocurrency hardware wallets on the market. SatoshiLabs actually released another model called Trezor One in the same year, but Model T is almost 3 times more expensive than that. Well, with the price comes quality! Model T is Trezor’s premium offering designed for advanced traders and people who want to hold their coins.
Trezor Model T’s hardware specifications and powering software are all released under an open-source license, meaning that anyone can download, modify, and distribute the code without paying fees to the original developer.
Trezor Model T comes with a built-in touchscreen that lets you enter the PIN and passphrase on the device itself. It’s one of the model’s features that make you feel like your money is worth it.
To get started, you have to get your Trezor ready to communicate with the Trezor Wallet app. This app is available on desktop and browser. Most people install the Trezor Bridge and head straight to the Trezor Wallet website, where you’ll set up your device and manage your crypto. The wallet app is open source, meaning it has native support for popular coins such as Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Dash, Zcash, Dogecoin, and Vertcoin. Want to trade other coins? Use a third-party wallet.
As part of the initial setup, you’ll be asked to create a new wallet. Make sure to jot down your 24-word recovery seed phrase in case you ever lose your wallet and need to recover your funds. When you’re done setting up your device, you can start sending and receiving crypto by inputting destination addresses in the app and the crypto amount, and confirming the transaction on Trezor Model T. Model T also allows you to show your QR address to others, who can then scan it and initiate a transfer. Trezor is all about efficiency: you can use the app to send funds to multiple recipients in one transaction, saving on transaction fees. You’ll be able to see all your transaction history in the app when they’re completed.
In addition to sending and receiving crypto, you can also exchange crypto on the wallet app. For example, you can use in-wallet exchanges to buy crypto using USD, then convert from one crypto to another. No need to use another crypto platform.
Trezor has been around for years, so the company has built an extensive encyclopedia with loads of educational material about Bitcoin and Trezor devices. If you need help with your Trezor device, use their extensive FAQ and step-by-step documentation to find answers to your questions. Their articles are tailored to not only beginners but experienced traders and even developers.
Right now, the Trezor works with Windows, macOS, Android, and Linux. iOS users, you may have to wait a bit before a compatible device comes out!
Open-source code available for download and modification
Color touchscreen
Easy to set up and use
Supports over 1600 coins
Costlier than its peers
Mobile support for Android-only
All things considered, Trezor Model T is a solid, premium cryptocurrency hardware wallet for experienced traders. Priced at $170, this device is definitely on the pricier end. But that also means more safety measures come along with it. Since Trezor is open source, it can be compatible with many third-party wallets and have native integrations inside wallets such as Electrum, Exodus, Wasabi, and Mycelium. Not only that, but Model T can also hold a large variety of crypto, which is great for seasoned traders who are interested in trading larger amounts or trying out new coins.
A hardware wallet is a physical device that not only serves as cryptocurrency storage but also as a tool to send and receive funds. Crypto storage in hardware wallets is called offline or cold storage because it’s not connected to the Internet. The disconnect from the Internet makes your funds a bit safer since bad actors won’t have direct access to your assets. Hardware wallets also store your private keys, which are critical information you need to authorize outgoing transactions on the blockchain network. Most hardware wallets look like USB devices, but more expensive devices are generally bigger, with touchscreens and buttons for you to easily confirm transactions.
Hardware and software wallets are both secure crypto storages, though they function very differently. Hardware wallets store your private keys on a physical device and since they keep your funds offline and not on the internet, they are very effective in preventing other people or computers from accessing your funds. Software wallets, on the other hand, hold private keys on the internet or on software, which poses a higher risk of compromise.
When you buy and sell crypto using a software wallet, you start and complete the transactions online. This is great for beginners but it also means that you’ll always need to be connected to the internet to complete actions. But with a hardware wallet, you have to use the physical device to confirm transactions — most of the time by pressing down buttons. This process makes it harder for bad actors to steal your money since you should be the only person with access to your devicee. That said, many software wallets require you to set up 2-factor authentication, which is another layer of security that you can rely on to protect your assets.
Another difference between hardware and software wallets is cost. Most software wallets come free of charge as you create an account on crypto exchanges, but hardware wallets typically cost upwards of USD $50. Some can even cost hundreds or thousands of dollars. Trezor Model T, introduced in this article, costs USD $170.
Just like with physical cash, you need a wallet — be it hardware or software — to store, buy, send, and receive cryptocurrencies. Generally speaking, you don’t need to own a hardware wallet to buy crypto. This is because most online crypto exchanges out there will give you a free wallet on their site when you sign up. Online wallets are free, very secure, and are mostly insured so they are great for beginners. However, your assets would be stored online and not be physically in your hands. For that very reason, some advanced traders prefer to store their assets in hardware wallets.
