A Trezor One Review for 2022
When you think about crypto hardware wallets, it’s hard not to notice the Trezor One. Released by Bitcoin industry leader Satoshi Labs in 2014, Trezor One is one of the most popular hardware wallets that supports a wide variety of cryptocurrencies and doesn’t cost an arm and a leg.
The device is very secure — some even say it’s close to hackproof. In this Trezor One review, we’re going to walk you through what this device is, its pros and cons, and what we think about Trezor One, compared to many other hardware wallets at similar ranks.
Table of Contents
Trezor One: Overview
Believe it or not, the Trezor One was the first-ever cryptocurrency hardware wallet in the world.
Not only was the wallet the first of its kind, but it’s also the first product to offer a recovery seed and passphrase protection.
Since it’s been around for a bit, more people got to know Trezor and the brand amassed a loyal following in the crypto community for its security, affordability, and ease of use.
Trezor One: How It Works
The Trezor One works similarly to many hardware wallets. After you receive it in the mail, you have to spend some time setting it up, but it’s nothing tricky!
First, connect the device to your computer and install a “bridge” that enables the Trezor to communicate with your computer. This is important because Trezor will use this computer connection to set up a PIN that verifies you’re the actual owner of the device.
To set up the PIN, Trezor will show you 9 numbers in a 3x3 table, scrambled in order on the device. On the other hand, you’ll see a 3x3 table of just question marks — no numbers — on your computer screen.
Once you’ve decided on the PIN you'd like to use, you can then click the question marks on your computer screen in the order that they appear on your Trezor. You’ll be asked to enter this PIN every time you plug the device into your computer, so make sure you remember this PIN.
After setting up your PIN, you’ll have to write down your recovery seed, which is a secret list of words that you need to recover your money in case you lose your Trezor One or break it. The list usually contains 24 words. Since the seed is pretty standard among other hardware wallet brands, you’ll be able to use this seed with other popular wallets to recover your Bitcoin, even if SatoshiLabs go out of business for some reason.
At this point, you’re pretty much done with the initial setup. To start using Trezor One, download Trezor’s desktop or browser app to check account balances, see usage trends, send, receive, and exchange coins.
When you do initiate a transaction, you’ll be asked to confirm it by pressing the buttons on Trezor one. That way, no one can touch your assets without your approval.
The Trezor One supports over 1,000 coins and ERC-20 tokens, including Bitcoin, Ethereum, Bitcoin Cash, Bitcoin, Dash, Zcash, and Stellar — to name a few!
Trezor One: Pros & Cons
Pros: The Good Stuff
Easy to set up and use Web browser, Desktop, iOS, and Android supported
Supports over 1000 coins and tokens
Easy to set up and use
Web browser, Desktop, iOS, and Android supported
Supports over 1000 coins and tokens
Cons: The Not So Good Stuff
App is not supported with iOS
Not all cryptocurrencies can be bought with fiat
Not free like software wallets
Many coins require an external wallet and don’t work with Trezor’s basic wallet
Our Final Thoughts
The Trezor One is an excellent cryptocurrency hardware wallet option for beginners as it’s very easy to set up and use.
The device is intuitive and the security measures it takes to protect your bitcoin are robust. Although the Trezor One doesn’t support some coins, it supports the majority of popular ones and allows you to buy and exchange directly through the wallet app.
One thing that separates Trezor from its competitors is that it allows beginners to make their first crypto purchase without having to register with an exchange — this is nearly unheard of among software wallets, and even competitors Ledger Nano X and Nano S make their users register before purchasing. Talk about simplicity!
Frequently Asked Questions
When it comes to cryptocurrency storage, there are two main types of wallets: hardware wallets and software wallets.
Hardware wallets are a form of offline storage (or as some people call it, “cold storage”) in a physical device. Not only do they store your crypto assets, but they also store your private keys — a critical piece of information used to authorize outgoing transactions on the blockchain network.
Most hardware wallets look like USB devices, but some are bigger with screens and buttons. To send or receive cryptocurrencies with a hardware wallet, you simply have to connect the wallet to a computer. Typically, you’ll be asked to confirm the transactions before they go out to the network.
Generally speaking, you don’t need to own a hardware wallet to buy, store, or send Bitcoin.
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, since your assets are online and aren’t physically in your hands, some advanced traders prefer to store their assets in hardware wallets.
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 prevent other people or computers from accessing them. 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. But with a hardware wallet, you have to use the physical device to confirm transactions — most of the time by pressing down two buttons together. This process makes it harder for bad actors to steal your money from a hardware wallet. 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, but hardware wallets typically cost upwards of USD $50*. Some can even cost hundreds or thousands of dollars. Trezor One, introduced in this article, costs USD $60*.
*Rates current as of September 2021