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Trezor is one of the most trusted companies in the world when it comes bitcoin hardware wallets. Their most popular product is the Trezor Model One which is an affordable hardware wallet with state of the art security. (If budget is not a consideration we do recommend you opt for the Trezor Model T which is an upgraded and premium version of the Trezor One.)
Trezor One is a well designed top of the line hardware wallet, and works effortlessly. In this review we will analyze the design, functionality, and most importantly the security.
What is the Trezor Model One?
Trezor One is the most popular and affordable hardware cryptocurrency wallet that is currently offered by Trezor. The hardware wallet is designed first and foremost to keep your funds secure from bad actors who are attempting to steal your cryptocurrency.
It has multiple security features but the most important is that it stores your private keys in an isolated environment to ensure that even if your device is connected to a computer that is infected with malware the funds will not be compromised.
On top of this the Trezor Password Manager assists with managing online credentials, and using Trezor as a security token lets you protect your online accounts with U2F.
This device is an affordable option to keep security accessible for anyone who has cryptocurrency.
Trezor Model One: First Impression
Trezor One comes in a simple package. The box is wrapped in plastic foil and protected by tamper-evident holograms to ensure there is no no evidence of tampering. If the hologram appears to be damaged then the device can simply be returned to the manufacturer.
The box contains the device itself, a USB cable, a lanyard, a getting started guide, a recovery seed card, and four stickers.
The advantage of this device is how light and simple it is. (If you want beautiful anesthetics than Trezor Model T which is an upgraded and premium version of the Trezor One which might be a better option.) The device is made of light but highly durable plastic. It has a small screen, two buttons, and a USB port.
Operating the Trezor Model One
If you are a beginner and non-technical than you do not need to be worried. The instructions that are provided in the package are simple and guide you on how you can set-up the Trezor model One.
What you should always remember is to write down the recovery seed and save it in a safe place. I would recommend that wherever you save it, that you choose to save two backups of the recovery seed. I personally choose to backup both in electronic and paper form. For those who are unaware the recovery seed is what you need to access your funds in the scenario where the device is either damaged or lost.
The other important aspect of this is that you should always use a PIN and passphrase on the device.
Using the device is simpler than one would first assume. It requires you to confirm each outgoing transaction or address generation to ensure that funds are not sent to the wrong recipient or that you did not enter the wallet details incorrectly. This is also a security feature in case your computer is compromised you can ensure the funds are being sent to the intended recipient.
Trezor Model One: Security Features
Trezor takes security very seriously as their entire business model relies on this and it is shocking that you can get this type of security at this price point. Both the hardware and firmware are completely open-source and available on GitHub. The reason for this is it enables security professionals to audit and verify the security of the device.
Another security element is the device does not arrive with pre-installed firmware – that’s installed during the set-up process. It is PIN-protected and allows you to label your device and customize the home screen to make it unique to you.
As stated earlier everything requires on-device confirmation and this includes wallet address verification and sending of funds. The private keys are stored in a completed isolated environment, this reduces the odds of the private keys being compromised. In case you are paranoid, due to the device requiring no input from the keyboard it makes it that much safer from malicious hackers.
The Trezor Model One is a great way to jump into the world of cryptocurrency without having to splurge for the higher priced Trezor Model T. The safety and simplicity behind this device makes it a popular favorite for members of the cryptocurrency community.
Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.