September 23rd ’18 UPDATE – New lower Price for TREZOR 23% reduction!
The Trezor hard wallet is the other ‘community recognised’ best option for a Hard Wallet, alongside the Nano S from Ledger Wallet and the KeepKey.
The TREZOR hard wallet offers high-level security for bitcoin (and other altcoins), protecting against both physical and virtual theft.
The user is in control of the private keys, so an entire wallet can be backed up with the 24 words generated on the initial set-up. The original 24-word seed is generated using RNG from the device and your computer. This is done offline ensuring the device is not connected to the internet during this operation, therefore adding to security.
A PIN code is required on the initial setup and subsequently required for future transactions. There is a high level of ‘failed attempt’ security. After each failed entry the wait between guesses is raised by the power of two, this compounds to make 30 incorrect guesses require a 17 years wait!
In addition, you can also introduce a passphrase to the 24-word seed for extra security, this, in reality, acts as a 25th word. It is important to note that if this is added you must remember it because the seed without the passphrase is not enough to recover your wallet.
In the event that your TREZOR is lost or damaged, the entire wallet can be retrieved with the 24-word seed and passphrase if used. Recovery can be done with another TREZOR or with other wallets, like Electrum or Mycelium.
TREZOR’s screen allows you to confirm that you’re sending to the intended recipient, but this does not prevent against phishing attacks.
A full overview of how TREZOR handles security threats can be found on the Satoshi Labs website
There are 3 ways you have available to do the initial setup on your TREZOR:
If you care about privacy then the Chrome extension can be used offline whereas the myTREZOR wallet needs to be online for the set-up process.
Satoshi Labs has no way of tracking your actions after you receive the device as it has no serial number or any other way of tracking usage. In addition, all of the software is open source and no usernames or passwords are needed during use.
Data could possibly be leaked during setup if you’re using TREZOR’s myWallet. For a more private initialization, use the Chrome extension to set up your device on an offline computer.
Overall this is a fantastic wallet. We prefer the Nano S but that is really a personal preference. Some prefer the iPhone, some prefer the Galaxy, both are fantastic phones it’s just a personal preference. You cannot go wrong purchasing either of these leading Hard Wallets. Now the TREZOR has another compelling reason with this new low price.