What hapens to my bitcoin if SatoshiLabs / Trezor.io is not here is 10 years
I do love my Trezor and its perfect way to keep my Bitcoin for another years to come as I was writing about it in my last post ( getting BTC for my kid and keeping it for another 16 years )
now the question I got from my friends and family was :
1 What happens if the SatoshiLabs shuts down?
2 What if they are not here in 16 years?
The answer is quite simple:
I can use my TREZOR together with other BIP32, BIP39 and BIP44 compatible wallets.
All I have to take care of is my 24-word recovery seed.
Describe how to do this and it will be worth an upvote. One would have to have the device recognize the new server would it not?
It would still be possible to use the hardware wallet with a different software wallet (ex. Electrum). As long as you have the mnemonic backup, you can import the private keys to any compatible wallet.
I would prefer to fork the server software and continue to use Trezor device (assuming it is open source). I think it's proprietary, but if they go out of business with nobody coming in to take over, they should open source it so that one can run their own node to connect to the bitcoin (and other) blockchains.
it is opensource - you can read directly on thier site :
https://doc.satoshilabs.com/trezor-faq/threats.html#what-happens-if-the-satoshilabs-shuts-down
Trezor is the best Wallet