TREZOR : Hardware Wallet And Why You Need One!
I just got my TREZOR hardware wallet in the mail! If you are into the crypto business for the long-term, then I can't stress it enough to do everything you can to secure your investments!
Why Cold Storage?
Storing your Bitcoins offline refers to Cold Storage. This is the safest way to secure your coins, especially in large quantity. Trezor is an example of cold storage.
Exchanges get hacked here and there. As a matter of fact, 2 out 3 exchanges in the past were closed because of the hacks! If you are doing any business on exchanges and leaving your money on there, then you are taking the risk of losing it all.
Hot wallets refer to the apps and online wallets that let you store your coins. Hot wallets are good for everyday transactions, but they are still hackable. So you shouldn't leave all of your coins on there.
And that's where cold storage comes in.
TREZOR, Your Private Bank.
Trezor is the first hardware wallet for Bitcoin. It provides protection from both virtual and physical theft. It stores your crypto investments offline. It also has the convenience of a hot wallet, but I wouldn't recommend using it for that purpose.
Here are the basic security features of Trezor :
- A PIN code is required for setup and transactions. For each incorrect guess, the wait time between the guesses will be raised by the power of 2. Meaning guessing 30 times would take 17 YEARS.
- The 128 x 64 pixel OLED screen lets you confirm that the transaction is intended.
- You need to physically press the buttons on the Trezor for any outgoing transaction, which gives you an extra security that nothing is going out without physically having access to your Trezor.
- It signs transactions and hides your private keys, so it is safe to use it even on an infected computer.
- It generates a 12, 18, or 24-word seed which is the master-key for your whole wallet. You can even add another passphrase on top of the word seed for additional security. If lost or damaged, you can use your master key on a new Trezor or with hot wallets like Mycelium to recover your wallet and funds.
- Privacy is top-notch too since it doesn't come with any serial number nor it requires a username or password. So it is almost untrackable.
- It also offers 2 Factor Authentication for additional security.
For more information on its security, you can find it here on Satoshi Labs.
Currently, other than Bitcoin, it offers DASH, Zcash, Ethereum, and Litecoin to store. I am hoping they will expand to other coins too like STEEM!
The price is $99 in the U.S. You can also check out some other hardware wallets like Ledger Nano S, which is almost half of Trezor's price.
ps- NEVER forget your word seed or your passphrase, without those there's no 1-800 number to call to recover your wallet. Your funds will be gone FOREVER. You are responsible for your own funds, and maybe that's why you got into the crypto world so you can have the freedom to take care of your finance without anyone interfering.
Disclaimer : This article is not an endorsement for any companies mentioned. Please do your own research before reaching any conclusion or making an investment.