Updated: May 3
When it comes to storing your crypto coins there are several ways you can do so. The safest and most secure way to store crypto currency is by using a hardware wallet like the Trezor Model One or Trezor Model T, which we dive into in depth.
The other ways to store crypto coins are within a hot wallet which resides online and can be vulnerable to attack and theft.
If you purchase crypto coins on an exchange and leave them there, you are using an online wallet. The better option is to keep your cryptocurrency within your own hardware wallet, which stores your coins offline, away from thieves looking for an easy score.
Plus, hardware wallets, such as the Trezor, give you total control over your crypto coins and is considered non-custodial ownership.
Let’s take a closer look into both Trezor hardware wallets and see how they stack up against the competition.
What is a Hardware Wallet?
Hardware wallets are a device that stores crypto coins securely offline and protects them by unprecedented security protocols automatically implemented through the code.
There are many different hardware wallets on the market today. Like the Trezor, all hardware wallets are protected by using a 24-word key phrase, or seed words, that can access your wallet’s contents if the physical wallet gets lost or stolen.
Moreover, hardware wallets support a wide array of crypto coins, but not all wallets are equal. Some don’t support many coins, whatsoever, while some wallets support thousands of crypto coins that are available to purchase today.
However, there are some things to ensure that any hardware wallet you choose can provide:
Stores cryptocurrency offline, preferably air-gaped
How many coins are supported?
Does the hardware wallet company have a good reputation?
How long has the company been around?
Your crypto coins investment size will most likely drive your decision about which hardware wallet to buy.
What is the Trezor Model One?
The Trezor Model One was the first hardware wallet offered for sale back in January 2014 by Satoshi Labs, which is still an industry leader. The Trezor Model
One is a small, sleek device that is designed to securely connect to the Trezor suite once you have downloaded the security firmware on your computer or mobile phone, via the proper USB cable.
The Trezor Model One looks something like a small, square keychain, with a small LED display and two clickable buttons underneath of the screen. The small USB port is located at the bottom and connects to your laptop or phone.
The Trezor One currently supports Bitcoin, and around 1,000 different crypto coins. Its big brother, the Trezor T, supports over 1,600 coins.
What is in the Trezor Model One
Brand New Box?
If you buy a Trezor Model One, you will notice that the box comes sealed with metallic, tamper-proof seals at the bottom and top edges. The entire box is wrapped in shrink plastic.
Once unwrapped and you have cut the security tape, there is still a notable challenge in opening the box, itself.
Satoshi labs did this on purpose because there is no way anyone would be able to tamper with or open the box before it gets into the proper owner’s hands, without being noticeable.
Within the box is a small micro-USB cable, the Trezor Model One device, the manual, one lanyard, several cool stickers, and 2 blank cards for the 24-word recovery seed phrase.
Is the Trezor Model One Easy to Use?
Yes! The Trezor Model One is easy to use and the Trezor suite is set up to be user friendly, even for beginners. The manual will provide you with the initial set up, which includes the following:
Downloading the Trezor Suite from the official website only
Connecting your Trezor Model One via the micro-USB cord provided
Writing down the 24-word recovery seed phrase you will require if you lose the device
Now you are ready to buy crypto coins from an exchange, or move the cryptocurrency you already own into your Trezor hardware wallet for safe keeping.
One great feature is that the Trezor automatically loads the supported crypto coins that is supported by the suite, and you won’t need to download individual apps, like some other hardware wallets will require.
One confusing thing for beginners will be when you want to store ERC-20 coins that are Ethereum based. The Trezor One doesn’t support each coin’s address automatically. Rather, you will need to follow the instructions about how to add these tokens to your wallet.
This is done by creating separate addresses from your Ethereum address. It sounds confusing, which is why we are making a point to become familiarized with this process beforehand. You can do so right on the Trezor One wallet’s official blog.
How Much Does the Trezor One Cost?
The low price point for the Trezor One is an attractive part of why it has been so successful. You can purchase one for $59.00, plus tax and fees. Remember that you are storing your crypto coins or, in other words, your money, on these devices, so only buy a Trezor One from their official website and no other place.
This way, you ensure that you’re getting a brand-new device that hasn’t been tampered with by someone looking to do you harm.
Wrapping This Up!
For being the first ever hardware wallet to hit the market, the Trezor One is still a viable choice for safely securing crypto currencies today. Although there are many competitors, the Model One holds its own where it matters.
Overall, the Trezor One cold storage wallet gets high recommendations across the board for low-cost, high-performance safety. It is basically like having a bank vault that no one can break into, that fits within your pocket.