Trezor Model One 2023 Review

Hardware wallets are widely regarded as the most secure method for storing cryptocurrencies. Unlike software wallets, they are not constantly connected to the internet, making them impervious to hacking when used correctly. The oldest hardware wallet in the market is the Trezor Model One, introduced in 2014 and produced by the Czech company SatoshiLabs. SatoshiLabs also offers the Model T, but in this review, our primary focus will be on the more affordable original version.

What is the price of the Trezor Hardware Wallet?

The cost of the wallet depends on where you purchase it. If you order from the official retailer, you'll pay €69.00. This makes the hardware wallet one of the most affordable options on the market.

For example, the Ledger Nano X costs €149.00, and the Trezor Model T is priced at a higher €219.00.

Setting Up the Trezor Wallet

Setting up the Trezor One is not difficult, but it does require some important steps. To ensure everything goes smoothly, you should proceed with the utmost care at each stage. After all, it's about protecting your cryptocurrencies. According to the manufacturer, the setup takes approximately five minutes. Here's how it works:

1. Check that the packaging is undamaged.
2. Unbox the wallet and ensure the hologram is intact.
3. Connect the wallet to a clean PC using the provided cable.
4. Open a secure browser and visit Trezor.io to download the app.
5. Install the app on your device.
6. Decline data collection for security reasons.
7. Confirm that neither the packaging nor the wallet has been tampered with.
8. Download the firmware for the Trezor One.
9. Wait for the firmware to install automatically.
10. Indicate that you want to create a new wallet.
11. Verify the setup of a backup.
12. Generate a seed phrase.
13. Write down the seed phrase and store it securely.
14. Choose a PIN with up to nine digits (excluding zero).
15. Enter the PIN on your wallet.
16. Activate the desired cryptocurrencies.

Don't be daunted by this detailed guide. In essence, the setup process isn't all that complicated. We simply want to ensure that you understand everything and avoid any accidental errors, especially when it comes to protecting your cryptocurrencies. For instance, under no circumstances should you skip the backup step. Otherwise, in the event of loss, you won't be able to access your cryptocurrencies anymore.

What sets Trezor Model One apart from Trezor Model T?

You might be wondering why Trezor Model T is considerably pricier than the original and whether, for security reasons, you should opt for the newer model. It's important to note that the general functionality remains the same. However, Trezor Model T offers some unique features, including a touchscreen that significantly enhances usability.

Additionally, you have the option to use the Shamir Backup, developed by Adi Shamir. With the Shamir Backup, the seed phrase is divided into multiple components, eliminating a single point of failure (SPOF). However, this doesn't necessarily mean you must go for the Model T. When used correctly, the Model One is essentially sufficient for most users.

So, whether you choose the Model One or Model T ultimately depends on your specific needs and preferences. Both provide robust security for your cryptocurrencies, but the Model T offers some extra conveniences for those who prioritize them.

Features of the Trezor Hardware Wallet

The Trezor One offers several useful features that go beyond merely storing cryptocurrencies. With this wallet, you can:

1. Download Firmware Updates: To ensure there are no security vulnerabilities, you can download firmware updates with the wallet. This keeps the device up-to-date with the latest technology.
2. Manage Multiple Cryptocurrencies Simultaneously: Trezor One allows you to manage multiple cryptocurrencies simultaneously. You're not limited to just Bitcoin, Ethereum, and the like.
3. Handle Passwords: To avoid the need to remember complex passwords, the hardware wallet includes a password manager. You can store and manage passwords with the device.
4. Confirm Transactions on the Screen: Transactions are only executed after you confirm them on your display. This adds an extra layer of security to your transactions.
5. Sign Transactions Offline: Hardware wallets are most vulnerable when connected to the internet. Therefore, Trezor One offers offline transaction signing, enhancing security.
6. Verify Transaction Details: To protect yourself from fraud attempts or erroneous transactions, you can review transaction details on the screen. Transactions are only completed with your authorization.

The Trezor One is designed to provide robust security and convenience for cryptocurrency users, making it an excellent choice for those who value both peace of mind and functionality.

How many coins does the Trezor Wallet support?

Despite being the very first hardware wallet ever created, Trezor One accommodates over 1,250 different coins. While this might not be as extensive as Ellipal or Ledger, you still have an ample selection. Plus, you can rest assured that it supports all the well-known cryptocurrencies with high market capitalization. So, you've got more than enough choices to safeguard your crypto investments.

What Coins Does Trezor One Support?

As mentioned in the last paragraph, the Trezor One Wallet supports over 1,250 different cryptocurrencies. Among the most well-known are:

• Bitcoin (BTC): The world's most popular cryptocurrency.
• Ethereum (ETH): An alternative to Bitcoin, preferred by developers of blockchain applications.
• Ripple (XRP): A token with high potential due to its partnerships with various financial institutions.
• Litecoin (LTC)
• Stellar (XLM)
• Tether (USDT)
• Monero (XMR)

Lesser-known tokens such as Waltonchain and Golem are also supported. Therefore, Trezor One offers a wide range of support for cryptocurrencies that have entered the market in recent years.

Pros and Cons of the Trezor Hardware Wallet

Your Trezor wallet comes with both advantages and disadvantages. It's important to be aware of both to assess whether this device suits your needs. If not, there are plenty of alternative options available. Other well-known manufacturers of hardware wallets include BitBox, CoolWallet, Ellipal, Ledger, and SafePal.

Advantages

1. Enhanced Security through Cold Storage: Your private keys are stored offline on the device, protecting them from cybercriminals.
2. No Technical Expertise Required: The Trezor Hardware Wallet is very user-friendly. You don't need in-depth technical knowledge to set up the device or manage your cryptocurrencies.
3. Manual Transaction Confirmation: Transactions are only executed after you manually confirm them on the device, adding an extra layer of security.
4. Multilingual Customer Support: Trezor offers multilingual customer support that takes your concerns seriously, providing competent assistance.
5. Regular Updates: Just because the wallet has been around since 2014 doesn't mean it's outdated. Regular updates keep the device current.
6. Offline Transaction Signing: To keep your hardware wallet disconnected from the internet, you can sign transactions offline.

Disadvantages

1. Incompatibility with iOS: The hardware wallet is incompatible with iOS; you can only use it with Android devices.
2. Staking via Third Parties Only: Staking is not possible through the Trezor Suite; you'll need to rely on third-party services.
3. Fewer Supported Coins than Most Other Hardware Wallets: While supporting more than 1,250 coins is not insignificant, competitors like Ellipal or Ledger support significantly more.

How User-Friendly is the Trezor Hardware Wallet?

The Trezor Hardware Wallet is designed with user-friendliness in mind, making it a breeze for most users to navigate. Firstly, setting it up is a straightforward process thanks to clear instructions. Secondly, its screen interface is intuitive, ensuring you'll quickly grasp its basic functions. Additionally, you have the convenience of the Trezor Suite at your fingertips. This software is packed with features to assist you in managing your coins, making the entire experience as smooth as can be.

Support for the Trezor Wallet

If you have questions or run into any issues, you can reach out to Trezor at trezor.io/support. On the support page, you'll find a comprehensive FAQ section addressing common problems.

If you can't find a helpful answer there, simply click on the green button to engage in a live chat with the virtual agent. If that doesn't lead to a resolution, the virtual agent will create a support ticket for you.

You can then connect with a real support representative. The support team enjoys an excellent reputation and has assisted many customers effectively. In addition to support, you might also find the Knowledge Base valuable. There, you'll discover a wealth of useful information about the hardware wallet

Can I Use Trezor Model One with My Smartphone?

Unfortunately, Trezor Model One is incompatible with all mobile devices. While you can use the wallet with an Android smartphone via a USB cable, this option is not available for iOS smartphones. Even Trezor Model T is incompatible with iOS.

Trezor Suite

Trezor Suite is software designed to assist you in managing your cryptocurrencies. With it, you can:

• Receive cryptocurrencies
• Send cryptocurrencies
• Set up a hidden wallet
• Compare exchanges
• Create multiple wallets
• Conduct mobile payments
• Track your portfolio

Thanks to its user-friendly interface, you should find it easy to navigate the application. It's compatible with devices running Linux, macOS, and Windows. Make sure to download the software from SatoshiLabs' official website to ensure security and authenticity.

Does the Trezor Hardware Wallet Allow for Cryptocurrency Staking?

In principle, you can stake your cryptocurrencies using the Trezor Hardware Wallet. This involves locking them up for a specified period and receiving rewards in return. The rewards depend on factors such as the amount of coins staked, the provider, the protocol, and the cryptocurrency itself. Essentially, you are compensated for securing your coins for a certain duration.

However, unlike Ledger, Trezor does not offer direct staking through the Trezor Suite. You can only participate in staking through third-party services.

Seed Phrase with Trezor Model One

During the setup of your Trezor Hardware Wallet, a seed phrase is generated. This recovery phrase consists of 12, 18, or 24 words and allows you to recover your wallet even if the device is lost. While this is a valuable feature, it's crucial to securely store your seed phrase. If it falls into the wrong hands, it could lead to the loss of all your cryptocurrencies.

Apart from the seed phrase, there are few security risks associated with a hardware wallet. Another potential danger arises when connecting to dApps, QR codes, or insecure websites. Additionally, you should never connect your device to an infected one under any circumstances.

What's Included in the Trezor Hardware Wallet Package?

While the packaging may not be extravagant, it does come with two seals that ensure no one has tampered with the contents since shipping. Unpacking it might be a bit of a hassle, but it's an added security measure worth accepting. The Trezor Wallet package includes:

• The Trezor Hardware Wallet
• A guide with essential information
• A keychain for convenient transportation
• A USB-A adapter
• A USB-C adapter
• Four Trezor stickers
• Two sheets with important information

Admittedly, the keychain is handy if you plan to take your wallet with you on the go. However, it's important to realize that doing so comes with some level of risk. While you can theoretically recover a lost wallet, the associated stress is not to be underestimated. Therefore, carefully consider whether it's better to keep the wallet securely within your own four walls.

The big question: Trezor or Ledger?

The decision between Trezor and Ledger as a hardware wallet depends on various factors. Both offer high security standards, but there are some differences:

• Supported Cryptocurrencies
  • Ledger supports over 5,500+ cryptocurrencies, while Trezor supports more than 5,000+.
• Security
  • Trezor uses a single-chip base, while Ledger is built on a double-chip base, the Secure Element (SE), offering additional security against hardware attacks.
• User-Friendliness
  • Trezor Model T receives slightly higher ratings in terms of user-friendliness, mainly due to its color touchscreen display. However, Ledger devices are generally easy to use and offer Bluetooth connectivity for easier connection.
• Software and Applications
  • Ledger offers the Ledger Live platform for desktop and mobile devices, while Trezor has a desktop application, a browser extension, and a planned Android app. Trezor does not offer Bluetooth connections.
• Educational and Analysis Tools
  • Ledger offers extensive educational resources through the Ledger Academy, whereas Trezor's support center offers useful articles but is overall less impressive. Ledger Live also offers market analysis tools, while Trezor relies on third-party software integration for this.
• Price
  • The prices for Trezor One and Ledger Nano S are roughly the same, while the Ledger Nano X is more affordable compared to the Trezor Model T.
• Open-Source vs. Closed Source
  • Trezor uses open-source software and firmware, while Ledger has its own operating system, BOLOS.

Overall, Ledger takes the lead in this comparison, especially with its more extensive educational offering and integrated analysis tools. However, the choice may vary based on individual needs and use cases.

Conclusion: Trezor Wallet Remains a Solid Choice Despite Its Age

As the first-ever hardware wallet, Trezor Model One remains one of the most widely adopted cold wallets. While it may not match the feature set of some more modern devices like the Ledger Nano X, it's by no means a poor choice. The hardware wallet provides robust security and comes at a significantly lower cost than most alternatives. It stands out for its user-friendliness, offline transaction signatures, and support for over 1,250 different cryptocurrencies.