If you know about cryptocurrency then you have probably heard of hardware crypto wallets. I’m sure you’ve wondered why you would want to use a crypto hardware wallet like a Trezor or a Ledger? When I first got into crypto, I was wondering this myself. So, I eventually got my handsome Trezor hardware wallet and started to make use of it. Today I’m going to show you what I learnt and how you can use one too.
Trezor Model-T Hardware Wallet
1. Why should I use a Crypto Hardware Wallet?
Using a trezor hardware wallet is just as easy as using a normal cryptocurrency soft wallet, except that you’re using a physical hardware wallet in addition to the software. The Major Reason for this is security. A hardware wallet makes your crypto safer from internet hacks.
Is it necessary for everyone to use a hardware wallet? No, absolutely not. If you are just getting started in crypto with less than $500 invested, then I recommend you start off with a more user-friendly wallet like Exodus wallet. There is no point in spending $200 on a hardware wallet to protect $100 worth of coins. Something like Exodus is also easier to set up and theoretically easier to use, just because you do not require the hardware.
However, if you have been active in the crypto space for a while and would like to take the next step in securing your HODL (Hold On for Dear Life) portfolio, then you have clicked on the right post. Unless you are staking your crypto on a platform like NEXO to earn you some more crypto, then using a Trezor should be a real consideration for you. Click here if would like to see our NEXO Lending Platform review. I would not recommend leaving your entire portfolio in a Soft-Wallet or on an exchange. Instead, you keep the majority of your portfolio on a Hardware Wallet, such as a Trezor. How to use a Trezor Model T Hardware Wallet?
2. What is a Trezor Hardware Wallet
A hardware wallet is a special type of security device that allows you to store your cryptocurrency. Trezor is the original hardware, the world’s first cryptocurrency hardware wallet and in our opinion the most secure.
Your cryptocurrency is not physically stored in the hardware wallet it is stored in the blockchain itself. The hardware wallet only stores the secret keys which grant you access to the crypto. By storing your keys offline on a device that is not connected to the internet it makes it virtually unhackable.
Your hardware wallet is backed up for a unique password or a seed phrase as it is called. should you lose your wallet you can always replace it with a new device and restore your wallet to the new device with your seed phrase. You should always keep your seed phrase in a safe place and preferably keep two copies, not in the same place. Next, we are going to have a look at how to set up and use our new crypto hardware wallet.
3. How to set up a brand new Trezor Hardware Wallet
I’m going to show you how to set up your trailer or hardware wallet Step by step. But first, you need to head to the website, www.suite.trezor.io. Make sure you have your device unboxed and ready to go.
Step 1 — Create a new wallet
Click on Trezor Suite for web in the top right-hand corner or download the app but in this case, we’re going to go with the web version. Next, I want you to click on “Let’s begin”. Then you should click on “create new wallet”. For security purposes, the website will ask you whether the seal on your Trezor device was intact or not? The seal on your device should still be intact, if not — purchase a new device (you should not buy these used) or contact support.
Trezor Hardware Wallet — Create a New Wallet
Step 2 — Firmware Update
The next step in the setup process is to install the newest firmware version. Click on “install firmware”. Next, you will be asked to disconnect your device and then reconnect it again in Bootloader mode. You can do this by swiping up or down on a devices touch screen while reconnecting it to your computer. Next you need click install firmware. This should complete the new firmware installation.
Trezor Suit — Install Firmware and Reconnect in Bootloader Mode
Step 3 — Seed Phrase (Backup)
After the firmware installation is complete, the next step involves making a backup of your new wallet. You can choose to do this step at a later stage however, I do highly recommend you finish the Seed Phrase back up and get it over with. You will now be asked whether you would like to create a standard Seed phrase or an advanced seed phrase. In this case, we are going to select standard seed phrase. The standard seed phrase consists of of 12 random words whereas the advanced seed phrase consists of multiple lists of random words which you can store in Multiple places.
Creating Trezor Backup and Seed Phrase
After selecting the standard seed phrase, you will now be asked to click “create backup”. The next screen will show a number of boxes that you need to tick before you can begin creating your backup.
Trezor Wallet — Begin Back up
You will be asked to follow the instructions on the Trezor device itself. The device will ask you whether you want to create a new wallet — you will accept. The device will prompt you never to reveal your seed phrase to anyone and never to make a digital copy of it. You will click I understand. After you have written down all 12 words of the recovery phrase on the provided pamphlet that you have been given in the box your backup will be complete. You can now select continue on the device.
Create Seed Phrase on Trezor Device
Step 4 — Creating a Pin
In the next step, the Trezor suite software will ask you to create a pin — you will click “create pin”. How to create a new pin you’ll be prompted to access the suite software. Inside the suite software, you will now be able to change your device’s name.
Create a Pin to Complete the Trezor Back up
Next, you’ll be able to choose the coins that you would like to store in your wallet, for this tutorial we will choose Bitcoin.
Enable Coins on Trezor Wallet
In the next window, you will be asked if you would like to create a standard wallet or hidden wallet. We are going to select standard wallet. Your Trezor wallet you now be set up and ready for use.
Trezor Wallet set up, complete
4. How to use a Trezor Hardware Wallet
Once we have completed setting up our Trezor wallet, the first thing we want to do is go to our dashboard in the trezor suit web wallet and receive some Bitcoin. Here we will click on the receive button. On the next screen, we will be prompted to click show full address. The Pop-Up will ask you to follow the instructions on the trezor device itself. On the Trezor device, you will be asked to enter your pin. This is the pin that you set up in the create a wallet section, above. You will now be able to see your entire bitcoin address as well as the QR code for that address on your screen.
Trezor Suite, Receive Bitcoin
Step 1 — Receive BTC
For the purposes of this tutorial, I’m going to be sending some bitcoin from my Exodus wallet to my newly created Trezor wallet. I’m going to be sending approximately 0.011 bitcoin which is currently worth a bit more than $400.
I’m now going to click on the send Bitcoin in my exodus wallet and then going to scan the QR code which has been prompted on my computer screen. The Exodus wallet is now going to ask me to enter an amount to send. In this case, I’m going to select “all” and send the entire $400 worth of bitcoin to my new Trezor wallet. I select confirm on my Exodus wallet and the Bitcoin has been sent.
Sending BTC from Exodus to Trezor Wallet
And a short while later I am greeted with confirmation on my Trezor Suite that I have received 0.011 Bitcoin. You will also be able to see that I did not receive the entire amount which was available on my Exodus wallet because I had to pay a small network fee to be able to send the Bitcoin.
BTC Received in Trezor Wallet
Step 2 — Now that I have BTC
I have some BTC in my Trezor wallet, I have some more options. These include being able to send, receive and trade my cryptocurrency. On the exchange screen, I have a choice of either selling crypto, buying more crypto or exchanging my existing bitcoin for any other cryptocurrency.
Options within the Trezor Suite — Send, Buy, Sell, Exchange
If we click the dashboard tab on top of the Trezor suite, I’m now greeted with a portfolio section. In this case, it shows that my portfolio of 0.011BTC is currently worth $406.05. If we scroll down further in the portfolio section I can have a look at the coins that I currently have in my wallet. As you can see I only have the Bitcoin that we had just sent over.
Trezor Suite Dashboard
5. Trezor Model T — Verdict
★★★★
Price (3/5)
The Trezor Model-T starts at €159 (±$200) and it’s probably the one you should go for in our opinion. The fact that it offers advanced functionality and advanced coin support, means that it probably should be the most future-proof of the two models. The Trezor is more expensive than competitors such as the Ledger Nano X for example but in our opinion is superior and worth the extra cost.
Functionality (4/5)
In terms of security and functionality, the Trezor Model-T is top of the range. It does everything that it’s supposed to do very well. It is also the most secure hardware wallet on the market.
Relevance (5/5)
When it comes to hardware wallets there really are only two to choose from. The top two brands are Trezor and Ledger. There are a variety of Software mobile wallets out there like Exodus for example as well as some other types, such as Card wallets and paper wallets. For those who have been into crypto for a long time and have some substantial assets that they need to secure, a hardware wallet is an absolute necesity.
Appearance (4/5)
The parents of the Trezor Model T is quite unobtrusive. It’s quite a bit smaller than one would imagine or seems to look like in the images. The fact that it has a touchscreen makes it look quite sleek. I’m sure there are always improvements that can be done in terms of looks but for me, it looks fine and there’s nothing wrong with it. The fact that it’s small and compact and comes with a magnetic dock and double-sided tape is great. This makes it easy to store it out of the way or in a secret place like under your table etc.
6. Conclusion
There are two different types of Trezor models, namely the Model One and the Model T. This tutorial and review was based on the Model T. The main difference between the Model One and the Model T is hardware. The Trezor One has two physical buttons while the Model T has a touch screen. Both models are super secure and easy to use. The Model T however has an advanced processor and features advanced coin support.
Both models offer Windows 10, Mac OS 10.11 or higher, Linux as well as Android support. Both devices offer support for hundreds of tokens and coins including the top ones such as Bitcoin, Ethereum etc. Here is a link to the Coin support page on their website.
Ultimately, how and why to use a crypto hardware wallet comes down to security and peace of mind. As the old crypto saying goes, “Not your Keys — not your Coins”! I don’t know about you, but I would rather hold my own secret keys and thereby secure my cryptocurrency assets than leave that to someone else.
7. The Best Crypto Wallets of 2021
- Best for Beginners: Exodus
- Top Harware Wallet: Trezor Model T
- Best Bang for Your Buck: Ledger Nano S
- Best for Integrating DeFi Applications: Metamask
