TREZOR Bitcoin Wallet Review For Newbies

in bitcoin •  8 years ago  (edited)

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Image Source: @stellabelle (photo enhanced with Enlight)

As many of you know, today's Bitcoin price went to $1000!

If you're a Steem or Bitcoin newbie, you probably don't know much about Bitcoin hardware wallets. Here's the main thing to know: Bitcoin hardware wallets don't store your Bitcoins online in a server. Because they are not online, they are much more secure from hackers. Hacking is still an issue in the digital currency world, so using a hardware wallet is much safer. This article contains some of my personal Trezor tips but is not intended as a full how to use a Trezor guide. I have included a video at the very end of this post that is a complete beginner guide to setting up and using the Trezor. If you need that, just skip to the end.

Here's a great video by Amanda Johnson that explains hardware wallets if you're new to the concept:

Today, I got my Trezor Bitcoin wallet and successfully transferred some Bitcoin to it.

Here's the link you use to buy your Trezor: https://buytrezor.com/ and here's a link that gives you a basic overview of the Trezor Bitcoin hardware wallet: https://doc.satoshilabs.com/trezor-faq/overview.html

If you're a Bitcoin newbie, this guide is to help you feel more confident about getting your first hardware Bitcoin wallet. Although there are other hardware wallets, this review only covers Trezor. There seemed to be a lot of praise for this wallet, so that's why I chose it. I'm new to the concept of hardware wallets, but learning more about security is one of my themes for 2017, so what better way to start the new year than get my very first Bitcoin hardware wallet set up.

SHIPPING

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Trezors are shipped from the Czech Republic.

The reason I mention this is because it took ages for my Trezor to arrive after I ordered it and I began to panic after it had not arrived after 2 weeks. I didn't know why it took so long as I didn't know it was being shipped from the Czech Republic. I chose standard shipping (the cheapest option) and if I were to do it again, I think I'd get it shipped using the more expensive and faster option.

I will mention also that you have to use Bitcoin to pay for the Trezor. It costs the equivalent of USD 99. It also important to know that Satoshi Labs creates Trezor. Here's a general FAQ about Trezor from the Satoshi Labs website. I found this initially a bit confusing because I was expecting all the websites to be named TREZOR. So, knowing that Satoshi Labs created the Trezor will help you feel more secure about going their website.

WHEN YOUR TREZOR ARRIVES IN THE MAIL

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This is the box that contains the Trezor.

Notice the two silverish pieces of tape at the top and bottom of the box? Make sure those are intact, and not broken open. If the pieces of tape are broken, then the Trezor has been tampered with. Just look at the tape carefully when you open the package to ensure it's not been messed with.

Once you have determined that your Trezor is ok, open the contents of the box. It's a good idea to read the instructions before you begin the process because all your steps are outlined clearly there. I will say that I found the process of setting up my Trezor to be very easy and painless.

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WHY IS THE TREZOR MORE SECURE?

The first reason it's more secure is because when you enter your pin number to access your account, the keyboard numbers don't appear on your computer screen. Instead, they appear on your Trezor screen. This prevents hackers from keystroke logging your computer, which basically means, they cannot see the numbers that appear on the Trezor even if they had hacked your computer. You will understand this concept better once you get your Trezor. Honestly, when I learned about this security feature of the Trezor, I was sold on it.

The second thing you'll be doing is writing down a recovery seed list of 24 words. Having a paper copy of your recovery seed enables you to recover your account in the event that you lose it or someone steals your Trezor. So, make sure you keep your recovery seed in a drawer or some other secure place. If you want more education about how the security of Trezor works, go here: https://doc.satoshilabs.com/trezor-faq/software.html

IMPORTANT STEP BEFORE INITIALIZING YOUR TREZOR

Before you start using your Trezor you will need to either download a piece of software called BRIDGE or install a Chrome extension. The information regarding this step is here: https://doc.satoshilabs.com/trezor-user/settingup.html
And one more thing after you start using your Trezor: when you're finished using it, you can just unplug your Trezor from your computer. You don't have to do anything onscreen before unplugging it. I found this a bit odd, so that's why I mention it. I'm accustomed to having to tell my computer I'm removing something before unplugging it. With Trezor, you just unplug it.

FINAL THOUGHTS ON TREZOR

I found the setup process to be pretty easy and straightforward. The real learning curve for me was educating myself about the concept of hardware wallets and the company that produces the Trezor. The most difficult part of this experience was logging into the Trezor website. A user profile is automatically created when you first shop at buytrezor.com. You can not create a profile manually. When logging in, the captcha symbols were terribly difficult to read, and I had to try entering them at least 7 times before I was able to log in. This was a terrible user experience and almost made me give up at one point.

If you need help with the basic Trezor setup and you're ready to get your Trezor, check out this video that will walk you through all the steps:

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The Trezor can also be used as a password manager for most websites. Some websites have non standard ways of logging in and don't work with the Trezor yet.

yeah, I was just reading up on this and two factor auth. capabilities, which seems like a pretty new feature of Trezor.

tow factor auth like what the keys you can print and the hidden pin? wallet and password manager cool!

I would love something like this for managing all my altcoins.

I think Trezor does manage more than just bitcoin. I don't think it saves Steem though.

Yes I think they do ethereum too.

Yes, ETH and Dogecoin, Dash and some others.......

OK didn't know they did DASH. I might look at getting one to test out for the main alts.

I think they do Dash, but i'm not totally sure....

I will be glad to hold onto them for ya buddy lol

Lol:)

The best way to keep your btc.

Hell yes it is!

I love my Trezor. <3

Is it possible to use just a usb stick as a wallet ?

No, not that I am aware of. You need a bitcoin wallet.

Is there a wallet which I can install on a usb stick and store there my bitcoins?

I haven't found anything on the Trezor's power supply and lifespan. Battery can't be replaced I guess? Charged via USB?

there's no battery. usb provides power....seems like a long-term thing

Excellent piece of writing - I was just looking in to purchasing this very thing. Thank you.

ah, yes! It feels good to take the leap forward to becoming your own bank.....glad you found this useful.

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Excellent review with information I have not seen anywhere else, thanks for sharing!

It was a bit nerve-wracking since I hadn't ever done it before....but overall, it was quite painless....

Ya once the initial fright of "new" is over it's fairly simple and a helluva lot more secure. Everyone hodling more than 1/2 a BTC should invest in one IMHO.

you nailed it. There is a fright involved with something new, like creating your own new bank that you and only you are responsible for.

hey, did your rep go from 71 to 72 recently?

Yup, on that last comic it rolled over to 72. :)

I still can't believe i watched that nightmarish show after you told me to see it.....and warned me against it.....I think it was the most disturbing thing i've ever seen..........UNSEE NOW!

ha ha ha ha

I still can't believe i watched that nightmarish show after you told me to see it.....and warned me against it.....I think it was the most disturbing thing i've ever seen..........UNSEE NOW!

At least it had cool music. ;)

I CAN'T EVEN REMEMBER THE MUSIC. :)
The one scene that keeps playing in mind, you know which one.......

Resteemed.

This is a GREAT blue collar simple crypto noob approach in this post! Amazing post well thought out top to bottom. so many 101-type questions and concerns you put in here for people. You covered so many good angles on this from ordering one to finally receiving it and setting it up.

I was shocked as I read you JUST got it --- because it seemed like forever ago your posts about buying one etc were up. So you addressed that even LOL

I give you 2 crypto noob thumbs up for this excellent post.

Thanks. It's comments like this that makes me feel truly valued in here. I appreciate your well thought out reply!

I was sad to see this post had the numbers it did, but I can relate. I do not get much in the way of votes or views, or payouts on 99% of my stuff.

I will be referring people to THIS post who want to know about these wallets and your nice post here on it.

You are welcome. I wish you the best!!

As long as I'm true to myself and my quality is good, I'm ok. I used to be on the whale's bots, and it wasn't really fair for others. I'm developing blog posts that have meaning and value hopefully. That's my primary goal.

You have become one of my fav. authors on here after seeing your easy to read really down to earth posts. Once I got over the Stella star factor being intimidated, LOL.

I will always continue to do 101-type posts because there are always newbs coming who need it. I am still one of those people for things a lot of days too.

I'm a noob too. There's just too much to learn and not enough teachers in here, or anywhere else.......I've taught a few classes before..........but not about this stuff, yet.

I'm am useless with all this, I watched the video which did help. I am getting there really slowly :)

it takes a while for all the info to soak in! This stuff is like a new education for the future!

I need all the help I can get, being 52 and only heard about all this when I joined here was a shock lol its hard to understand

baby steps, baby steps.

One forward 2 back but I am determined to get there :)

ah, thanks for the info. I didn't know about that.

I guess the price increased as they sell for $165, also Ledger is $240 on Amazon or am I looking in the right places?

i Just came to say again, I am STILL thinking about how good this post was and it has been 5 days now since you wrote this LOL.

I actually just watched the Amanda video tonite that you have embedded here.

She is a genius! The brightest light on the Crypto scene. She needs to start her own company!

In my attempts to keep learning I watched a lot of DASH videos y-day, including one from this summer when her and the founder were speaking in Atlanta -- about an hour's worth ~ on that one --

She started off by explaining how in 2013, she knew nothing about Crypto and Jeffrey Tucker sent her some, like $20 or so and it sat in her wallet bc she was scared of it and did not understand it. LOL

It reminded me of my talks with you as of late about things, about being a Noob and learning etc.

Have a nice weekend.

yeah, I fantasize about making teaching videos as good as Amanda, but I'm more like Amanda's insane mother who is bombarded with too many ideas, and ends up just giving up on something rational, and makes this instead:

Yes, that is random lol. Maybe Amanda will give you lessons on the weekends from her RV lol

Hey, I really appreciate you recognizing my post's value. That means a lot! Everyone starts out as a noob, it's what we decide to do about it that counts!

It is my pleasure. I have enjoyed all our talks and your input on things and support after I got over my initial fear of talking to you as a whale to my Minnow status as you know LOL


Successful Donation Report for @theprophet0 is just out --

https://steemit.com/steemit/@barrydutton/successful-donation-report-to-you-the-steemit-community-we-supported-our-youngster-theprophet0-this-week

I'm currently using TREZOR too, it now support ERC-20 TOKEN with latest firmware upgrade, this is very cool. I'll highly recommend this gadget.

The best hardware wallet IMO.

Amazing, considering to get one hardware wallet too

check out the efolio integration with the trezor: https://www.efolio.info