With the overwhelming increase in buying cryptocurrencies, the need for people to secure their coins has never been greater. Cryptocurrency Hardware Wallets are the solution but seem complicated to many. However, there is a saying in the Bitcoin community that says “not your keys, not your bitcoin.” In other words, if you don’t physically download your Bitcoin onto a hardware wallet, the exchange still owns it. We will focus on how to store your bitcoin safely using in our review of the Trezor One and Trezor Model T Wallet. Our #1 recommended Hardware Wallet.
How to Buy & Store Your Bitcoin Safely? Cold Wallet Purchase
When it comes to buying your cryptocurrency, we have several amazing exchanges that pay what we call high-interest earning crypto savings accounts.
You can read more about high-interest savings accounts in our other articles. But essentially, we recommend purchasing Bitcoin with US-based, SEC inspected, and secure cold storage provider BlockFi.
With excellent internal security measures, BlockFi is a trusted and leading cryptocurrency exchange.
When it comes to taking your Bitcoin or other cryptocurrencies off the exchange for safekeeping, we recommend using a hardware wallet.
Disclaimer: This article should not be considered financial advice. Please consult your certified financial advisor prior to making any investment decisions. This site is not responsible for ill-conceived, careless, reckless, or theft-related monetary or crypto losses on the reader’s behalf and by reading this and being on this website you agree to not hold HighInterestEarning.com or its subsidiary companies or sponsors responsible. Additionally, this site contains affiliate links which, at no extra cost to the customer, we may receive a commission. We love what we do and work hard to bring the very best education and quality solutions to our customers all around the world. Crypto on!
What Are Hardware Wallets? What is a Bitcoin Wallet?
Hardware Cold Wallets, or Bitcoin wallet as many call them, is a thumb drive-looking portable device that stores your digital Bitcoin and validates your transactions when you’re using your Bitcoin. Hardware wallets keep things secure and secret. Simple as that.
They function by generating a users’ secret code, called a private key or a seed, in a secure, offline environment. They usually connect via USB or Bluetooth. Using a computer is recommended as it’s just easier to manage.
The main idea behind a hardware wallet is that it leaves your cryptocurrency on the blockchain but you have the private keys to actually access your bitcoin or crypto. By using a hardware wallet you remove your keys offline – off the internet completely where no one can then hack in and get to your keys.
Can Bitcoin Get Hacked?
Bitcoin is not presently hackable. There is speculation that when quantum computing becomes possible, it may be possible, but then the Bitcoin code could be improved to adjust to this potential vulnerability.
However, thieves do hack private individuals’ computers where people (not good) often store the bitcoin code keys on them.
This is how they “hack” your crypto. This is why it’s really important to have a hardware wallet and get it offline and locked in high security, flame and water-resistant, hidden safe.
Once you use it in public, you can then “sign” them so that your Bitcoin can be used to make purchases or exchanged for another asset. This prevents someone else from using your Bitcoin or the transaction being altered by a third-party.
Often when people refer to a Bitcoin wallet they are actually referring to a crypto exchange that offers a wallet as part of their account features. In this sense, the wallet is just the place where all of your cryptocurrencies are kept, or where you can keep fiat money for future use. It is really important to know the security of your exchange wallets, use google authenticator and 32 characters plus passwords.
Leaving your cryptocurrency on an exchange is referred to as hot wallets, or wallets that are ready to buy and sell and the market actually takes this into consideration when looking at potential supply and demand.
How Does a Bitcoin Wallet Work?
A blockchain is a shared public ledger where all Bitcoin transactions are conducted, from Bitcoin wallets. When a transaction occurs, there is a transfer of value between more than one Bitcoin wallet.
Typically, a single party is exchanging some value of Bitcoin for another asset or service with another Bitcoin wallet. When this occurs, every individual Bitcoin wallet will use its secret data to sign and validate transactions, providing mathematical proof that the buyer or seller is the owner of their Bitcoin wallet. Your wallet can safely keep as much Bitcoin as you’d like without any limit.
The Trezor One is the oldest surviving hardware wallet on the market. The Trezor Wallet has become a major trusted leader in today’s cryptocurrency community. The Trezor One was the leading product for a very long time, but that’s no longer the case.
When Was Trezor One Designed?
Trezor one is manufactured by SatoshiLabs, a company founded in 2013, that is a respected participant in the Bitcoin community. The Trezor One supports over 1000 coins and tokens. However, some popular coins such as XLM, XRP, and EOS are still not supported by the device.
How to store your Bitcoin on a Trezor Wallet? Setting up your Trezor One Wallet
Setting up the Trezor One is pretty simple. Just hook up your device to any computer, install some software and follow the instructions.
Installation includes setting up a PIN code for your device. And very important — Write down in a private notepad kept in a safe your 24 words, known as the seed phrase. This must be kept secret, and safe.
How Secure is the Trezor Wallet?
If your Trezor One breaks down or gets stolen, this seed phrase is the key to restoring your Trezor even if the physical wallet was stolen. So, it’s a big deal.
Also allows you to add passphrase protection to your accounts and you can also use your backup seed passcode. This adds an additional layer to the security of your funds, even if someone were to get our hands on your Trezor and crack your PIN code. Your seed is critical to getting into your wallet so don’t screw this part up. It’s a big deal.
At the time of writing, the Trezor One costs $55 before taxes which makes it one of the most affordable hardware wallets available. When comparing the Trezor One to its nearest competitor, the Ledger Nano S, Tresor one wins in terms of price and the fact that its software is completely open-source.
On the other hand, the Nano scores points and supports for Ripple and Monero, as well as for its interface known as ledger live which is much more robust than Trezor’s.
Trezor One Rating – 4.5/5 Stars
Overall, the Trezor One is a battle-tested hardware wallet at an affordable price that supports a wide variety of cryptocurrencies but lacks support for popular coins such as Ripple, Monero, and EOS.
So, we give it 4.5 stars. The Trezor One Hardware Wallet is a leader in crypto secure bitcoin wallets. We consider it a great Wallet for beginners and experienced users alike.
Have you tried the Tresor one, let us know what you think in the comments below, and if you’re looking to buy a Tresor one, take a look at the link in the description for more details.
The Trezor Hardware Wallet Model T Review
The Trezor Model T is a robust feature-rich version of the popular Trezor wide hardware wallet. But is it worth the higher price tag?
What is the Trezor Model T?
The Trezor Model T is a hardware wallet, a physical device that stores your cryptocurrencies in a secure manner offline away from the reach of hackers. It was released in 2018 by Satoshi Labs, a hardware wallet pioneer and a respected member of the Bitcoin community since 2013.
The Tresor Model T supports over 1000 coins and tokens, including coins like XRP, XLM, and EOS that are missing from its older less expensive model, the Trezor One.
Another feature the Trezor Model T can finish when compared to other hardware wallets is its touch screen. This allows you to set up your wallet using only the device, preventing any sensitive data from showing up on your computer, making it that much more secure.
However, a few users have found the touchscreen a bit small, making it a little harder to use
The Trezor Model T costs around $170 before any taxes which makes it the most expensive popular hardware wallet, on the market.
When comparing the Trezor Model T to its nearest competitor, the Ledger Nano X, I would say the Model T edge is that it’s completely open-source software and its touchscreen size.
On the other hand, the Nano X scores major points for its ability to interact with a mobile wallet on your phone, as well as for the software used to manage its Ledger Live. Also great crypto wallets.
Overall the Trezor Model T is a reputable ultra-secure hardware wallet that can hold a wide variety of coins. IT does work great as a desktop wallet with the software wallets option it has.
We give it 4.5 stars and consider it a great Wallet for anyone who wants to store a variety of altcoins on a single wallet and isn’t price sensitive.
Let us know if you get the Trezor Wallet!