Trezor Model T: Complete Guide to the Hardware Wallet

If you’re in the crypto space, it’s commonly said that owning a hardware wallet is one of the most important things you can do to secure your crypto holdings. Hardware wallets allow users to hold their private keys off-line.

Two of the most common and effective hardware wallet options are the Ledger Nano S (User Guide Linked), and Trezor One.

If you’ve decided to buy the new Trezor Model T, you’ll want to know how to get started with the device. You’ve come to the right place!

Say hello to the Trezor Model T

 The Trezor Model T is a cold storage hardware wallet for storing cryptocurrencies like Bitcoin, Litecoin, DASH, and many others. It is considered the ‘last word’ in 2018 hardware wallets.

Instead of holding your coins on an exchange, or a web wallet, a hardware wallet lets you own your private keys offline, which is the most secure option.

However, hardware wallet users need to take many precautions to ensure the safety of their wallet devices and their backup phrases. It is also important to keep the versions of the hardware wallet software up to date by installing any updates that may be required or recommended.

If you’re looking to buy a Trezor Model T, click here. It’s vital that you only buy hardware wallets from official resellers or from the Trezor’s own official website. They have great customer service.

Specs and difference from the old Trezor

 The Trezor Model T is highly portable because its size is just 2.52in x 1.54in x 0.39in (64mm x 39mm x 10mm), and it’s only 0.56oz (16g) in weight.

Unlike the previous model’s OLED screen, the Trezor model T has an LCD screen with 240 x 240 pixels. The bright touch sensitive display has replaced the older version which had two navigation buttons.

CPU specs include a 168 MHz embedded ARM processor (Cortex-M4) running the “Trezor Core” system (custom developed). Retail price for the Trezor Model T is 149 EUR (~$175 USD).

Unboxing

 The Trezor Model T comes with the following:

Trezor Model T For beginners: A Quick Installation Guide

Important: Make sure your device comes with a special seal sticker. In any case you are not sure – contact Trezor’s support.

1) Before getting the device up and running, it’s important to download the appropriate extension for the device. This is called the Trezor Bridge and is compatible with Windows, Linux, and Mac OS. This allows your computer to show your wallet holdings, make transactions, etc.

2)  Once your Trezor Bridge software is downloaded and your Trezor Model T device is out of the box, you will need to plug the USB-C cable into the device, and then into your computer.

The Trezor Wallet should immediately ask to install the current firmware for the device.

3)  You will then be prompted to set up a new wallet or recover an old wallet from a recovery backup.

If you want to create a new wallet, click the appropriate option on your computer screen.

4) Next, you will see a phrase that states: “Your TREZOR is not backed up”. This part of the setup is VERY important. Your Trezor device screen will prompt you to back up your private key.

Your device will then proceed to show you 4 words on the screen. Write these words onto your backup sheet EXACTLY as they appear. Swipe through all three pages of words (12 words total), writing them in order as you go. (A waterproof foil pencil is necessary to write your words down because the backup sheet/card that comes with your device is tear-resistant and waterproof).

Next, confirm that all words have been written.

Yes, you are right. The new Model T only has a 12 word private key. Is it safe enough? Actually, it’s considered safer than the Trezor One’s 24 word seed. However, for advanced users who would like a 24 words seed, they are asked to initialize that seed on a Trezor One and then use the restore option on the Model T.

The device will then quiz you on two random words in your backup phrase to ensure that you wrote everything down correctly. Simply input the correct words from your backup card.

As always – we must remind you of some security-must-have tips for storing private keys:

5) Next, refer back to your computer screen where you will be prompted to name your Trezor device.

6) Your computer screen will then read “Your TREZOR is not protected by a PIN”.

Your PIN number will be used anytime you want to access your device, and acts as a further layer of protection. Simply choose a PIN that you wish to use, and then confirm it.

It’s important not to make your PIN something that would be too easy for someone else to figure out (you may want to write down your PIN as well, in case you forget it). It’s recommended to set at least 6 digits in your PIN code.

 

Supported Coins/Tokens (as of Sep-2018)

BTC ETH BCH LTC DASH ETC NEM LSK ZEC QTUM BTG

For the full and up-to-date list, click here.

List of Compatible Wallets and Services

MyEtherWallet MyCrypto Nano Wallet Electrum-MONA Electrum-XZC Electrum-GRS Electrum-NMC Znode Tool

For the full list, click here.

Conclusion

Before actively using your Trezor Model T (or any other wallet for that matter), it’s crucial that you become familiar and confident with your device. You should always do your own research, and make sure that you understand all the risks and details associated with hardware wallets before choosing one.

A hardware wallet can be an amazing tool in the crypto holder’s arsenal. However, like anything, they need to be fully understood to work effectively. Other sources may be necessary. You should also cross-check/reference your research over several sources to ensure that you have received the correct directions and information.

Want to buy a Trezor Model T? Click here for the official Trezor’s online store.

Images by 99bitcoins