The term “Trezor” translates to “vault” in many Slavic languages, signifying its role as a secure place to store your digital assets.
True to its name, the Trezor Model One operates as a vault, protecting your assets from both digital and physical theft.
What is Trezor Model One
The Trezor Model One is a pioneering hardware wallet for digital currencies designed and developed by SatoshiLabs.
As a hardware wallet, it provides a secure, offline environment to store the private keys of your digital currencies, making it a cold storage device.
This essentially means that it stores your assets offline, away from any potential online vulnerabilities.
The design philosophy of the Trezor Model One gravitates towards minimalism and accessibility while not compromising on security.
It comes in a compact size with a clear display and two physical buttons for navigation and confirmation of transactions.
But it’s not just the form factor that’s convenient; the user interface is also designed to be simple and intuitive, allowing users, regardless of their technical expertise, to navigate the features easily.
One key feature that sets the Trezor Model One apart from other hardware wallets is its commitment to transparency and open-source development. This means its software isn’t hidden; instead, it’s open for anyone to inspect, making it a trustworthy choice in the crypto community.
Trezor Model One supported coins
The Trezor Model One supports an impressive range of cryptocurrencies, providing a versatile platform for investors who deal with various digital assets.
At the time of writing, it supports over 1000 different cryptocurrencies.
Here are some of the key ones:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dash (DASH)
- Zcash (ZEC)
- Ripple (XRP)
- Cardano (ADA)
The team regularly updates the firmware to add support for new cryptocurrencies.
What’s in the box
When you purchase a Trezor Model One, it comes neatly packaged with all the essentials you’ll need to set up and start securing your digital assets.
Inside the box, you’ll find:
- The Trezor Model One Device: This is the main piece of hardware where your private keys will be stored.
- Micro USB Cable: This cable is used to connect your Trezor Model One to your computer or other devices.
- Lanyard (Keychain): The lanyard can be attached to the Trezor Model One, allowing it to be used as a keychain or for easier transport and handling.
- Two Recovery Seed Cards: These cards are used to jot down your 24-word recovery seed during the setup process. It’s crucial to keep these cards safe.
- Trezor Stickers: A bit of fun branding – you’ll get a few Trezor stickers in the box.
- User Manual: A handy guide to help you with the setup and operation of your device.
Upon unboxing, it’s important to ensure the device’s holographic seal is intact, confirming the device hasn’t been tampered with.
Once everything is unboxed and verified, you’re ready to set up your new Trezor Model One and secure your digital assets.
How to set up Trezor Model One
Setting up the Trezor Model One is a relatively straightforward process. Here’s a step-by-step guide on how to get started:
1. Unboxing and connecting to your computer
Unbox your new Trezor Model One device. In the box, you’ll find the device itself, a USB cable, a lanyard, and a couple of recovery seed cards. Take the USB cable and connect your Trezor to your computer.
2. Navigate to the Trezor wallet website
Next, open up your web browser and navigate to the official Trezor Wallet website (wallet.trezor.io). The website will detect your device and prompt you to install the latest firmware if it’s not already installed.
Follow the instructions on the screen to install.
3. Remember your PIN
During setup, you’ll be asked to set a PIN. This PIN will be required each time you connect your Trezor Model One. It’s an added layer of security to ensure that even if someone gets a hold of your physical device, they won’t be able to access your assets.
Be sure to remember this PIN!
4. Write down your recovery seed
The most critical part of the setup process is writing down your recovery seed. The Trezor Model One will display a unique set of 24 words that are used to recover your wallet if your device is lost, damaged, or stolen.
Write these words down on the recovery seed card provided in the box. Be sure to keep this card in a safe place.
5. Start Using Your Wallet
Once you’ve set up your PIN and written down your recovery seed, your Trezor Model One is ready to use.
You can now receive, send, and manage your cryptocurrency portfolio using the Trezor Wallet interface on your computer.
How to use Trezor Model One
1. Accessing your wallet
Plug the Trezor Model One into your computer with the provided USB cable and navigate to the Trezor Wallet website (wallet.trezor.io). Here, you’ll see your wallets for the supported cryptocurrencies.
2. Receiving cryptocurrency
To receive cryptocurrency, choose the relevant coin from the list on the left side of the Trezor Wallet interface. Click on ‘Receive’, and the interface will display a sequence of addresses. Choose any of these addresses to receive funds.
It is recommended to use a new address for each transaction to maximize your privacy.
3. Sending cryptocurrency
To send cryptocurrency, click on the ‘Send’ tab in the interface. Here, you’ll need to enter the recipient’s address and the amount you wish to send. Confirm the transaction details on your Trezor Model One’s screen by pressing the physical button. This manual confirmation is a key security feature.
4. Viewing transaction history
Your transaction history is displayed on the main interface. Here you can monitor all incoming and outgoing transactions for each cryptocurrency.
5. Managing multiple accounts
You can manage multiple accounts for a single cryptocurrency. This can be helpful for tracking different sets of transactions or maintaining separate wallets for different purposes.
6. Using passphrase feature
The Trezor Model One also offers an advanced feature called a passphrase. This is an extra word you can add to your recovery seed for further security. This is an optional feature and is typically recommended for advanced users, as forgetting your passphrase can result in the loss of your funds.
Remember, your private keys remain securely stored within the Trezor Model One throughout this process, ensuring they are never exposed to a potentially compromised computer.
How does Trezor Model One work
The Trezor Model One works as a physical authentication device for your digital assets, keeping your private keys safely offline. Here’s a brief rundown of how it operates:
Private key storage
In the world of cryptocurrencies, your private keys are everything – they are the cryptographic proof of ownership of your digital assets. However, storing these keys on an internet-connected device can leave them vulnerable to theft.
This is where the Trezor Model One comes in. It securely stores these private keys offline in a protected hardware environment, ensuring they’re safe from online attacks.
When you make a transaction, such as sending Bitcoin, a digital signature is required. This signature is created using your private key. With Trezor Model One, this signature is generated on the device itself, meaning your private keys never leave the device and are not exposed to your computer or the internet.
Manual transaction verification
Trezor Model One requires physical interaction to confirm a transaction. After you initiate a transaction on your computer, the details are sent to the Trezor Model One.
The transaction must then be manually confirmed on the device itself by pressing the physical button. This ensures that even if your computer is compromised, a hacker cannot make transactions without having physical access to your Trezor device.
During the setup process, Trezor Model One generates a 24-word recovery seed. This seed is a backup of your private keys and can be used to recover your assets on a new device if your original device is lost, stolen, or damaged. This recovery process is also done securely on the Trezor device, ensuring your seed is not exposed to potential threats.
Trezor regularly releases firmware updates to improve the functionality and security of the device. The update process happens within the Trezor Wallet interface and requires manual confirmation on the device. This ensures that even during an update, your private keys remain safe and secure on the device.
In summary, the Trezor Model One works by isolating the critical processes involved in managing your digital assets away from your computer and the internet, providing a secure, physical barrier against digital threats.
How to turn off Trezor Model One
Turning off the Trezor Model One is as simple as disconnecting it. The device doesn’t have an internal battery and doesn’t run on its own power, so it doesn’t have an on/off switch like many electronic devices.
When you’ve finished using your Trezor Model One, you simply unplug it from the USB cable attached to your computer or other devices. As soon as you do this, the device will automatically power down.
All your data, including private keys and transaction history, remains securely stored in the device and will be readily available the next time you connect it to your computer.
Remember, even when it’s unplugged, your cryptocurrencies are safely stored offline in the device, completely secure from any potential online threats.
How to reset Trezor Model One
Resetting your Trezor Model One to its factory settings is a straightforward process, but it’s critical to note that this action will erase all data from your device.
If you have not properly backed up your recovery seed (the 24-word phrase generated during the initial setup), you will lose access to your cryptocurrencies. Here are the steps to reset your device:
- Connect your Trezor Model One to your computer using the USB cable provided.
- Visit the Trezor Wallet website (wallet.trezor.io) in your browser.
- Enter your PIN to unlock the device.
- Click on the name of your device to enter the device menu.
- In the device menu, click on ‘Advanced Settings’.
- Scroll down and click on the ‘Wipe Device’ button.
- Once clicked, all data, including your private keys and transaction history, will be removed from the device.
Your Trezor Model One will then be as it was when you first purchased it, and you can set it up again as a new device.
Remember, if you’re resetting your device with the intention to restore your wallet afterward, make sure you have your 24-word recovery seed at hand. Without it, you will not be able to regain access to your cryptocurrencies.
How to update Trezor Model One
Updating the firmware on your Trezor Model One ensures you have the latest features and security updates. It’s a simple process that can be completed through the Trezor Wallet interface. Here are the steps:
Step 1: Connect your Trezor
Use the supplied USB cable to connect your Trezor Model One to your computer.
Step 2: Visit the Trezor Wallet website
Navigate to the official Trezor Wallet website (wallet.trezor.io). The website should automatically detect your Trezor Model One.
Step 3: Follow the prompts
If a firmware update is available, you’ll see a notification asking you to “Update to latest firmware”. Click on “Update to latest firmware”.
Step 4: Confirm the update
You’ll see a message warning you to ensure your recovery seed is safely backed up before the update, as there’s a small chance the update process could wipe your device. After you’ve confirmed you have your seed, click on “I have my recovery seed, continue to firmware update”.
Step 5: Continue with the update
You’ll see a warning that your Trezor will be wiped, which is normal. Click “Continue”. The update will then start, and the Trezor Wallet website will automatically download and install the firmware.
Step 6: Confirm installation on your device
Check your Trezor’s screen. It will ask you to confirm the installation. Press the confirm button on your device to proceed.
Step 7: Verification
The Trezor Wallet website will verify the firmware. During this time, don’t disconnect your device.
Step 8: Reconnect your Trezor
Once the update is complete, disconnect and reconnect your Trezor Model One to your computer. Enter your PIN, and your device will be ready to use with the new firmware.
Remember, it’s essential to have your recovery seed available before updating, as there’s a small chance the process could erase your device. However, this is rare, and having your recovery seed ensures you can restore your wallet if needed.
How secure is Trezor Model One
The Trezor Model One is widely recognized for its robust security measures, making it a leading choice among hardware wallets. Here’s a breakdown of its security features:
1. Offline private key storage
The fundamental principle of the Trezor Model One’s security is that it stores your private keys offline, inside the device itself. By doing so, it ensures that your private keys, which are essentially the keys to your crypto assets, are not exposed to potential online threats.
2. PIN protection
During the setup of your Trezor Model One, you’ll be asked to create a unique PIN. This PIN adds a layer of security as it’s required every time you plug in the device. This means even if your device is physically stolen, an attacker can’t access your funds without knowing your PIN.
3. Manual transaction confirmations
Each transaction made with your Trezor Model One needs to be manually confirmed on the device itself. This feature ensures that even if your computer is compromised, your crypto assets cannot be moved without your physical permission.
4. Recovery seed
Upon setting up your Trezor Model One, you’ll be given a 24-word recovery seed. This seed is a backup of your private keys and can be used to recover your assets on a new device if your original device is lost, stolen, or damaged. The recovery process is also securely done on the device itself, ensuring your seed is never exposed to any potential threats.
5. Open-Source software
The software running on the Trezor Model One is open source. This means that its code is publicly available for review and has been scrutinized by countless individuals and institutions worldwide. This transparency adds to its security as it allows for community input and validation of its security measures.
6. Regular firmware updates
SatoshiLabs, the company behind Trezor, regularly releases firmware updates for the Model One. These updates often include new features and address any potential security issues, ensuring the device remains secure against evolving threats.
In conclusion, the Trezor Model One provides a very high level of security for your cryptocurrencies. It combines the security of offline storage with the convenience of a portable device, all while ensuring the process remains user-friendly.
It’s a secure and trusted solution for anyone looking to store their cryptocurrencies long term.
Where to buy Trezor Model One
When purchasing a Trezor Model One, or any hardware wallet, the most secure place to buy is directly from the manufacturer.
In this case, purchasing from Trezor’s official website (shop.trezor.io) is the safest method.
Other retailers, even authorized ones, might carry a slight risk due to potential supply chain vulnerabilities. Although these instances are rare, they are possible.
By purchasing directly from Trezor’s official website, you can be confident you’re receiving an authentic, untampered device. This will provide the highest level of security for your digital assets.
After receiving your device, always ensure it’s sealed and shows no signs of tampering.
Trezor One vs Model T comparison
|Features||Trezor One||Trezor Model T|
|Screen||Monochrome display with 2 buttons||Full-color touchscreen|
|Supported Coins||Over 1000 supported coins||Over 1000 supported coins, including some only available on Model T|
|Passphrase Entry||On your computer||On the device itself|
|MicroSD Card Slot||No||Yes|
|USB Connector||Micro USB||USB-C|
Trezor Model One vs Ledger Nano S Plus
|Features||Trezor Model One||Ledger Nano S Plus|
|Screen||Monochrome display with 2 buttons||OLED display with 2 buttons|
|Supported Coins||Over 1000 supported coins||Over 1100 supported coins|
|Passphrase Entry||On your computer||On your computer|
|MicroSD Card Slot||No||No|
|USB Connector||Micro USB||USB-C|
✔️ Check our Ledger Nano S Plus review
Frequently Asked Questions about Trezor One wallet
What cryptocurrencies are supported by the Trezor One?
The Trezor One supports over 1000 cryptocurrencies, including but not limited to Bitcoin, Ethereum (and its ERC-20 tokens), Litecoin, Dash, Zcash, and many others.
What happens if I lose my Trezor One?
If you lose your Trezor One, you can use your recovery seed (the 24-word phrase generated during setup) to recover your cryptocurrencies on a new device. This process can be done with another Trezor device or compatible wallets.
Can the Trezor One be hacked?
While no system can be 100% secure, the Trezor One offers leading security measures. Your private keys are kept offline within the device, every transaction requires manual confirmation, and protection is provided with a PIN code. Furthermore, the device’s firmware is open-source and has been vetted by the cybersecurity community.
What happens if I forget my PIN?
If you forget your PIN, you’ll need to wipe your device and recover your wallet using the 24-word recovery seed. Remember, this is why keeping your recovery seed secure and accessible only to you is essential.
Can I use my Trezor One on a device infected with malware?
Yes, the Trezor One is designed to protect your assets even when used on a computer infected with malware. This is because the private keys never leave your Trezor One and each transaction requires manual confirmation on the device.
How many wallets can I have on my Trezor One?
You can have multiple wallets for each supported cryptocurrency on your Trezor One. These are called accounts within the Trezor Wallet interface and can be useful for organizing your assets.
Can I use the Trezor One on my mobile device?
Yes, the Trezor One can be used with select mobile devices via an OTG cable. Compatibility can depend on the specific mobile device and application.
Remember, any hardware wallet is only as secure as its recovery seed and PIN. Always keep these secure to ensure the safety of your digital assets.