Cryptocurrency is a “digital” currency that which we can use to buy the services that we need or want. With the presence of hackers and viruses prevalent on the internet, no one is safe. Thus, users need protection to secure their crypto coins. One way to ensure it is by having a hardware wallet.
In this article, we will feature a hardware wallet called Trezor. We’ll tell you what it is and how to access your Trezor wallet easily. Let us get into it!
What Are Hardware Wallets?
Before going to the question of how to access Trezor wallet, we must first know what a “wallet” in this field of cryptocurrency means. A cryptocurrency wallet is a type of wallet that acts as the user’s bank account. This lets its user receive any digital currencies, stores and even allows them to send their coins to others. There are two kinds of cryptocurrency wallets: hardware (cold) wallets and hot wallets. For this article, we will focus on cold wallets.
The hardware wallets are in the form of a physical electronic device (mostly in a flash drive form) that has a single purpose of securing the user’s digital coins by securing the user’s private key in its device. The hardware wallet’s main idea is that for the user to spend his/her digital currencies, the user must have their hardware wallet connected to the user’s computer first.
These hardware wallets keep the user’s private keys separate from the very vulnerable, internet-connected devices by generating and storing the private keys. The only way hackers steal the user’s coins is to steal the hardware wallet itself. If the hardware wallet becomes stolen, lost, or damaged, using its PIN code and another secret backup code, the user can always retrieve his/her coins anytime.
There are many hardware wallets out there. But in this article, we’ll focus on accessing the Trezor wallet.
What is a Trezor Wallet?
Trezor, in general, is the first bitcoin hardware wallet launched in August of 2014. Trezor is a small, key-sized device that can be connected to the user’s computer when used with a USB cable. This hardware wallet offers secure cold storage with an added ability to spend the user’s digital coins like a hot wallet. This device, specifically the Trezor One, costs $59.
How to Access Trezor Wallet?
Step-by-Step Guide on Setting up the Trezor Wallet:
- First is to check the box if all of the items that you must receive are in there: the Trezor wallet, the Lanyard, the Recovery Seed, the Instructions, and the USB Cable.
- Plug the Trezor wallet into the computer’s USB port with the use of the USB cable. Doing this will make the Trezor screen show a lock image and a website that you need to visit.
- The link will give you more instructions that will keep your new Trezor wallet safe.
- After that, you will need to install the firmware in your computer that will allow you to connect to the Trezor wallet blockchain. It can be done by either installing it using a Chrome extension or by downloading it directly to the computer.
- Then, you will be asked by the Trezor hardware to check if the “Fingerprints” on its screen matches with the “Fingerprints” listed on your device. If it is, click the “Continue” on your Trezor hardware wallet device.
- Next, you need to unplug the USB cable of your Trezor wallet and then plug it again into your computer.
- It will ask to name your newly bought Trezor hardware that can be changed anytime at a later date on the website.
- Then unto the essential part, setting up your PIN. You could do this by looking at the image on your computer screen (which is a blank 3x3 square grid) and the image in your hardware wallet (a 3x3 square grid that has numbers 1-9 in random). The numbers here are jumbled, so you need to be very careful in inputting them because the user must input them twice. It ensures that nobody can find out which keys you are pressing at that moment. It is also great to remember the PIN by writing it on something like paper and storing it in a secured place. So that when you forget it, you could retrieve the document and input it again.
- After setting the PIN number, your Trezor device will display your 24-word backup phrase that you need to write down. You should also store it in a safe place as it will be a vital key to recover your digital coins in any case that you lose or break your hardware wallet. You could do this in a 24-lined piece of paper that is also inside the Trezor box provided to you. With this, you are now complete with setting up your Trezor wallet.
How to Transfer Cryptocurrency to Your Trezor Wallet?
- The first step is to plug the Trezor device into your computer’s USB port and enter your earlier created PIN.
- Then, visit your “online” Trezor wallet with the use of either the Chrome extension or the firmware you downloaded earlier.
- From the interface, look at the top-left side of the said interface and click the drop-down icon, then click the cryptocurrency that you want to send to your Trezor wallet.
- After that, click the “Receive” button at the top of the interface. From here, you will see the unique wallet address that you will use for the cryptocurrency transfer.
- Copy the said unique address and then go to your wallet where your digital coins are currently stored and then paste the address and then transfer those digital coins.
How to Send Funds from Your Trezor Wallet?
- This time when sending, open the Trezor wallet dashboard interface on your computer.
- Then from the drop-down list on the top-left side of the interface, select the type of digital coins you want to send.
- After that, click the “Send” button at the top of the interface.
- After that, you will be asked for the address of the wallet of the person you want to send your coins to and the amount of the coins. After that, click “Send,” and you are finished!
There we have it – the step-by-step guide on how to access Trezor wallet. Having the necessary knowledge in this part of technology is very important to you who wants to secure their digital coins by having 100% control over it all the time. What are you waiting for? Buy the Trezor hardware device now. And with this guide, you can have the security you need in storing all of your crypto coins! Learn more about Trezor wallet here!