Cryptocurrency is not just your ordinary currency. It is a digital currency that can be bought, sold, and traded online. So, what’s the difference from a fiat currency? Unlike fiat currencies, cryptocurrencies are not regulated by any government or financial institution. Although some countries around the world have instituted laws regarding the trading of cryptos, there is no single entity that controls the trade.
Therefore, banks do not store cryptocurrencies. These assets must be stored in crypto wallets, which can be either hardware, software, or paper wallets. In this article, we will guide you on how to use Trezor wallet, the very first hardware wallet that was developed.
What Is A Trezor Wallet?
The Trezor wallet was first thought of back in 2011 when Bitcoin was slowly just beginning to increase in value. It was developed by two programmers, “Stick” and “Slush”, to securely store the cryptocurrencies’ private keys away from digital exchanges.
In 2013, the very first hardware wallet was released. The programmers then founded the company SatoshiLabs, which up to this day develops and continuously improves the Trezor wallet technology. The Trezor wallet now has two models, the Trezor One and the Trezor Model T. Being an open-source code, many tech companies have already followed suit to create their own hardware wallets.
Why Choose a Trezor Wallet?
Most hardware wallets can store many different cryptocurrencies. When learning how to use Trezor wallet, you will find that you will not be limited to just one cryptocurrency. So even if you have a couple of Bitcoins, some Ethereum, Ripple, and other Altcoins, keeping all these crypto assets secure will be no problem at all.
A Trezor wallet will securely store all the private keys of your cryptocurrencies. You will not be able to perform any crypto transactions without these keys. The technology behind a Trezor wallet will allow you to keep your private keys safe even when making transactions.
When you have acquired a large amount of cryptocurrency, your safest bet is to store the keys offline. A Trezor wallet will allow you to access these keys only after using a PIN and a back-up password of the wallet, just in case. You must never openly share this PIN and password with anyone, especially online. This personalized feature – that is kept offline – adds to the security that the wallet can provide.
Another amazing feature of a Trezor wallet is its limited USB connection. This means that it is totally safe to plug it in even if your computer has a virus. And with the regular updates that are released, the team behind the Trezor wallet makes sure that your crypto assets are securely stored.
Guide to Using a Trezor Wallet
Ready to begin using your wallet? Here is a step-by-step guide on how to use Trezor wallet.
Trezor Wallet Setup
- When purchasing your Trezor wallet, make sure you get one from an authorized seller, as there are now a lot of replicas being sold online. Check that the box is sealed and that there is a warranty on your purchase.
- Connect the USB cable to the Trezor wallet and plug the other end into your computer’s USB port.
- The wallet will start up and you will see a lock icon. Visit the website Trezor to start to begin the setup.
- Read the instructions provided by the website carefully and make sure you understand everything. These instructions contain additional safety tips for your crypto wallet.
- The website will then guide you on how to install the Trezor wallet on your computer, either as a Chrome extension or as a separate program. Be sure that you install the firmware. Double check that the fingerprints on your wallet match the ones that are displayed on your computer.
- Once you have installed the necessary programs, you will need to unplug and plug the hardware wallet again to continue with the setup.
- Further instructions will appear to setup your Trezor wallet. These include inputting the wallet name, PIN, and 24-word password. When setting up the PIN, you must check the arrangement of the numbers on the wallet itself, because these numbers change each time.
- For the 24-word password, be sure that you have a copy of this password on a sheet of paper. Do not save the password on your phone or computer! You must keep the password offline because, if by any chance you lose your Trezor wallet, the password will help you regain access to your crypto assets.
- Once you have the PIN and password setup, you are now ready to use your Trezor wallet.
- Each wallet has an address that is unique to it. Storing cryptocurrencies on the wallet will require you to use this address.
- Connect the wallet to your computer and enter your PIN to access it.
- Open the Trezor wallet app or Chrome extension.
- Choose which crypto you want to store in your wallet from the list on the left side of the app.
- Click on Receive. Your wallet address will now be visible to you. Copy this address to your clipboard.
- Next, open your current digital crypto wallet.
- Choose the crypto asset and the amount you want to transfer. Paste the wallet address and click on transfer to send your cryptos to the Trezor wallet.
- On your computer, open the Trezor wallet app or Chrome extension.
- Choose which crypto you want to send from the list on the left side of the app.
- Click on Send. You will now need to type or paste the wallet address where you will be sending the crypto assets and the amount you want to send.
- Again, click on Send. The cryptos should now be sent.
This guide on how to use Trezor wallet is just the first step you need to learn to secure your cryptocurrencies. The Trezor wallet is not only the very first hardware wallet ever made, but it is also one of the safest to date. If you plan on investing in cryptocurrencies, getting a hardware wallet to keep all your private keys safe is the best option for you. Discover more about cryptocurrency wallets here!