I’ve been using the Trezor Model One hardware wallet for some time, and my experience has been excellent, although I do have a few minor quibbles.
Right out of the box, you will be pleasantly surprised by the minimalist design – no fuss, no excess. It’s a clear statement that Trezor is all about the essentials. You quickly feel you have a secure device for storing your most valuable digital assets.
While this hardware wallet does not use the advanced Shamir Backup, available on Trezor Model T, it still has a robust USB connectivity feature that allows you to store and even exchange coins through the app easily.
Trezor has so far improved from their first Trezor Model One with the release of the Trezor Model T, but in this article, I will take a deep dive into what this hardware wallet has to offer.
TLDR of Trezor Model One Review
If you are in a hurry, here is a TLDR to the Trezor Model One review:
- Priced at about $69, the Trezor Model One hardware wallet is quite popular thanks to its affordability and security.
- It’s the first wallet produced by Trezor and has a compact and sturdy design that offers a seamless setup process that involves creating a wallet and securing a recovery seed.
- Even though it has a smaller screen compared to the Competition, it still offers value for money, considering the level of security and features it comes with.
- You get an intuitive, easy-to-use interface accessed through the Trezor Bridge software or a browser.
- It supports various cryptocurrencies and integrates seamlessly with multiple cryptocurrency exchanges.
- What’s more, this wallet lacks Bluetooth support. However, this could also be a potential security feature.
History of Trezor Model One
So, let’s dive into it.
The Trezor Model One is a product from SatoshiLabs, a trailblazer in the crypto space, started by Slush and Pavol Rusnak, back in 2013 in the Czech Republic.
These guys were deep in the crypto scene before they even thought about Trezor Model One. Slush started the world’s first Bitcoin mining pool – you might have heard of it, Slush Pool. As they moved around this wild crypto world, they realized that people needed a safer way to store their cryptocurrencies.
At the time, most people kept their assets online in exchanges or software wallets, which is very risky, especially in case the exchange gets hacked.
After a bunch of testing and development, they launched the Trezor Model One in 2014, and it was a game changer. This little device was the world’s first hardware wallet, offering a secure, offline way to store private keys for crypto. It’s designed to work independently from your computer, giving you an extra layer of security against any nasty malware lurking there.
And here’s the kicker, the Trezor Model One was the first to use a recovery seed – something that’s become an industry standard now.
Setting up the Trezor Model One Wallet
Here’s a step-by-step walkthrough:
1. Unpack your Trezor: Once you have your Trezor Model One, take it out of the box with the provided USB cable.
2. Connect your Trezor: Connect your Trezor to your computer using the provided USB cable.
3. Visit the Trezor Wallet site: Open your web browser and navigate to Trezor’s official wallet site (wallet.trezor.io).
4. Install Firmware: If this is your first time setting up, you must install the firmware. Follow the instructions on the screen and click “Install Firmware.”
5. Create a new wallet: After installing the firmware, you’ll be asked whether you want to create a new wallet or recover an existing one. Click on “Create new” if this is your first time using a hardware wallet.
6. Back up your recovery seed: You’ll be prompted to write down a 24-word recovery seed. This is an important step – your recovery seed is the only way to recover your funds if your Trezor is lost or damaged. Write down the 24 words (in the correct order) on the card provided in the box (or on another offline, secure place) and confirm that you’ve written down the seed.
7. Set up your PIN: You’ll be asked to set up a PIN for additional security. Choose a PIN that’s hard for others to guess but easy for you to remember.
8. Your wallet is ready: Now your Trezor is set up and ready to be used! You can send, receive, and manage your cryptocurrencies from here through the Trezor Wallet interface.
Is Trezor Model One Good for Beginners?
The Trezor Model One is an excellent choice for beginners entering the world of cryptocurrencies. It was designed with simplicity and ease of use, making it very beginner-friendly.
Here’s why:
Easy Setup and Use: The setup process for the Trezor Model One is straightforward and intuitive, with clear step-by-step instructions on the screen. The user interface is clean and simple to navigate, making it easy for beginners to manage their cryptocurrencies.
Security: It features enhanced security, such as a 24-word recovery seed that you can use to restore your wallet if you ever lose your device or forget your PIN. It also boasts a random number generator that creates your unique private keys. It also has a built-in screen display to help confirm and verify your transactions. This is a great safety for beginners worried about losing access to their assets.
Community and Customer Support: Trezor has a solid reputation in the crypto community and offers robust customer support. Plenty of online resources and guides are available to assist new users, and their support team is responsive and helpful.
Wide Cryptocurrency Support: Trezor Model One supports a wide variety of cryptocurrencies, including ERC20 tokens as well as popular options such as Bitcoin, EOS, Cardano, Litecoin, and Monero, to mention a few. This makes it a good hardware wallet for beginners exploring beyond just Bitcoin and Ethereum.
Price and Fees
Regarding price, the Trezor Model One is one of the most affordable options starting at $69. Compared to popular alternatives such as Ledger Nano S, the Trezor Model One is at par, as the former is priced at about $59.
Conclusion
When it’s all said and done, the Trezor Model One emerges as an excellent cryptocurrency hardware wallet choice, whether you’re a novice in the crypto world or an experienced user.
Its commitment to security, user-friendly interface, wide cryptocurrency support, and robust recovery system offers commendable features that set it apart in the crowded crypto wallet market.
