As many cryptocurrency holders are painfully aware, web wallets and exchange platforms are not the most secure of choices when it comes to securing funds, since these are regularly hacked or breached in some way.
One of the most common ways of avoiding the risks of using a web wallet is by keeping the great majority of your funds in cold storage, using one of the myriad cryptocurrency hardware wallets. These are widely considered to be the gold standard in portfolio security but do come with a cost premium, typically costing in the range of $60 to $100.
Since its launch in 2014, the Trezor wallet has maintained its position as one of the most popular hardware wallets on the market, perhaps second only to the Ledger Nano S. Renowned for its small form factor, extreme security and range of additional apps, the Trezor has gained somewhat of a cult following in the crypto spheres.
However, is it still an ideal cryptocurrency hardware wallet in 2019? Let’s find out.
Ease of Use
In general, cryptocurrency hardware wallets have gotten a bad rap for being designed for more advanced traders — implying that they are more difficult to use. To some degree, this is unfortunately true. As a smaller hardware wallet, the Trezor One has just a small screen and two device buttons which are used to navigate through the menus and make selections.
Fortunately, very few actions actually need to be performed on the device, since most of the navigation is performed through the Trezor Bridge desktop/mobile application. With that said, being more than 4 years old, the Trezor One does show its age in this department, since there are now much larger, easier to use devices available, including the Trezor Model T.
Digital Asset Support
As it stands, the Trezor One wallet is compatible with an immense range of digital assets, with well over 1,000 cryptocurrencies and ERC20 tokens currently supported. This extreme variety ensures that those with a diverse cryptocurrency portfolio will be able to secure most, if not all of these safely within the confines of their Trezor wallet.
Overall, when it comes to comparing digital asset selection between the two major hardware wallets (Ledger Nano S and Trezor One), there is very little difference between the two. However, it should be noted that while the Trezor Model One does support practically all major digital assets, there are a few currently lacking support — including Ripple (XRP), Cardano (ADA) and Monero (XMR), all of which are supported by the Ledger Nano S.
Being launched more than four years ago, the Trezor one is considered to be one of the earliest hardware wallets available. Because of this, unlike newer generation Bluetooth wallets such as the Ledger Nano X and CoolWallet, the Trezor One needs to be connected to a computer using a micro USB cable. While this may not be the most convenient, it is arguably more secure than connecting wirelessly, since it is practically impossible to intercept a wired signal.
As a hardware wallet, the Trezor wallet is in a league of its own compared to even the best software based cold storage wallets. However, despite this, there are some differences between the different hardware wallets, which make some more secure than others.
On the Trezor One, your wallet is protected by a 24-word recovery phrase that can be used to recover your funds if you ever lose access to your wallet. So long as this phrase is kept in a secure location, the wallet is essentially unhackable. Beyond this, the device PIN can be up to nine digits long and will enforce an increasingly long delay before subsequent attempts can be made, with the device being wiped after 16 incorrect attempts.
Overall, since the Trezor gives you 16 attempts to enter the password, it is arguably slightly less secure than the Ledger Nano S, which gives you three attempts before wiping the device and includes a bank-grade secure element to isolate your private keys.
All-in-all, the Trezor One wallet is still a strong contender in 2019, offering excellent bang for the buck and a feature-set that is perfectly sufficient for the great majority of users. Although better wallets do exist, namely the Ledger Nano X, the much higher price point makes it a tough sell in comparison.
Image credits: SatoshiLabs