There are different types of Bitcoin wallet and they vary in security and accessibility. The most commonly used are wallets available on the web and can be accessed through your personal computer or your mobile devices. However, there have been a number of security scares with online wallets which lead to the need for more secure and safer alternatives. Developers then designed wallets that are operable offline and such are desktop and hardware wallets. These types of wallets are also called as offline wallets.
In this article, we are going to feature the Trezor hardware wallet. Trezor wallet is a USB electronic device which was developed by Satoshilabs, a company that creates projects from Bitcoin mining to easy and secure Bitcoin storages and wallets.
Trezor wallet can be used on any computers, impermeable to key-loggers and any vector attack. No matter unsafe a computer or an internet connection is, your private keys are safe from hackers. Trezor does not use standard random algorithms but rather, it uses deterministic signatures and various different sources in generating the random seed.
Trezor offers minimal display and interface for ease of use and fast processing of transactions. It is isolated for offline transactions signing only which makes it entirely safe to use. It is also designed to have an authentication process in sending your bitcoins where a user is required to use a PIN in order to access the wallet and to approve transactions on the device.
In case of theft, damage or loss, Trezor offers a backup feature. Users can write the backup code on a piece of paper which can be used to regain access to all of your Trezor contents.
Ease of Use
The Bitcoin wallet can be used on Windows, Linux and OS X operating systems. The device comes with a micro-USB cable which is used to connect to any computer. It has two buttons which is used to confirm or deny the action which makes it very easy and intuitive to use.
Before you can fully use Trezor, you will have to undergo with the installation process. Installation guide is provided along with the device so you do not have to worry doing it on your own. Installation includes downloading a browser plugin from myTrezor. Once the plugin is activated, it will require you to enter a PIN. The numpad displayed in the browser is intentionally indefinable to avoid key-logger attacks whereas on the Trezor screen, the numpad in a randomized pattern. For you to key in your preferred PIN on the browser, just follow the position of the numbers in your Trezor screen.
The next thing to do is to jot down your 24-word seed. This will serve as your backup code to regain access to your Trezor wallet in case of loss so you keep it on a very secret and safe place. That is how easy and straightforward, yet secure Trezor installation is.
Once done with the installation, you are now set to use it anywhere. All transactions will require you to enter the PIN on myTrezor but confirmations are done on the device. Trezor also allows users to use third party wallets to make their transactions. They are currently supporting Electrum 2.0 and Multibit HD wallets.