Gone are the days when fat wads of cash in your wallet were an accurate measure of your wealth. These days, the fat wads of cash have been replaced by fat amounts of money in your Bitcoin wallet(s). This is the age of technology and innovation. No one likes to carry around too much cash anymore. If anything, it is considered more of a burden than a privilege. Since we were introduced to the concept of banks and debit cards, people have adapted themselves to the extent that now, almost every purchase is possible in a cashless manner. All you need to do is carry your debit or credit card with you, and you will be able to purchase almost anything in the world that you would have earlier used your cash for.
Wallets over Bank Accounts
But are banks and debit cards the utmost extent of our innovation? The answer is a firm no. We have actually come a long way from simple bank accounts and ATM transactions. In fact, we are now actively moving towards the age of e-wallets. These wallets are simpler, faster and sometimes more secure than bank accounts. They allow you to add money on the go, and then spend them as and when you want in a much seamless manner. While banking transactions do require you to carry your bank account card around, all e-wallets ask is for you to have your own smartphone in person, along with a stable internet connection. If you meet the above requirements, you are all set to carry out all manner of transactions, and even make easy money transfers across international borders.
Due to all these facilities and perks, it is no wonder that the world at large is enamored by the powers and flexibility of these digital wallets. But the question to be asked here is, do e-wallets only exist for real-world currency or do they function just as well for slightly more obscure or newer forms of digital currencies, cryptocurrencies for example? Actually, they do.
This brings us to the next point of discussion in this article. Later in the article, we will try our best to give you all the insight on what makes a good cryptocurrency wallet and what kinds of them will you generally find in the market. But the problem lies in the fact that there are so many of them available, that the average user typically tends to get somewhat confused before making a purchase or signing up for a service, and as a result often ends up making the wrong decision. The only way this problem can be resolved is by actually taking out the time to look at different wallets available and compare the unique features offered by one to another. Take a good look at their specifications and then make an informed decision of choosing a wallet that best fits your budget and your needs.
Here, we help you with the same by reviewing one of the most prominent, popular and trustworthy wallets available on the market today, the TREZOR wallet. First, we give you a little introduction of the same, followed by an in-depth analysis of what makes TREZOR the best choice for your crypto storage needs.
TREZOR markets itself as the world’s very first hardware wallet for Bitcoins. It is unique in the sense that it combines the features of both hot as well as cold wallets, making it the ideal choice for those who have still not managed to bring themselves out of the dilemma of choosing between the two. While TREZOR offers a superb and secure cold offline storage feature, it does at the same time also give you the flexibility to spend tokens on the go with as much as ease as you would find in a cold wallet.
TREZOR is also great in the sense that it is a multi-currency wallet, which means it can be used to store more than one cryptocurrency at a time. The currencies it supports are varied and diverse, with the entire list of them being:- Bitcoin, Litecoin, Ethereum, Dash, Ethereum Classic, Bitcoin Cash, Zcash, Expanse, Bitcoin Gold, Namecoin, UBIQ, NEM, Dogecoin and all of the ERC20 tokens.
Launched back in the August of 2014 by premier cryptocurrency firm SatoshiLabs, TREZOR has come a long way since its inception. By adding regular updates to their programs and introducing exciting new features with a massive consumer appeal, they have managed to leave behind most of their competition and are now arguably one of the most successful and widely used cryptocurrency wallets ever.
One of the greatest things about Trezo is the fact that it is so compact. It comes with a wonderful design and is shaped almost like a car key. All you need to connect it to your computer is a simple USB cable. It is worth mentioning here that the Trezo wallet is safe to be connected to any computer, even one that has been infected with malware. The wallet’s own firewalls and security measures are enough to withstand and keep out any potential breaches of security.
In this section, we have compiled a lot of reviews on the TREZOR wallet that we found floating around on the web and summarized a few key points out of all of them. The following points mentioned below seemed to be the general consensus since they have been talked about in several of such reviews and will enable you to get a good grasp on what factors make the wallet worth a buy and which are the drawbacks of the system which you must be wary of before making a purchase.
Full marks for core functionality – As far as the basic functions of a crypto wallet are concerned; the TREZOR wallet manages to win all the awards. It works perfectly as the one-stop destination for your to-be-stored crypto coins and takes all the required measures in order to ensure their safety.
Difficulty Setting Up – There were, however, some negative reviews revolving around the ease of setting up the system, which seems to be a little on the negative side. The initial start-up was somewhat confusing and overwhelming as noted by a good number of users.
Build Quality – Some users even complained about corners being cut when it comes to the build quality of the device. Apparently, the physical device isn’t built whilst upholding the required quality standards and seems to be made out of low quality plastic.
In order to access the user interface of the TREZOR wallet, you can either log on to wallet.trezor.io or access it via Google Chrome or the TREZOR Bridge. The TREZOR wallet instantly and automatically with your physical hardware device and lets you easily manage your coins, view balances and even make transactions. Additionally, you get to generate as many public addresses as you want for the purpose of making or receiving payments from other users.
In order to improve security, the one feature you can make use of is the passphrase feature, which is nothing but a password that you can set to further strengthen the security of your coins. However, you must do this with caution, since if you happen to lose or forget your password, then there remains absolutely no way to gain back access to your account or coins which will then be lost forever, as mentioned on the official website itself.
Since security is paramount to a wallet’s success, TREZOR has left no stone unturned in ensuring that they offer the most secure services to their customers. Being a predominantly cold wallet, your coins are stored offline, which completely eliminates the risk of any threats or virus attacks coming from the Internet. Furthermore, if you are still not sure of the safety of your coins, all you need to do is put all your coins in the wallet and then physically keep the wallet somewhere safe. That way, no one can come close to even accessing them without your authorization.
For trading purposes or making transactions, you need to hook your wallet up to a computer. Use a high-speed USB cable to connect the wallet to the computer. Now since TREZOR offers a limited USB connection, it means that even computers potentially afflicted with malware can be hooked up with the wallet since your coins will always remain safe on the other end of the one-sided connection. After a connection has been successfully set up, you need to fire up the TREZOR wallet interface at wallet.trezor.io and that’s it. You are all set to view your balance, generate as many addresses as you want, send or receive coins or carry out other basic functionalities.
TREZOR, the company has been around long enough for it to have a major consumer base and popularity. There is also a certain level of trust that the company has managed to build for itself over the years. Furthermore, the wallet itself has been designed with a lot of care and comes power packed with anything and everything a cryptocurrency enthusiast could ask for.
Cryptocurrency Wallets: A Necessity
Due to the sheer popularity and phenomenal response was given to the domain of cryptocurrencies all over the world, we have actually been able to develop these specialized e-wallets which work only for cryptocurrencies and generally provide a much safer, easier and faster method to store, send or receive crypto-coins. Actually, the need for such wallets arose with the success of the Bitcoin, which proved to be a major game changer in the financial sector. As soon as it made its triumphant return to the market with such sky-high exchange rates, developers across the world busied themselves in creating fast and easy solutions to the problems often faced in Bitcoin storage and retrieval. These efforts led to the creation of the Bitcoin e-wallet, which was further modified and tweaked such that it could now store even other cryptocurrencies, one at a time.
The Categories: Hot & Cold
Now before you get all excited and step out to get a cryptocurrency wallet for yourself, there are a few things you must know. First of all, you will find that cryptocurrency wallets are available in two forms. They could either be of the software kind, or the hardware kind. As far as software wallets are concerned, they exist as just programs, and no physical implementation of the wallet is ever handed over to you. You are typically given a username and a password, which you can use to sign into your account and access all your coins. You further have the option to send your coins over to another similar account, receive more coins or simply carry out transactions with your current balance of coins. Obviously, the full extent of these services will be majorly dependent on the wallet you choose, since there are several available in the market today.
On the other hand, hardware wallets exist as physical hardware devices, which are more secure than software wallets and are generally considered to be better than software wallets. There are actually a good number of reasons behind this. First of all, hardware wallets give you complete immunity to computer viruses and malware attacks, which software wallets are generally prone to. Additionally, they are considered to be much more interactive in nature than software wallets.
The Categories: Hardware & Software
Now, we come to another basic but critical classification when it comes to cryptocurrency wallets, namely hot wallets and cold wallets. The key difference lies in whether or not these wallets are connected to the internet. While hot wallets enjoy constant network connectivity, cold wallets are devoid of such a feature. While hot wallets are generally considered much less secure than cold wallets, cold wallets redeem themselves when it comes to being user-friendly and ease of usage. The reason why hot wallets are considered unsecured is that the internet happens to be a hotbed for potential virus attacks and safety breaches, while the real the world vault or safe like the implementation of the cold wallets makes them totally easy to use and operate. As per the scope of usage, hot wallets are generally preferred for short-term investments and holdings, such as day-to-day transactions. Cold wallets, on the other hand, are more suitable for long-term storage.