Tuesday, May 29, 2018 Network Technology 0
Some members of the crypto community still store their coins on exchanges despite the countless recommendations not to do so. This is for safety reasons as hacking and theft is a greater possibility when coins are stored online. On the other hand, the more careful 35% of users use hardware wallets to safely store their coins. Although various wallets are susceptible to attacks like malware and DDoS, certain wallets such as Trezor, Ledger Nano S, and many others are produced exactly to keep such issues from happening to you. What is a Trezor Wallet?
The Trezor wallet is the first Bitcoin hardware wallet on the market and is also the first wallet to implement a passphrase feature.
The passphrase is an advanced security feature used to secure funds and recover content if the device is damaged or lost.
The unique 12-word seed key is generated on the screen and the user saves this key and uses it whenever required. Hardware wallets like Trezor encrypt private keys and coins stored on the wallet. To transfer funds, the device is plugged into a computer or an Android device and authenticated with a pin code to confirm transactions. As Trezor is impervious to almost any type of attack, it can be used safely with a device that may be exposed to attacks.
How to set up the device? First of all, a user can set up a device using the Trezor Web Wallet . Download the Trezor Bridge software to prompt the interaction between PC and the web wallet interface This software is compatible with Windows, MacOS, and Linux This device can be used only with Chrome or Chromium based browsers Setting up Trezor with Windows and MacOS is easier than Linux. The Android devices that support OTG can install the Trezor app on their smartphones. This app is available in Google Play Store and GitHub.
A hardware wallet like Trezor is used to store Bitcoins and other cryptos more securely than a desktop or a mobile wallet. Trezor Supported Coins
Trezor hardware wallets support a multitude of coins as listed below.
Bitcoin (BTC) – Bitcoin is the first and most dominant cryptocurrency. It is the pioneering coin which spawned the Trezor Wallet. Bitcoin Cash (BCH) – This is a hard fork of the original BTC, which was created in August 2011. Litecoin (LTC) – Litecoin was launched in 2011 by Charlie Lee, a former Google employee. With improved block timing, enhanced proof of work and zero payment cost, Litecoin turned out to be the main and earliest competitor of Bitcoin. Ethereum (ETH) – It was created in 2015 by Vitalik Buterin. Ethereum Classic (ETC) – The hard-fork of original Ethereum blockchain is known as Ethereum Classic. DASH (DASH) –“Digital Cash” is referred to as Dash and it was released in 2014.
It uses an open source peer to peer cryptocurrency protocol. Zcash (ZEC) – Zcash is a totally anonymous coin and was forked out of Bitcoin. Zcash was launched in October 2016 and in its early days was referred to as Zerocoin. Zcash uses zk-SNARK protocol, which conceals information of the sender, receiver and the transacted amount.
ERC-20 Tokens – Some of the ERC tokens worth knowing are OmiseGo, Golem, and CIVIC. Namecoin (NMC) Dogecoin (DOGE)
Not all of those coins have a natively supported app, but, they can be used with other interfaces. Below is a list of other interfaces that work with Trezor. Wallets Compatible with Trezor Seed
Let’s consider an issue. If a user loses or damages his or her Trezor wallet, the user’s unique Trezor seed can be used with a seed-compatible-wallet to recover his/her BTC funds. The following wallets are compatible with Trezor Seeds: ArcBit (iOS) – ArcBit offers cold storage features and has an ability to authorize payments offline. Copay (Linux, Windows, OSX, Android, iOS, Windows Phone) – Copay is a Bitcoin wallet where funds are secured either with multiple signatures or just one.
Electrum ( Linux, Windows, OSX, Android) – Electrum wallet validates every past transaction Mycelium (Android) – The Mycelium wallet allows users to send and receive Bitcoins via mobile phone. Trezor Supported Exchanges
Many exchanges support Trezor. An exchange known as Bitex supports sign up with the Trezor wallet. Other exchanges like Bitstamp and Bitwala help users to transfer funds from Trezor to Trezor.
Users can also login to WordPress blog without password via a Trezor hardware wallet.
The official Trezor WordPress plugin shall be installed and activated to operate this without a password. Final Thoughts…
For a long time cryptocurrency investor, purchasing a Trezor hardware wallet is strongly recommended. It is a worthy investment as it supports a wide range of cryptocurrencies while keeping funds safer than ever before. .