Trezor One Review: Is It Worth Buying in 2020?
Trezor One is a time-tested and reliable cryptocurrency hardware wallet. In this detailed review, we will study its strengths and weaknesses and assess whether it is still worth buying in 2020.
About Trezor One
Founded in 2014 in the Czech Republic, Trezor is one of the most famous and trusted cryptocurrency security companies. The Trezor hardware wallet is developed and produced by SatoshiLabs, a company founded by cryptocurrency veteran Marek Palatinus, and is very concerned about open source code. Trezor and SatoshiLabs received the honor of producing the first hardware wallet for cryptocurrency storage in history, so it has developed followers in the cryptocurrency community. Currently Trezor has two hardware wallets on the market; the newer, more expensive Trezor Model T and the classic Trezor One, just like Ledger offers its bestseller Ledger Nano S and the newly improved Ledger Nano X.
Trezor One Review – trusted cryptocurrency hardware wallet
Every Trezor wallet follows the “zero trust” principle. In terms of cryptocurrency security, Trezor expects that even a secure encryption system may be compromised. This makes Trezor devices one of the safest ways to store available encrypted private keys.
In this article, we’ll carefully study the classic Trezor One and determine whether it can still compete with the more expensive upgraded version of Trezor Model T. In addition, you can read our Trezor Model T review to gain a deeper understanding of the hardware wallet capabilities.
Trezor One hardware wallet features
Trezor One is a very compact device that can be easily installed in the palm of your hand and has a simple design, a small screen and two buttons for navigation.
The length of Trezor One is about the same as the length of Ledger Nano X, but its larger width can hold six messages, and the screen size is moderate enough to verify transactions without having to scroll text on the screen like Ledger’s devices.
Unboxing the Trezor One
Trezor One is available in black and white. Below is a quick tour of its specifications:
- Dimensions: 60 x 30 x 6 mm
- Weight: 12g
- Connection: USB 2.0
- CPU/Chip type: 120MHz ARM Cortex M3
- Display: 128 x 64 Pixel OLED screen
- Currency Support: > 1000 assets
- Supported OS: Windows, Mac OS, and Linux.
- Price: ~ $75
Trezor One uses ultra-thin packaging, the first thing users notice is the tamper-resistant seals on both ends of the box. Below these, there is a second layer of glue that holds the packaging together. This way, the user can ensure that no one has modified the device before delivery.
In the box, users will find that their device is equipped with a USB cable, although the cable is very short, it also comes with a small Trezor One lanyard. In addition, Trezor’s box also includes a logo sticker, instruction manual, and two tables for 24-word recovery seed phrases.
Trezor One supported coins
Trezor One supported coins
After upgrading the range of coins supported buy the Trezor One, it now supports over 1000 cryptocurrencies! Such amount is the highest among any hardware wallet. This brings the Trezor devices on par with their competitors Ledger, whose wallets also support around 1,000 digital assets.
It’s highly likely that the majority of users will find that their favorite cryptocurrency is supported on the Trezor One, and likewise, the Trezor One supports all ERC-20 based tokens.
The most popular supported cryptocurrency assets on Trezor One include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Stellar (XLM), Litecoin (LTC) and Cardano (ADA).
How to setup Trezor One?
Setting up Trezor One is very straightforward. New users first connect the device to the computer using the provided USB cable, and then install the Trezor bridge. The Trezor bridge allows your device to communicate with the computer, and it contains the basic steps for setting up.
After plugging in the device and starting the bridge, the following steps are:
- Choose a unique PIN code – Like most hardware wallets, Trezor will ask the user to set a PIN code. It can be any number from 4 to 6 digits. Trezor displays the numbers in mixed order on the device screen and lets you click the corresponding square on the computer to keep the PIN input private.
- Make a note of your seed phrase – Although Trezor actually allows you to skip this step, it is strongly recommended that you do not do this. Write down your 24-word seed phrase on a card provided and make sure it is safe-if you lose the seed phrase, you will lose money!
- Update the firmware – At this stage, the Trezor bridge will also check whether your device is running the latest firmware to protect the Trezor One from threats.
Filling up the pin on Trezor One
Now you can start trading with Trezor One. It is one of the fastest setups in all hardware wallets, and for advanced users, the option to skip seed phrase confirmation can save a lot of time.
Trezor security features
Trezor is known for the completeness of its security methods so that it is completely transparent to any problems found in the hardware wallet and publicly discloses information. In addition to the standard 24-word seed phrase and PIN access found in most hardware wallet devices, Trezor also integrates other security features into its wallet.
After loading Trezor One, the bootloader will verify the device’s firmware signature. Trezor One only runs when the firmware comes from SatoshiLabs, and if the firmware has been changed, a warning message will be displayed to the user.
Each Trezor device is a dedicated computer. This means that no other functions may be compromised, and the device is very simple and designed to protect user funds. That is especially important because rival hardware wallet manufacturer Ledger recently announced the integration of Bluetooth connectivity into the new Ledger Nano X, which has caused criticism from some people who claim it is a potential vulnerability.
Trezor One’s hardware is ultrasonically welded, which sounds like something in a science fiction novel, but it means that once it gets broken, it is almost impossible to recover.
In 2020 the security of the Trezor wallet has actually been questioned because Kraken discovered a major flaw in the hardware. They have devised a method for extracting seeds from cryptocurrency hardware wallets provided by industry leaders Trezor, Trezor One and Trezor Model T. This is the first time that detailed steps of the current attack against these devices have been disclosed.
Pros & Cons
|Simple setup and usability;|
Open source code, fully transparent;
Light and compact;
|Maybe worth checking out the Trezor One T;|
Possible to extract keys through physical access
Trezor One Pros and Cons
Should you buy Trezor one?
The equipment itself is light, powerful, easy to use and slim. Range of coins supported on Trezor One and Trezor T cryptocurrency hardware wallets has recently been expanded. Now it is comparable to Ledger devices. Most users will find support for their favourite assets, including all ERC-20 tokens.
Security is where Trezor establishes its position as an industry leader, and Trezor One is no exception. Trezor One is a safe place to store cryptocurrency. However, there is still a problem that the secret key can be accessed through physical access with appropriate tools and knowledge. Trezor company is constantly updating its firmware to stay on top of new threats.
Summing up all the pros and putting down the issue with physical access, Trezor One is worth buying to store your cryptocurrency safely. Design and usability makes it one of the best cryptocurrency hardware wallets.
If you are looking for a proven hardware wallet, then you will be forced to find a wallet with better security credentials than Trezor One. Trezor’s commitment to open-source code makes its devices auditable, transparent and open for continuous improvement.
In addition, Trezor One is now a very affordable hardware wallet. The price of Trezor One is only a small part of the new Trezor Model T, but it actually has the same coin support and almost equal security hardware. For those casual users who only need a few devices, Trezor One is still a good choice. However, since Kraken has determined the cause of the security issue, we recommend that you use a Ledger device. But if you are sure that only you got physical access to device, then Trezor One is great choice!