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Everything You Need to Know About Trezor One Wallet

Updated: Apr 10



Trezor One wallet is the first hardware wallet launched in 2014 to enter the crypto security market. The wallet is shaped like a regular car key, which can be easily carried. It can also be connected to any computer. The wallet is compatible with other hot wallets like Electrum and Mycelium. The best part about Trezor One wallet is that it supports more than a thousand cryptocurrencies. It also allows you to add a passphrase for additional security.


Another reason to choose Trezor One is the inherent affordability of it. It is not the cheapest in the market but is somewhere on the low side. Plus the features and the ease of use makes it great for anyone.


Pros

  • It’s very affordable

  • Portable device

  • It’s user-friendly

  • Provides proper security

  • It has passphrase support


Cons

  • Does not support Ripple and Monero

  • Certain coins need alternative wallets to be supported


What Coins Are Supported by Trezor One Wallet?


Trezor One supports more than 1000 crypto coins. This includes ERC-20 tokens. Some of the major ones are:

Bitcoin(BTC)

Bitcoin Cash(BCH)

Ethereum(ETH)

Litecoin(LTC)

Zcash(ZCH

Stellar(XLM)


The only downside is that Ripple, Monero, Cardano, and TUSD are not supported by Trezor One. You would need alternative wallets for these cryptos, like Electrum and Mycelium.



Step-by-step Guide for Setting up Trezor One Wallet


The Trezor One is a USB 2.0 Device and compatible with Windows, Linux, and Mac. The process will take about 10 – 15 minutes.


Step 1: Connect Trezor One to your computer


Use the USB cable to connect the device to your computer. You would be asked to visit trezor.io/start. This is a handy start-up guide that explains how the PIN and recovery seed work. You can sign up for the Trezor newsletter if you want.


Step 2: Install wallet


You should be automatically redirected to wallet.TREZOR.io. For the initial communication, you can either install Trezor Bridge for your OS or Chrome extension. We have gone ahead with Chrome extension.


Step 3: Install the latest firmware


Your device will not come with any pre-installed firmware for security reasons. Click Yes, Install to commence the installation for the first time. You would need to cross-check the firmware fingerprints on your browser screen with your device to make sure they match.


Step 4: Reconnect Trezor


Plug the device out and plug it back in. Go back to wallet.TREZOR.io. You would be prompted to give a name to your device.


Step 5: Setting up a PIN


This step may seem confusing at first. But, it’s easy when you get a grasp of it. There is a 3×3 grid (with dots) on your browser and a similar 3×3 grid (with numbers) on your Trezor device. Your PIN needs to be in the exact same sequence as the dots in the browser.


Step 6: Write down the recovery seeds


Once you are done setting up and confirming the PIN, you would be shown a unique combination of 24 words. This is your recovery seed and you need to write it down. Verify the seed and click Finish. Make sure you keep the seed card somewhere very safe.


Step 7: Access the wallet


Go to wallet.TREZOR.io on your browser if you haven’t closed it already and enter the PIN. This is your first access to the Trezor wallet.



Trezor One vs. Trezor T


Trezor One is made of plastic while the Model T has a shiny black finish. The 128 x 64 OLED is not a touchscreen unlike Model T. Trezor One is the previous model and as expected does not support as many crypto coins as Trezor T. However, while Trezor T is power-packed with more features, it is also more expensive. Trezor One is the better model if you are looking for limited crypto support and something that does not put a dent in your pocket.

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