Trezor Model One Review (December 2022) - Pros, Cons, Features, & Pricing - Comparewise
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Trezor Model One Review (December 2022) – Pros, Cons, Features, & Pricing

When it comes to bitcoin hardware wallets, Trezor is widely regarded as one of the most reliable brands available anywhere in the globe. The Trezor Model One is the best-selling item because it combines an accessible price point with cutting-edge levels of safety in a hardware wallet. Check out our Trezor Model One review to learn about what it has to offer.

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Last Updated: Nov 25, 2022

Trezor Model One

  • Super easy setup & easy to use for beginners
  • Extensive functions and security
  • One of the most trusted crypto wallets

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The Trezor Model One is an elegantly crafted top-of-the-line hardware wallet that performs its functions with ease. Within the scope of this Trezor Model One review, we’ll take a look at not only it’s structure and functioning, but also the safety measures.

What is Trezor Model One?

Trezor Model One is presently Trezor’s most popular and cost-effective hardware bitcoin wallet offering. It is also one of the most widely used. Your savings will be protected against nefarious parties who are actively seeking to steal your bitcoin by using the hardware wallet, since its primary purpose in existence is to fulfill this function.

Your money will not be compromised even if your device is linked to a computer that is infected with malware and the device itself is connected to another computer that is also infected with malware since it saves your private keys in an isolated environment.

This is the most important of its multiple security features. In addition to this, the Trezor Password Manager can help you manage your online credentials, and if you use Trezor as a security token, you will be able to safeguard your online accounts with the use of the U2F protocol.

Anyone who possesses cryptocurrencies should consider purchasing this gadget since it offers a reasonable solution for maintaining easy access to security. A Trezor Model One hardware wallet may hold over a thousand distinct coins simultaneously. These cryptocurrencies include Bitcoin, Binance Coin, Ethereum, Litecoin, Ripple, and many more.

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The Trezor Model One from the Beginner’s Perspective

The Trezor Model One is an excellent bitcoin hardware wallet for those who are just getting started with cryptocurrencies. It is simple to both set up and make use of. You are able to make purchases of assets and tokens straight inside the Trezor Wallet application thanks to this feature.

You may also trade your cryptocurrency assets and tokens inside the program itself. Moreover the majority of other software wallets do not include this feature, which enables beginners to make their first cryptocurrency buy without having to register with an exchange beforehand. Both the Ledger Nano X and the Ledger Nano S do not have this feature in their respective hardware wallets.

Trezor Model One Best Features

The fact that the Trezor Model One cryptocurrency hardware wallet is incredibly safe and that Trezor offers extensive, step-by-step guidance for the installation of the wallet, as well as the buying and sale of digital assets, are two of the finest advantages of this product.

The wallet’s reasonable price is another aspect that is often emphasized in this Trezor Model One review. The Trezor Model One provides the same degree of protection as the Ledger Nano X and is even more cost effective than the Nano S. It costs around half as much as the Nano X.

Additionally, in comparison to Trezor’s other wallet, the Model T, this one is a lot more affordable. Also, customers are able to utilize fiat currency to buy cryptocurrency directly using the Trezor Wallet app while utilizing Trezor Model One.

Finally, these newly acquired assets are eligible for trading on that platform. You will be able to keep your cryptocurrency assets in a secure manner as soon as you get this configured.

It is also important to note that SatoshiLabs, the company that developed the Trezor wallet, is continuously creating new cryptocurrency-based initiatives. SatoshiLabs is responsible for its creation.

Over the course of its existence, SatoshiLabs has assisted a wide range of cryptocurrency organizations, including open-source initiatives, in improving the level of security they use. They provide an enormous opportunity for the cryptocurrency sector as a whole.

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Trezor Model One Security

TREZOR offers the highest possible level of protection for bitcoin (BTC), preventing theft in both its physical and digital manifestations. TREZOR is an HD wallet in which you control the private keys; hence, it is possible to back up a full wallet using the 24 words that are produced during the setup process.

The device and the computer both contribute their own RNGs to the generation of the first 24-word seed. Because the seed is created offline and shown on the screen of the TREZOR, you can be certain that it will never be stored on a device that is connected to the internet.

Providing a PIN number upon setup is mandatory, as is doing so whenever funds are withdrawn. Following an erroneous estimate, the amount of time that must pass before the next attempt is lengthened by a power of two. It would take seventeen years to make thirty estimates.

You may add an additional layer of protection to the 24-word seed by including a passphrase, which will then function as the 25th word. You absolutely have to commit the password to memory because even if you have the seed, without the passphrase it is impossible to retrieve the wallet.

A password provides an additional layer of protection; but, if it is lost, the wallet cannot be retrieved. In the event that your TREZOR is stolen or destroyed, you will be able to retrieve the contents of your wallet by using the 24-word seed and the password, if you set one up.

Recovery may be accomplished using either an additional TREZOR or other wallet, such as Electrum or Mycelium. You are able to validate that the message you are sending is going to the appropriate recipient using the screen on your TREZOR, but this does not protect you against phishing attempts.

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Because of the buttons, a hacker will not be able to use your smartphone to automatically transmit a transaction if they get their hands on it. Each outbound transaction requires a manual confirmation by pressing the button in order to complete.

Additionally, Trezor has launched a project to produce its own open-source secure element chip. This endeavor is being referred to as “Tropic square,” which stands for ” TRuly OPen Integrated Circuit.”

The fact that all secure elements are closed source is one of the main reasons why Trezor does not employ a secure element as the Ledger Nano X does. This indicates that you must have faith in the maker of the hardware that they will not design a back door. Trezor is working on a solution to this problem by developing an open-source wallet in the same vein as the rest of the Trezor stack.

Trezor Model One Privacy

TREZOR itself provides a high level of discretion. Because there is no serial number on the gadget, Satoshi Labs is unable to monitor your activity once you have received it because they cannot identify you. The whole of the program is available for free.

You won’t need to input any usernames or passwords while using TREZOR since it eliminates the need for such information. Electrum on desktop, GreenBits on Android, and myTREZOR.com on the web are the wallets that provide the highest level of privacy when used in conjunction with TREZOR.

If you want to utilize TREZOR’s myWallet, you should consider utilizing a complete node client instead, such as Electrum, since data might be exposed during the setup process.

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Is Trezor Model One Safe?

Your private keys are not accessible online since they are kept in an isolated location inside the device. To access the hardware wallet, a PIN number is needed, and each transaction must be validated by pushing the physical buttons on the wallet, which are linked to a device through a USB connection.

You have the option of creating a second account that is guarded by a password, which adds an additional layer of protection. You are free to keep whatever assets you like in this account; but, in the event that your personal identification number (PIN) is stolen, you will not be able to access anything that is kept in this separate account.

Because of this, the safety of your possessions is increased, even in the event that they are misplaced or stolen. The last feature of the Trezor Model One is a recovery seed phrase that is 24 words long. A recovery phrase consisting of 12 words is another option that you have.

Operating Systems Supported by Trezor Model One

The Trezor Model One hardware wallet is compatible with the desktop operating systems Windows, macOS, and Linux, and it also provides extensions for the web browsers Firefox and Chrome. Additionally, it provides mobile compatibility for Android phones; unfortunately, there is no support for iOS devices at this time.

Trezor Model One Drawbacks

The Trezor Model One does not have a significant number of drawbacks. The huge touchscreen that is included on higher-end devices like as the Trezor Model T may be something that consumers find themselves missing. Wide touchscreens make it simple to input your personal identification number (PIN) immediately on a device or to validate a Bitcoin address.

If you intend to store thousands of dollars, worth of cryptocurrency, then there is a good chance that you will want to just go ahead and spend the extra $100 on the Trezor Model One, because it is one of the more affordable cryptocurrency wallets. Even if you have the financial means to invest in a more sophisticated wallet, you shouldn’t write it off totally.

Users who want a wallet that is compatible with iOS will need to look into other alternatives, since Trezor wallets can only connect to devices by means of a USB cable. Additionally, users who want a wallet that is compatible with Android will need to look into other possibilities.

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First Impressions of the Trezor Model One

A straightforward presentation is provided for the Trezor Model One. To guarantee that there is no trace of manipulation, the box has been sealed with plastic foil and guarded by holograms that reveal if they have been tampered with.

In the event that the hologram seems to have been compromised, the product may easily be sent back to the manufacturer for inspection. The gadget itself, as well as a USB cable, a lanyard, a getting started guide, a recovery seed card, and four stickers, are included inside the package.

The fact that this apparatus is both lightweight and easy to use is one of its primary advantages. (If you want nice anesthetics, then you should choose the Trezor Model T instead of the Trezor Model One since it is an updated and premium version of the original Trezor device.)

The gadget is composed of plastic that is lightweight yet very long-lasting. It consists of a USB connector, two buttons, and a very little screen.

How to use the Trezor Model One

You have nothing to worry about if you are just starting out and are not very technically savvy. The instructions that are included in the packaging are easy to understand and will guide you through the process of setting up the Trezor Model One.

The recovery seed should always be written down and kept in a secure location, so make sure this is something you don’t forget. It is strongly suggested that you select to preserve two backups of the recovery seed, regardless of the location in which you choose to store it. For my own purposes, I like to make backups in both digital and physical formats.

For those who aren’t aware, the recovery seed is what you need in order to retrieve your cash in the event that the device becomes corrupted or is misplaced. The usage of a personal identification number (PIN) and a password on the device at all times is the other essential component of this.

It is not as difficult to use the gadget as one may first believe. It is necessary for you to validate each outbound transaction or address creation to verify that money are not transferred to the incorrect recipient or that you did not input the wallet data erroneously.

This safeguard is in place to prevent you from making a mistake when entering the wallet details. In the event that your computer is hacked, you will still be able to use this safety mechanism to verify that the monies are sent to the person who was supposed to receive them.

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Trezor Model One Pricing and Availability

If you are interested in purchasing the Trezor Model One, you will need to part with $77 in order to do so. Is that a lot of money for a piece of plastic that only runs a basic operating system? That’s correct. On the other hand, if you feel that the price is too high, you have the incorrect mentality.

Instead of being upset about spending almost $80 for a USB-like gadget, you should try to find the silver lining in the fact that you are only spending $77 to buy a lifetime of protection for the item you value the most.

Many crypto investors whose accounts were compromised expressed a desire to be able to go back in time, pay the required $80 to secure their cryptocurrency, and protect their priceless digital assets from the hands of criminals.

The Trezor Model One has a powerful ARM CPU (Cortex M3) running at 120 MHz, as well as a brilliant 128 x 64-pixel OLED screen that has the capability of displaying six lines of text. Models of it are available in black and white, but if you find those colors unappealing, you may choose a silicon case instead.

These cases are available in a wide variety of colors, including Raspberry Red, Traffic Green, Pink, Pigeon Blue, Mint, and Cobalt Blue, among others.

Trezor Model One Design

The fact that the Trezor Model One is constructed out of low-quality plastic is one aspect of it that really gets on many people’s nerves. Trezor had the opportunity to purchase a material of superior grade for close to $80 more.

It’s true that the Trezor Model One can shield your cryptocurrency holdings from the dangers of the internet, but there are other physical threats that might compromise the integrity of your device. If your dog chews on this item for even two seconds, it will break under the force of the strain.

In the event that there is a fire in the home, the Model One will melt much more quickly than a block of ice. Simply by shaking this gadget, you can hear the many components included inside it rattling.

Why didn’t SatoshiLabs, the firm that created the Model One hardware wallet, make it out of titanium like the rest of their products? Its rival, the Ledger Nano S Plus, is not made of titanium either, but its body is covered in aluminum and is much more durable as a result.

Trezor Model One Review How To Use - Comparewise

But don’t be concerned about it. If anything were to happen to your Model One, it would not be the end of the world since there is always the option to purchase a new one. You only need to own your seed phrase, which is a string of words that enables you to recover your encrypted data on a new device.

You will obtain your seed phrase when setting up your account. The Trezor cryptocurrency wallet has a really appealing design, which is a definite benefit. A display of 128 by 68 pixels may be found on the front of the Model One, and just below it are two buttons that can be used to navigate.

Last but not least, the Model One is the lightest cryptocurrency wallet ever tested, weighing in at a mere feather. It’s barely 42 thousandths of an ounce.

Trezor Model One Ports

There is just one micro USB connector on the Trezor Model One and the cable that connects USB-A to micro-USB is included in the package. The whole length is just 11 inches. For the other hand, it is strongly suggested that you spend less than nine dollars on a micro USB cable that is longer.

When compared to the Ledger Nano S Plus, which comes equipped with a USB-C connector, the Trezor once again reveals its advanced age.

A Step-by-Step Guide to Setting up your Trezor Wallet

Next in our Trezor Model One review we’ll let you know how to set it up step-by-step.

1. Save the Trezor Suite to your computer

The setup procedure for Trezor is very simple, making it difficult to make a mistake throughout the process. The most essential step is to ensure that you begin in the appropriate location; go to the page on Trezor’s website that will direct you to the download page for the Trezor Suite.

Your brand-new hardware wallet’s nerve center is the Trezor Suite, which manages all of its settings. It will serve as the hub of communication between your Trezor and the outside world. This piece of software is compatible with all major operating systems, including Windows, macOS, and Linux.

2. Set up the software or firmware

After you have finished installing the Trezor Suite, you may use the connection that is supplied to connect your Trezor to a USB port on your personal computer. The program will determine that there is a device attached to the system when it does so. The firmware has to be installed on all brand-new Trezors right away since they all arrive as blank slates by default.

3. Instal the firmware

Allow Trezor to execute the installation, and make sure this acceptance is confirmed on your Trezor device. The next step is to disconnect and then re-connect your Trezor device.

4. Enable security features

You will be required to choose a Personal Identification Number (PIN) for your device during the first setup. This is done using the device’s on-screen keyboard while using the Trezor Model One. When using the Model T, you will be able to input the PIN directly on the touchscreen of the device.

Trezor makes the number positioning more difficult to read in order to improve security. After everything is finished, you will be given a list of recovery seed words.

In order to use the Trezor Suite once the initial setup has been completed, you will need to enter the PIN. It is a rather easy application that gives you the ability to manage your device, see balances and chosen cryptocurrency value changes, and trade cryptocurrency via specified partners.

Trezor Model One Review Conclusion

Thanks for checking out this Trezor Model One review. We hope you’ve found it useful and helped you understand the pros and cons of using this wallet.

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FAQs about Trezor Model One

Should you invest in a Trezor wallet?

Trezor has not forgotten, and the company creates its hardware wallets with this same concept in mind. Even if you are unfamiliar with using cold wallets, you won't have any trouble managing your cryptocurrency since the firm is able to store everything in such an easy-to-use format. If you are serious about preserving the security of your cryptocurrency, purchasing a Trezor is highly advised. It can set you back more money, but the alternative is considerably worse: losing your cryptocurrency.

Is the Trezor waterproof?

The Trezor hardware wallets are not watertight, that is not the case at all. Although Trezor offers silicone and steel covers to protect its hardware wallets, these cases are not classified as waterproof and are not recommended for use in wet environments. In the unfortunate event that you submerge your Trezor hardware wallet in water and it becomes inoperable, you will always be able to regain access to your assets by using the recovery seed phrase you set up for the wallet. This is because your assets are stored securely on the blockchain and not on your Trezor device.

Is Trezor One better than Ledger Nano S?

In several respects, the Trezor One outperforms its competitor, the Ledger Nano S. This is due to the fact that owners of the Trezor One (and Model T) have the option to not only store their cryptocurrencies in a secure manner, but also acquire cryptocurrencies with fiat currency and swap cryptocurrencies while remaining inside the protected confines of the Trezor wallet software. A Trezor One can be purchased for less money than a Ledger Nano S may be purchased for.

Just how safe is the Trezor One?

Even without any specialized expertise or pricey equipment, someone who has physical access to your Trezor hardware wallet may be able to obtain your private keys. This is because your private keys are stored on the device itself. You need to choose a formidable passphrase for your Trezor if you want to keep it safe from anybody who wants to physically harm you. If you are looking for a hardware wallet that provides more protection against unauthorized access via physical means, you should investigate your other available choices. Because it is a hardware wallet, Trezor still provides a high degree of protection even if there is a possibility that it might be physically attacked. These sorts of wallets guarantee that your cash are kept offline and are referred to as "hardware wallets."

  • Protected by a Personal Identification Number (PIN): To use the device, you will need to enter a PIN.
  • Backup phrase: In the unfortunate event that your smartphone is misplaced or stolen, you will be able to use the seed phrase to recreate your wallet on another device.
  • Open source: The design and firmware of Trezor are both open source, and they have been subjected to a great deal of scrutiny.

I no longer have access to my TREZOR. How do I reset/wipe my TREZOR?

You won't run into any issues if you need to reset your TREZOR One hardware wallet in the event that you've lost your personal identification number (PIN) or for any other reason. If you already have cryptocurrency saved on your hardware wallet, you need to make sure that you still have the recovery seed before you can proceed with the reset. In the event that this does not occur, access to the cryptocurrency will be lost following the reset! To close the PIN entering window in the TREZOR wallet while using a TREZOR One, all you have to do is click the X button. After that, choose the advanced tab from the menu bar at the very top of the page, and then find the "Reset Device" button that is situated toward the bottom of the page. To finish off the procedure, you will need to confirm the action on your smartphone. The TREZOR has been reset at this time. After successfully connected, you are able to reconfigure the hardware wallet at this time.

Where exactly are my cryptocurrency holdings held when I use a hardware wallet?

Where precisely are my cryptocurrencies kept? If they are not saved in the hardware wallet, where exactly are they? This is a very important question since the response will determine the contents of your wallet that need serious protection. The employment of encryption as a means of protection gives rise to the term "cryptocurrency." You will need a set of digital keys in order to do this, such as your (very confidential) private key. You have the ability to encrypt and digitally sign objects using this key. Let's use Bitcoin as an illustration today (other cryptocurrencies work in a similar way). A shared data structure known as the blockchain is responsible for ensuring that the whole Bitcoin network is always up to date. Because it is available to the general public online and includes records of all transactions that have ever taken place, anybody may view it. When you are sent some bitcoins, for example 0.1 BTC, they will be listed in your bitcoin wallet under an address associated with the bitcoins. While this is true, the bitcoins themselves are not really kept in the wallet; rather, they are only represented as a record in the public blockchain. Your secret, private key for that address is what is kept in the wallet. That key is associated with that address. Because you are in possession of that Bitcoin private key, you have the ability to spend those Bitcoins once again. This is how "Bitcoin ownership" is defined. Although anybody may see these bitcoins, only you have the ability to spend them, thus technically they belong to you. But what this also implies is that those bitcoins are accessible to anyone who has the appropriate private key. Because of this, maintaining the confidentiality of this key is of the utmost importance.

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October 6, 2022
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