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Trezor Wallet is one of the oldest, cheapest and battle-tested hardware wallet available that support a wide range of cryptocurrencies like Bitcoin, Ethereum etc.
Hardware wallets are special kind of devices which are designed to securely store users crypto credentials on the device thereby ensuring that users fund are safe from issues arising from using a tradition software or exchange wallet. Because Hardware wallets are mostly offline and do not require a username or email to set up, this makes them less prone to hacks from viruses, phishing etc.
Since Hardware wallet is mostly offline, one will require the use of a computer with internet connection to in order to make any transaction. Most Hardware wallets provide companion apps in order to ease the process of using a hardware wallet to make transactions.
What made Trezor Hardware Wallet popular amount cryptocurrency users is the company behind it. Trezor Hardware Wallet was created by SatoshiLabs, a pioneer cryptocurrency company founded in 2013 and is responsible for popular crypto projects like Slush Minning Pool and CoinMap.
There are currently two variants of Trezor hardware wallet.
1. Trezor One
This is a simple and much affordable Trezor wallet. It is a beginner friendly hardware wallet that is built with a monochrome display and two buttons. It comes with a built-in password manager that is encrypted in the cloud. It also has U2F Authentication and SSH Support. Trezor One wallet currently supports over 500 cryptocurrencies.
2. Trezor Model T
This is a premium choice beginner friendly Hardware Wallet with full-color touchscreen support. It features functionalities like U2F Authentication, SSH, MicroSD Card extension and also has a built-in password manager. Currently, Trezor Model T Supports +500 different cryptocurrencies.
All Trezor Hardware Wallet is designed and built in EU and comes with premium support.
In order to set up and use the Trezor wallet, one will need a companion app called Trezor Bridge. An app that facilitates the communication of your Trezor Hardware Wallet and your internet browser.
The app is available for Windows, Mac OS, and Linux.
Pros Of Using An Hardware Wallet
1. Security: Hardware wallets are special kind of devices which primary function is to secure user crypto credentials in the most secure way possible. Most hardware wallet manufacturer makes use of battle-tested technologies used by financial companies which makes your wallet less vulnerable to hacks.
2. Best Way Of Storing Large Crypto Asset: Due to the level of security hardware wallet possesses, it is much more advisable to store large crypto asset on a hardware wallet (also known as a cold wallet).
Cons of Using Hardware Wallet
1. Vulnerable To Human Error: Hardware wallets are not immune to human mistakes and can be misplaced, stolen or damaged. Although most hardware wallet manufacturers like Trezor allow users to set a password in order to prevent unauthorized access.
2. Costly To Replace: The cost of replacing a missing or damaged hardware wallet is high since it requires you to buy a new one.