Cryptocurrency, although a revolutionary monetary unit, like fiat money, requires taking care of its safety. Perhaps even more than fiat money.
By itself, electronic money is something like a virtual payment system with its own monetary units, all operations in which are protected by a cryptographic method (encryption).
Digital funds have no physical form and are stored in “e-wallets”. Most of these tools are based on blockchain, a distributed decentralized database technology. In such systems, data on user accounts and exchange transactions are stored in encrypted form at once for all users. This ensures protection against fraud, transparency and reliability of the entire system.
After buying a digital currency, every user who is just starting his way in the field of digital money, the question arises: how to store it. There is no regulation in the blockchain industry, so you need to be especially careful about this topic. Everyone is personally responsible for their coins; if they are lost in 90% of cases, there will be no one to ask. However, there are several ways to safely store your digital currency.
The safest way to store digital money is a hardware wallet. This is a device that looks like a USB flash drive. They can also be compromised, but to do this, hackers need to gain physical access to the storage. If you keep it in a safe place, the risk will be minimized. However, one of the downsides to hardware wallets is the possibility of losing it or breaking it. Therefore, the owners should be careful.
What is Trezor Wallet?
Trezor is a hardware wallet developed by Czech startup Satoshi Labs in August 2014, making it the very first hardware wallet for cryptocurrencies. The Trezor is essentially a small dongle-sized device that you can simply plug into your computer using a USB cable. The focus is on security, and the wallet's limited USB connectivity ensures your coins are always safe, even when you connect to a malware-infected computer.
Trezor is a wallet for secure transactions in the world of electronic money. He was the pioneer of cold storage and for many has become the standard of security when storing and operating with bitcoin and other digital currencies. When using the Trezor wallet, user transactions are safe even on an unprotected computer, thanks to modern cryptography and closed operations that take place only within the wallet architecture. All user transactions are confirmed by clicking on the wallet device, and its connection is accompanied by the introduction of a pin code. If you lose Trezor, you can always restore your funds using private keys.
How does Trezor wallet work?
Despite the fact that this device entered the users' everyday life in 2013, it still remains the most popular hardware wallet for storing various types of digital currencies outside the global Internet with the ability to carry out transactions. Hence the name - "cold" wallet and an unprecedented level of security, since the developers initially focused on creating a portable electronic device for securely storing virtual currency.
The essence of the device is to store all keys offline. Keys are stored on the device itself, and this helps to protect them from hacker attacks.
Since the device has long established itself among digital money users, we can say that the developers have taken care of the maximum convenience for the owners.
The wallet can be connected to devices based on Windows, MacOS, Linux, as well as to smartphones on the Android platform. This makes the user experience easier and more convenient, and also allows Trezor Wallet to take its place in the ranks of the best wallets for digital assets.
This device supports more than 1000 types of electronic money. Initially, it was created for long and safe storage of Bitcoin, but then the developers began to add more and more types of electronic money. Even little-known coins are now possible with Trezor Wallet.
In which country can this wallet be used?
Trezor Wallet can now be ordered and used in over 145 countries around the world, making it absolutely easy to access for users around the world. There are no restrictions, you can use Trezor Wallet in Somalia, Hong Kong, Nigeria, absolutely wherever the user is.
Sad to say, Trezor Wallet is only available in English. But the system inside the wallet and the interface are so clear that the user can figure it out intuitively. But if difficulties still arise, you can use free online translators, as well as study the Trezor Wallet Review on the company's official website.
The wallet security system consists in storing all keys on a separate device. This means that attackers will only be able to obtain user funds by having contact with the device itself.
But users should not worry too much, because the device itself is protected by a password containing up to 9 characters, which is set by the owner when activating Trezor Wallet.
In addition, at the moment of entering the password, the characters change their location, so it is impossible to find out the password, even with the help of hacker programs that track the sequence of keystrokes.
The device is also protected by a SEED-phrase, which is generated during the installation of the wallet by the user. This phrase contains a certain set of different words, and thanks to it, the owner can restore access to his Trezor Wallet if he changes the computer or loses the device.
In addition to all the systemic security measures, there is the possibility of ordering a fake wallet. Therefore, users are advised to refrain from buying it from unknown sites, and use only the official one.
Even when the wallet is delivered to the user, you need to check the packaging for signs of opening and pay attention to whether there are signs of damage or re-sticking of the holographic tape (it shows the Trezor logo). If the user noticed suspicious damage, then he should refrain from using the device and contact the support service. For greater safety, it is advised to make a video of the printing process.
Features of this coin wallet
Trezor Wallet can be used not only for long-term storage of coins, but also for various transactions, it also has a cryptocurrency exchange function. This greatly facilitates the work of users, since you can use only one wallet for all functions performed.
The user can use the customer support service on the official website at any time. Thus, the company collects information about cases with all the problems and fixes them.
The owner can not only store their coins and tokens on the device, but also make transactions. Everything in the interface is intuitive.
The user needs to select "Transactions" and then "Send" or "Accept". In the case of sending, you must select the digital currency, amount and indicate the recipient's wallet address.
In addition, the user can also determine the size of the commission independently, and thus regulate the speed of the transaction. The higher the commission, the faster the operation will take place, and vice versa, the lower the commission, the slower the coins will reach the recipient.
How to start using Trezor wallet in Somalia?
To understand how to use Trezor Wallet, the user only needs to order a wallet on the official website. The Trezor wallet in Somalia enjoys good popularity among many investors.
When the user receives the device, they can get to work by activating the wallet.
Activation is easy and straightforward, the owner only needs to follow the system notifications on the device, set a SEED phrase and come up with a password, and then enjoy a multifunctional and secure device.
Trezor Wallet alternatives
The only one wallet that can be considered an alternative is Ledger. It's almost as reliable as the Trezor Wallet and also has a good security system, it's also not inferior in the number of coins stored.
Trezor wallet FAQ
Does Trezor Wallet apply any fees?
Payment occurs once when the user pays for the device when ordering on the official website. You can pay for your purchase not only in euros, but also in some digital currencies.
Is Trezor wallet reliable?
A huge number of investors around the world have already opted for Trezor Wallet. Isn't that an indicator of its reliability? The device has a huge number of positive reviews from its users and since 2014 has been considered one of the best crypto wallets.
How can a user keep their digital currency secure in Trezor wallet?
The user sets a SEED phrase and password on the device.
What functions does the wallet have?
1. Crypto exchange;
2. "Cold" storage of funds;
3. "Hot" storage of funds.
If my computer crashes, can I restore my wallet?
The answer to this question is yes. The wallet is restored using a SEED phrase.