Barely a month goes by without another headline about a crypto exchange being hacked.
The adage ‘not your keys, not your coins’ is often used as a warning to those who chose to keep their cryptocurrency in the cloud.
If you’re not familiar with the phrase, it simply means that if you store your coins with a third party they become the custodian of your private and public keys which secure your wallet.
This data is potentially vulnerable to a hacking attack meaning your crypto could be stolen.
That’s why many people who are ‘HODLing’ Bitcoin and other crypto use a cold storage solution, such as a hardware wallet.
The Trezor One, from SatoshiLabs, has been around since 2014 and is a simple and inexpensive option for those new to cryptocurrency.
It lacks some of the bells and whistles of its more expensive cousin, the Trezor Model T, such as a touch screen.
However, we feel it’s still a good solution for those with simple storage needs.
Unpacking the Trezor One
The Trezor One is very straightforward and does not require any specialist technical knowledge to use.
We recommend that you familiarise yourself with the basics of crypto wallets before you start using the Trezor One.
The unit arrived in a reassuringly robust tamper proof box to ensure that no nefarious actors had meddled with the device and potentially made it vulnerable to attack.
If you order a hardware wallet it’s imperative that it comes from a reputable source. Never buy one second hand.
The device itself is quite small and light, but still manages to feel robust enough to throw in your pocket and not worry about too much.
The package contains a USB cable to link it your PC and a simple lanyard attachment.
However, I ended up using the device primarily on my Android phone, which required a specific cable. This was easily and cheaply obtained from Amazon.
Setting up the device is extremely straightforward. The only step which some people might find daunting is when you’re prompted to create a 24-word recovery seed (see below):
The device prompts you to write down a series of words on a supplied card which can be used to recover your Bitcoin if ever your device is lost, stolen or gets broken.
It’s vitally important to make an accurate note of your seed phrase as your cryptocurrency will potentially be lost forever without it. Keep this card safe and never put the information it contains online.
Once this is done and you’ve set up a five-digit pin number you’re good to go.
You’re now officially your own bank!
Store, deposit and send your crypto
The Trezor platform generates wallet addresses for you to use to receive crypto.
Some people recommend using a different address for each transaction to help preserve your anonymity, but that’s a matter of personal choice.
The bundled software and app are extremely intuitive and a breeze to use, with everything working as it should without complications.
And when it comes to sending coins to another address, Trezor automatically suggests different levels of fee to add to the transaction to ensure it goes through.
The Trezor One supports more than 1,600 coins, including the ‘big three’ – Bitcoin, Ethereum & Cardano.
Both a mobile and desktop app are available to help you manage your storage and carry out transactions.
The Trezor One was available for £50 at the time of writing.
The device’s main competitor is the Ledger Nano S which has a similar specification and is available for around the same price.
Both offer an entry-level solution to anyone looking to secure their cryptocurrency away from an exchange.
I found the Trezor One an ideal starting point which seamlessly connected with my tech and allowed me to store, deposit and send coins to different wallets with ease.
Adam is the founder of The Crypto Adviser which offers experts guides and reviews on all things related to Bitcoin and cryptocurrency.
Adam is Diploma for Financial Advisers (DipFA) Level 4 qualified, a Member of the London Institute of Banking and Finance (MLIBF), and has worked for many years as a journalist and PR consultant, having studied with the National Council for the Training of Journalists (NCTJ).