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I spent $101 and less than an hour setting up the Trezor Model One. The crypto hard wallet is surprisingly easy to use and comes with the benefit of being one of the safest ways to secure crypto assets.https://www.businessinsider.in/investment/news/i-spent-101-and-less-than-an-hour-setting-up-the-trezor-model-one-the-crypto-hard-wallet-is-surprisingly-easy-to-use-and-comes-with-the-benefit-of-being-one-of-the-safest-ways-to-secure-crypto-assets-/slidelist/92265945.cms2022-06-17T08:11:55+05:30

I spent $101 and less than an hour setting up the Trezor Model One. The crypto hard wallet is surprisingly easy to use and comes with the benefit of being one of the safest ways to secure crypto assets.

Kari McMahonJun 17, 2022, 08:11 IST

People can manage cryptocurrencies on centralized exchanges, software wallets, or hardware wallets.

Wallets allow for more secure storage and management of crypto assets.

They hold people's private keys, which are needed to unlock the address of where the crypto assets are stored on the blockchain.

The private keys are used to sign transactions and verify that the cryptocurrencies are being moved by the owner.

I had $10.55 worth of crypto on the centralized exchange Coinbase. This is considered dangerous because I don't own the private keys and could be vulnerable to losses if the exchange is hacked or shut down.

The safer option is to self-custody the private keys using a hardware wallet. It stores my keys offline, mitigating the risks from online attacks. I spent $101 on "the original hardware wallet," the Trezor Model One.

The wallet came in dainty packaging that could easily slip through a mailbox.

I planned to order from Amazon, but after reading reviews where users complained of wallet tampering, I decided to use Trezor's official site and wait slightly longer for delivery.

I didn't need to worry about long delivery times. I ordered on a Thursday afternoon and received the package by Monday afternoon. The box has seals to ensure no one tampered with the wallet during delivery.

Inside the packaging was the hard wallet, a USB cable, and a lanyard.

There's also a getting started guide and 2 recovery seed cards.

I even got some nice stickers!

The instructions to get started are minimal. Instead, you visit trezor.io/start to start the setup process.

I could choose between downloading the desktop app and using the web browser. Since I'd only be using the wallet for this story, I opted for the web browser. The instructions said the process would take about 5 minutes.

The process took me a bit longer as I needed to make transfers and transactions on Coinbase. I spent time switching my solana to bitcoin because solana isn't accepted on the Trezor.

The first step is installing the firmware.

You can then choose to create a new wallet or restore from a backup. I decided to create a new wallet.

The wallet then provided me with a 24-word recovery seed phrase that I wrote on the cards provided.

I recommend thinking about how you plan to store seed phrases. A piece of paper can easily be lost or damaged. Accessories to store seed phrases, such as bulletproof capsules or safes, are worth considering as part of your crypto custody strategy.

To increase the security of the hard wallet, you can also set up a device pin.

The final step is to add the crypto assets you want to hold in the wallet. This can be changed at any time.

With my wallet now set up, I clicked receive on the web browser and copied my bitcoin wallet address to receive my assets.

I entered this wallet address on Coinbase to send about $5 worth of bitcoin to the hard wallet. It was supposed to take about 30 minutes, but it arrived much sooner.

The overall process took under an hour and was smooth. I expected the setup process to be frustrating and complicated, but I was impressed by how easy it was, considering the Trezor is one of the older wallets on the market.

I particularly appreciated the options to change the wallet's home screen, which helped make my wallet feel more personalized.

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