A Review of the Trezor One Hardware Wallet
The Trezor One hardware wallet recently earned a 23 percent price drop, so we thought we’d take a look at one and see what a mere €69 buys you.
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SatoshiLabs Announces a New Era for the Trezor One
The Trezor One hardware wallet has been around since 2013, helping crypto hodlers protect their assets in a safe, offline environment. On September 21st, SatoshiLabs announced the original bitcoin hardware wallet would be discounted by 23 percent.
As part of a celebration of their five-year anniversary and as a way to market the trailblazing wallet to newcomers to cryptocurrency, Trezor One’s price drop marks a new era for the company; now offering a premium model, the recently released Trezor T, and the Trezor One. Let’s look at the Trezor One.
Designed for Simplicity, Priced for Newcomers–Hats Off to Slush and Stick
The Trezor One hardware wallet was built with security in mind. Keep your private keys in an offline environment, and your coins can’t get stolen. The Prague-based SatoshiLabs’ original wallet has both CE and RoHS-certified safety certifications, and a 120MHz embedded ARM Cortex M3 processor inside.
Its most prominent feature is its simplicity of use. With a display large enough to hold six lines of text–enough to include all the information you’d need to verify a transaction–it is operated by two buttons.
Getting Set Up
Excluding writing down the back up recovery seed, the setup took only three minutes and six seconds. One thing that I found slightly annoying was the font it uses. It is quite a thick font, meaning the ‘t’s and ‘l’s could be confused, as well as ‘m’ from ‘rn’. In the context of proper English words, those mistakes are unlikely, but could be something done a bit better.
Another mild irritant might be that for any users that like a zero in their PINs, the Trezor does not allow them, as there are only nine blocks (nine numbers) to choose from. Again, however, the PIN is selected on your computer based on numbers shown on your device, meaning your PIN is not revealed online.
The Trezor One hardware wallet supports more than 500 coins, notably bitcoin, litecoin, Ethereum, Dash, Zcash, NEM, and all ERC20 tokens. It also supports bitcoin cash, a technical challenge for the company in itself. Unlike the Ledger, Trezor can accommodate as many coins as you want at the same time, without the need to remove and re-add apps.
Though, there is a criticism to be made here. The “wallet settings” drop down menu shows a different list of supported coins than the drop down menu from within a wallet. Notice the differences between these lists.
This strikes me as somewhat of a glaring oversight by SatoshiLabs. If the Trezor One is to be the wallet of choice for the beginner, it is these kinds of details that they need to get right.
Oh, That Cable!
Depending on the location of your USB slot, the short length of the device’s cable can be a hindrance, making it difficult to look at the device and the screen at the same time. This is something that SatoshiLabs has improved for the Model T version of the Trezor, which we have reviewed here.
Yeah, But How Well Does it Interact With the Blockchain?
I decided to send a few DOGE to myself. Before I did, Trezor alerted me that the wallet has a limitation such that it is “currently unable to see transactions with the total amount transacted higher than 90 milion [sic] DOGE. Keep in mind that transactions originating from exchanges might have a total amount higher than this figure, and thus will not be seen by Trezor Wallet. We are working on improvements to remove this limitation.”
Nevertheless, my intention was to see how quickly the One interacted with the blockchain, so I chose a known fast currency. The transaction was literally instantaneous–too quick for me to set my stopwatch to time it.
The Most Impressive Thing About the Trezor One Might Surprise You
This may sound uncommon for a hardware wallet review, but what I found most impressive about the Trezor One was the way it was delivered. Amazon created “frustration-free packaging” to reduce packaging and make getting items out of packaging easy. Possibly in response to the infamous Curb Your Enthusiasm debacle Larry David strolled us through.
SatoshiLabs does not believe in frustration-free packaging. In fact, they appear more committed to frustration-guaranteed packaging. The cardboard box the Trezor One comes in is wrapped in plastic. It is then hologram sealed at two ends. And each of the four edges of the box are glued together. There is no getting inside that thing without tearing it apart, Larry David style.
In what might seem a juvenile observation, there is nothing that assures me more that what I just bought has not been tampered with than the fact that it is probably easier to cross the DMZ and not get shot than it is to wrangle the Trezor One out of its receptacle. On making the Trezor One secure for their customers, then, SatoshiLabs gets an A+. You can get yours here.
How about you? Are you a Trezor One hardware wallet fan?
Images via SatoshiLabs, Paul de Havilland