Is Trezor Model T the Best Wallet Out Right Now?
Moving your cryptoassets to a hardware wallet is a must do for any serious crypto investor.
Hardware wallets provide better security than software wallets or exchanges, keeping your private keys completely offline and out of the reach of hackers.
When making a purchasing decision, crypto enthusiasts must choose the wallet that best fits their needs, wading through an array of variables and options.
In this article, we're taking a close look at one of the newest and most attractive options - the Trezor Model T.
Does the Czech company's latest offering live up to the hype? Find out below.
What's Different About Model T?
The Model T includes valuable new layers of security and functionality, while maintaining the core features of the Trezor One, Trezor's first generation offering.
The critical difference between the Trezor Model T and Trezor One is the inclusion of an LED touchscreen where the user interface of the device is housed.
Though it may seem like just a fancy aesthetic upgrade, the touchscreen is in fact a critical security improvement, because it allows your pin, recovery seed and passphrase to be entered exclusively via the device rather than via computer screen.
This makes it impossible for hackers or malicious entities to spy on your computer screen and scrape your wallet's security information.
Not only is the touchscreen a security upgrade, but it also enhances the wallet's ease of use while entering security information as well as approving and verifying transactions.
Overall, the touchscreen is a valuable, sleek, and attractive feature that is well worth the increased price of admission.
More Next Generation Features
Trezor have tagged the device as their "next generation" hardware wallet.
To support this title, they've included a USB-C connector as well as an SD card slot in the device. Also included is a new, faster processor and friendly operating system.
The USB-C connector is compatible with any computer or mobile device, allowing you to make transactions anywhere using your mobile phone.
The SD card slot can be used for data encryption, password management and upcoming offline transaction signing.
These new SD card slot features are not yet functional, but will be added progressively as Trezor updates and enhances the device in the future.
Core Security Enhancements
The Model T includes core security features such as transaction verification, a pin number, passphrase and recovery seed, and a brand new tamper proof seal.
Every time you send and receive cryptocurrency, the display on the device will prompt you to confirm address that you are sending to.
This protects you from malware attacks that change the destination address on your computer, which have become frequent in recent months.
The pin number also prevents unauthorized use in the event of loss or theft.
Incorporating the valuable new touchscreen functionality, Trezor has cleverly made it so that the order of numbers on the keypad changes every time you use it.
With this feature, it is impossible for hackers to know which keys might be being pressed while you're entering your 4-9 digit pin number on the new touchscreen.
Nor can the pin number be cracked by brute force methods, because every time an incorrect PIN is entered, the wait time is increased by a power of two.
There is an optional and advanced passphrase option that allows you to have multiple hidden wallets.
With this enabled, even if a robber were to get hold of your pin, they would only have access to a decoy wallet and not the wallet where your savings are stored.
Finally, the Trezor Model T ships with a new tamper proof holographic security seal that ensures the wallet has not been tampered with.
When you receive the device, make sure to check that there is a holographic seal placed tightly over the USB-C port. If this seal has been removed, there will be adhesive residue or marks on the device, indicating that your wallet has been tampered with.
The wide array of new usability and security features built into Model T is impressive to say that least, and gives us confidence that the wallet among the most secure on the market.
Switch To Model T Easily
Although the recovery seed phrases for Trezor Model T are now 12 words long, any 18 or 24 word recovery seed from a previous Trezor One or other hardware wallet can be entered and used to transfer your funds to a Model T.
This is done by importing the 12,18 or 24-word seed from your previous wallet to your new wallet.
Both of your devices will then have the same wallet address with all the same coins, balances, and transaction history.
This makes switching over to Model T convenient and easy.
A recovery seed is a word phrase that represents your unique private key.
If you lose your hardware wallet, you can simply enter this seed into another Trezor or BIP32/39/44 compatible wallet and recover your digital assets.
Because of this, your recovery phrase should be stored away in a secure location and treated with the utmost care.
All coins currently supported on the Trezor One are also supported on the Model T.
This includes Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash, Bitcoin Gold, Ethereum (+ all ERC-20 tokens), Ethereum Classic, Expanse, UBIQ, NEM, Namecoin, Dogecoin and Bitcoin Testnet.
However, the device has new software and hardware components will enable Trezor quickly add coin compatibility for new and upcoming projects quickly and easily.
In conclusion, the Trezor Model T is a fantastic hardware wallet that has top notch security features, a convenient and sleek interface, and increasingly vast array of coins supported. There may not be a better wallet available on the market right now.
For security purposes, it is recommended that you only purchase the device from an authorized retailer.