I decided to invest in a hardware wallet to store my BitCoin, Ethereum and Lite Coins. The main three hardware wallets that I came across are Trezor, Keep Key and Ledger Nano S. I decided to purchase the Trezor as it seemed to be the most robust and had some security features I quite liked. This post isn’t designed to tell you to purchase a hardware wallet or if you do, to select Trezor over the others – it is just a review of how to get Trezor set up. With Bitcoin, if you lose your hardware wallet and don’t keep the seed safe you can lose all access to your bitcoins. Similarly if your seed is stolen you can lose your bitcoins.
Using a wallet instead of leaving the coins in an exchange such as CoinBase puts the requirement to secure the wallet and seed to yourself. While if the coins were in CoinBase they look after the security but you’re putting your trust that CoinBase won’t go rogue.
Ordering a Trezor is a simple process and can be done on their website. The Trezor costs $99 for the device and postage to Ireland is $10 by standard or $29 by Next Day DHL. You must pay by BitCoin – they do not accept credit cards or PayPal. The device is dispatched from Czech Republic.
The device comes in a sealed box and the box is glued very heavily so it’s obvious if it has been tampered with.
Inside there is the Trezor device, USB cable, two recovery seed sheets and some stickers.
If you use Chrome you can use your Trezor by adding a Chrome Extension. Otherwise you will need to install the Trezor Bridge. I use Chrome as my browser so I went to trezor.io/start and pressed Install Extension to add the Chrome extension.
A pop-over appeared asking me to confirm. Click Add app
Once the app is installed you need to install the firmware on the Trezor. The Trezor arrives with no firmware on it. Click Yes, Install and then on the Trezor device, press the button under Continue.
Once the firmware is installed compare the finger print displayed on your computer screen to the fingerprint on the Trezor screen and ensure they are the same. Press the button under Continue on the Trezor device to confirm.
A popover should appear to show the update was successful. You will need to unplug the Trezor and reconnect it to your computer.
Once the Trezor is reconnected to the computer you can start setting it up. First, select a device name. This can be edited later.
Next you will need to select a PIN. On your Trezor device there will be a 3×3 Matrix consisting of the numbers 1-9. To choose a PIN select the box on the computer screen that corresponds to the number on the Trezor device screen. This is to stop key loggers or screen loggers to be able to get access to your PIN. Once this is done, you will need to renter the PIN again.
After you have confirmed the PIN a word will appear on the Trezor screen. Pressing Next will display another word. These words are known as your seed. If you lose your Trezor device or forget the PIN you can gain access to your Coins by using the seed. So it is very important you keep this safe and do not tell anyone the seed. The order of the words is very important.
Write down the first word and press Next on the Trezor device. Then write down the second word and press Next and continue until all the words have been written down. Next, the Trezor device will start from the first word again to allow you to confirm you have all the words correct.
Once this is completed your Trezor device is fully set up.
In the interest of full-disclosure, links to Trezor are affiliate links. Should you click through to Trezor via my affiliate link and purchase a device I will receive a small commission payment. These affiliate payments have no impact on my reviewing of the product. If you believe I have been influenced by the potential commission when reviewing a product please call me out.