Trezor MOdel T review
by Scott Wehman
- Passphrase Support
- Color Touchscreen
- Feature-rich Interface
- Quick & Easy Setup
- Multisig Support
- Device Time-Out
- Multi-Sig Only Supported Via Electrum
- No Validation of Change Address on the Device
Who Should Buy a Trezor Model T?
Crypto investors who value a good reputation & security
Crypto investors who want multi-currency support
Crypto investors who want a wallet that supports multiple coins
Why Buy a Hardware Wallet?
To keep your private keys secure, they need to be kept in cold storage. What is cold storage? It’s a method to keep your keys from ever coming into contact with the internet where they can be easily (and remotely) compromised.
Hardware wallets are for everyone from the absolute beginner all the way up to the most advanced users, they are essential for everyone who wants to self-custody their own coins. In the past many had used paper wallets to cold store their funds, or worse: with hot wallets which are continually at risk.
With the introduction of hardware wallets, cold storage became a simple and straightforward way to use this best practice.
Table of Contents
Model T Basics
Comparison with Competitors
While similar to many hardware wallet devices’ functionality the Model T differentiates itself in three specific ways.
Firstly, there is a slot for an SD card which makes it the only competitor to the ColdCard for this feature. This is included to support upcoming data and file encryption, an interesting angle to be sure.
Secondly, there is its ability to use the Shamir’s Secret Sharing method of splitting keys to keep them secure.
Lastly is the full-color touchscreen.
The Model T is quite similar to the Ledger Nano X in that it is both a good introductory device for newcomers as well as advanced users. However, it seems Trezor avoided incorporating bluetooth connectivity to limit the attack surface.
Opening the Box
Prior to setting up and using a hardware wallet, it’s important to note the possible risks that someone could take to create a backdoor prior to it reaching you.
The Model T packaging consists of a black cardboard box that is magnetically held closed.
The box contains:
Trezor Model T Device
USB-C Cable (with Trezor Branding)
Lanyard, Keychain & Stickers
Seed Backup Cards and Device Information
Security & Design
Recovery Seed Words
Shamir's Sharing Secret Backup
Password Manager & SD Card
Device Setup & Activation
Bitcoin-only firmware for the Trezor devices was also recently announced.
Main Wallet Interface
Security and functionality are of key importance, but that doesn’t rule out any reason to provide additional customizations for a device. As hardware wallets go, Trezor is clearly in the lead when it comes to optimizations and settings.
Accounts can be renamed, notes and labels saved with DropBox integration and custom home screens are or even designing your own image the home screen image are available options.
Also there are useful links above the wallet which lead you to the staggering amount of information on the Trezor website and blog. Support service can be requested here as well.
Even for those that don't own any Trezor devices, the educational resource here is useful and easy to navigate.
The wallet interface includes a tab for directly trading Bitcoin for other cryptocurrencies from an exchange.
The trading takes the form of the “swap” styled interface more than a full-fledged trading environment with price charts, limit orders, etc.
While the trades can be somewhat fine-tuned by amount and transaction fee size they are more or less dependent upon whatever the available exchanges are willing to offer.
In every instance during the evaluation of these, Changelly and CoinSwitch were the only third parties which had available offers so this feature seems fairly limited in scope.
Wallets & Accounts
The Trezor wallet is organized by device, account and address. The visual layout is appealing and highly functional.
Users can create new or import pre-Segwit accounts here or choose a custom server. The wallet can display holdings in any of 32 currently supported fiat countervalues as well.
Unlike other competing devices, the Model T will happily generate new receiving addresses as much as you like. This is important to ensure you don’t reuse an address, which is bad for your privacy and the network overall.
A new receiving address is visually confirmed on the device after you create it within the wallet. You also have the option to generate a QR code which is displayed both on the device itself as well as the wallet view in your browser.
Transaction bundling is also available.
The flexibility over how your transaction is constructed is also quite remarkable. Not only is it possible to choose from a range of priorities, specific sat/byte ratios can be defined by the user.
Each selection gives an estimated time to confirmation based on the state of the mempool at that time.
Account Balance & History
Each account’s history can be exported in CSV or PDF formats and indicate the date, time, transaction ID and type, address, value, transaction total and balance.
These are account-specific instead of combining each account into a single report.
- Bitcoin Cash
- Tether (USDT)
- Over 1,000 more
Hardware & Operating System Compatibility
Using the Trezor Model T Privately
The Trezor Model T is a remarkable step up from the already excellent Trezor One. While priced significantly higher, the inclusion of several other types of functionality and upcoming features justify the increase and make this choice a no-brainer for intermediate and advanced bitcoiners.
With the great reputation of SatoshiLabs behind the Trezor brand, their incredibly information-rich website and wiki (which invite users to indulge self-education) and a well-designed wallet interface, there simply isn’t a better device.
By adding a Billfodl to compliment your Model T, you’ll have gone miles beyond those that store their funds on an exchange. With both your recovery seed words and signing rights on lockdown, you’ll sleep easy at night and HODL peacefully through the day.
Pro vs Con
- User friendly
- Reasonably Priced
- Device must be connected for all operations
- Passphrase Support
- Good Reputation
- No Multi-Signature Capabilities in Trezor Wallet (yet), however this is possible through Electrum
- No Validation of Change Addresses on the Device