The one-stop guide to efficiently use a Trezor Wallet
With cryptocurrencies taking up a large share in the financial market, it is important to keep your crypto funds safe. That is when, along with the cryptocurrency exchange platforms, crypto wallets come into the picture. And just like the crypto exchange platforms, crypto wallets come in a wide variety. Here, in this read, we thought of discussing one such wallet that has been turning a lot of heads and creating a buzz on the crypto wallet network- the Trezor Wallet. It is unique and has some exclusive features that help in separating it from all the others. Moving forward, you’ll be getting to know the difference between a software and hardware wallet (and which category Trezor falls in), how to have your own Trezor wallet, how to use it and whether It is only for Bitcoin or supports other crypto variants too.
Learn what is Trezor hardware wallet
On the one hand, the term “software wallet” refers to the wallets that come as browser extensions or applications that you can get on your computers and/or mobile phones. And on the other hand, the term “hardware wallet” refers to a unit or piece of hardware that can be used to store your private crypto keys and not on any computer or smartphone. Hardware crypto wallets are considered to be safer than software wallets because all your digital money gets saved onto an offline location that is not accessible and cannot be attacked by any cyber crook. Trezor wallet has been acquiring a loyal consumer base mostly because it is a reliable hardware wallet.
Specifics on how to open my Trezor wallet
This part of the read is equipped with the explicit steps involved in the process of opening up your “My Trezor Wallet”:
- Begin the procedure by linking your Trezor Wallet hardware device with a computer with the help of the USB cable that was included with it.
- Now, make sure your computer has reliable network connectivity, and that your web browsers have been updated. Then, pay a visit to the official website for Trezor.
- Choose the name of your device as shown on the online webpage.
- Get the Trezor bridge from the page, install it, and refresh the page once (mostly, users are asked for the download automatically).
- As and when the Trezor wallet recognizes your crypto device, you will be asked to get the firmware. Install it and reboot your device. You might have to disconnect and reconnect your device several times.
Understand the process- how to use Trezor wallet?
Once you’ve set up your Trezor Wallet portal, you’d have to retain the recovery seed phrase (which is the only key to restore your account and if lost/stolen, it’ll be irreplaceable and you’d lose all your crypto funds). Next is to settle on a PIN to upgrade the security frontline and keep all your crypto money safe.
Trezor crypto wallet or Trezor Bitcoin wallet?
We know that crypto wallets can be used to store and protect all your crypto money, and that would mean you can store any variant that you possess. However, one very important thing to know about hardware crypto wallets is that it doesn’t let users keep all of their crypto variants but just one- Bitcoin. It only maintains and protects your Bitcoin keys on the hardware devices because it has been ideated and created specifically for making Bitcoin transactions. So0 you can call a Trezor wallet to be both a crypto wallet and a Bitcoin wallet. But the most important thing to remember- every hardware wallet is a Bitcoin wallet but not a crypto-wallet as it only allows one variant to be stored on them.
The detailed read above has been created to help you understand two specific things- one, the difference between a software crypto wallet and a hardware crypto wallet, and the idea behind using Trezor wallet to keep your crypto money safe and use it for trading and/or investment as and when required. In addition to the mentioned informative sections, we thought you’d like to know about setting up a Trezor wallet for protecting your crypto wealth, using it for making crypto transactions when you see fit, and whether you should describe a Trezor wallet for crypto or Bitcoin.