Topic: I'm buying a hardware wallet (Read 350 times)

I have applied for Trezor affiliate program, but I am waiting for them to review my application so I can't PM you a refferal link yet. If you don't mind waiting, I should get one next week. Feel free to ask me any questions once you get your device.

Awesome, thanks for all help! If you have a refer link, I'll use it.

Trezor T is my "daily driver" because of its enormous screen and passphrase entry. I use Trezor One as a backup since I got it for free for helping out with Trezor web interface translation. It's small so it is fairly easy to hide. Anyway, if something happened to my Trezor T, I would buy a new one. I have some coins on my phone (Samourai wallet) just in case I needed some money.

I also had Ledger Nano S and Nano X. I guess I'll stick to Trezor and Electrum if I ever need to recover my wallet. You should be fine with Electrum if your device breaks or gets lost, but don't import your seed there unless it happens.

Ok. Started to wounder about my backup device (model one) that I probably don't need it since it's so easy to restore it on electrum. I haven't decided yet but what is your take on a backup device?

Trezor creates a folder in user's Dropbox and stores data there. Dropbox cannot learn about your addresses and labels since Trezor automatically encrypts all the data. I don't use this feature anymore. In the future, it will be possible to save labels to an external SD card on Trezor T.

I saw a video and he said that it was only possible to labeling the transaction if you was connected to dropbox. What do you guys say about that? Doesn't sounds as something that you want to share with them..

There is no need to do that. Trezor does not force users to back up the seed right after initializing the device. A large warning is shown in the web interface if it's not backed up. Once the backup is created, it is no longer possible to display the seed. One can still run a test-recovery, though. Here's more information.

Yes.  You can keep resetting it to factory defaults, and the next time you initiate the Trezor it'll generate a fresh seed phrase.  You can do this as often as you like.  Use a piece of scratch paper to keep writing down the seeds while you're playing with it.

They won't obviously stick the label on the box. It will be properly packed so that no one will know what is inside without opening it. I ordered it to my home because I had no other choice. You can always use a passphrase for your savings and use the default wallet as a dummy one with small amount of coins.

Ok the label is one thing but the main package with the trezor should be in another package? Have you all made an order to your home? It's like saying that you wil have some coins at home..

The label on the shipping package will obviously state that it was sent from the TREZOR HQ. Trezor One box has two seals while Trezor T should have one on its USB-C port. Both devices should come without any firmware installed. You should be prompted to download it from the official Trezor website. Here you can see how the holograms should look like.

By the way, is it possible to play around with the model T before setting up my real wallet? As long as I don't enter the pin incorrectly to many times...

I couldn't find anything about this in trezors Ordering and shipping FAQ.. How does the package look like? Can the postman see that it is from trezor?

Prepare your family in advance for such an event especially if it's a significant amount we are talking about. If you are planning to leave your assets to your partner, parents, brother/sister teach them the basics of what they need to do to access the funds and tell them about this forum. In case something bad happens to you tell them there are users here who are ready to help but also tell them there are scammers waiting and prying for the slightest mistake. They should be careful no to disclose any private information like the seed but not paranoid not to ask questions and give the basic information.

You can store the passphrase together with your seed but I wouldn't advice you do that. If someone were to steal your seed they would also know your passphrase. Better store it elsewhere but those who inherit your assets should also know about the password.   

No.  Like BitCryptex said, you can have multiple accounts without a passphrase, Trezor allows you up to 10 accounts per wallet, each account can generate a nearly limitless number of addresses.  If you use Electrum you can set the derivation paths which allows up to a million accounts.


I keep all my backup information in one place; I keep paper backups in a fire-resistant envelope, which is stored in a fire-resistant steel safe.  My family will have access to the safe upon my demise.  I store the seed extensions (passphrases) along with the seeds, on the same piece of paper.  I'm not concerned about the security of the seeds, the only people who will ever have access to them are my kids, and I trust them.  

If I didn't want my kids to have access to the safe until I die, I could set up two or more trusts with a part of the safe's combination in each trust.  That way no one entity will have access to all information needed, but the kids will get it all once I kick the bucket.


You can still be a "hodler" and own both.  A paper wallet is less practical for spending, so it's often considered the most affordable and practical way to hodl.  A hardware wallet is a very practical way to safely store coins, but still have easy access to spend them.

I have no paper wallets per se, but I do have a "cold wallet" backed-up by an extended seed I generated using Electrum on an air-gapped machine.  The seed is backed-up but doesn't exist on any electronic device, not even the air-gapped machine I used to create it.  I have the master public key (xpub) in a watch-only wallet, so I can easily check the wallet and pick out addresses to which I can send more coins.

Yes, it will be easy. During seed recovery, you will have to select 'Extend this seed with custom words' and enter it as an additional word. You will have to create separate wallets for each passphrase in Electrum.


No, but you can have multiple accounts within one wallet. Addresses aren't linked between accounts. You won't have to worry about remembering multiple passphrases.


You won't need the PIN for recovery. It is used to unlock the device. After unlocking the device, you should be prompted to enter the passphrase as long as you enable this feature. If the PIN is entered incorrectly mutliple times, the device wipes itself. You will be able to recover your wallet on another Trezor using your recovery seed and the passphrase.


Without your passphrase, nobody will be able to access your coins even if they have your recovery seed. That's the whole point of using them.


It means that you are not going to access your coins very often. Lucius suggested that a paper wallet might be a good alternative for you. Hardware wallets are designed to be used even on infected devices.

In case I need to restore it on electrum and I have a second wallet with passphrase. Is it then easy in electrum to get access of my wallets with passphrases?


Ok I'll sure do that!

Is it possible to have 2 wallets without any passphrases? And how do you guys solve the problem if you die and your family find the seed and they need to know the passphrase(s) to access your funds? Do you store that in a different location?

Only so I understod this correctly...
If I have the device I need the pin to get into it. Inside I need my passphrases to get access to my wallets? If I buy another trezor I can use the same recovery seed to get access to the wallets with the same passphrases? and the pin on the first device isn't included in the revovery seed and it isn't needed here?
If I or anyone else only have the recovery seed then they need to know the passphrases do get access to the wallets, and that is possible to restore in electrum (or another wallet supporting BIP39)?


I don't understand, what is the difference if I have paper wallets and say "I'm a hodler" compared to if I have hardware wallets and say "I'm a hodler"?

We all want best security for our coins, but there is no such thing as 100% security, hardware wallets so far have proven to be a very safe way for storing crypto, but there is no guarantee that this will always be the case. Every hardware wallet, especially Trezor&Ledger are safe for use even on infected device, as long as the user is checking all information on hardware wallet display. The main danger is in malware which can change your sending / receiving address, but since you need to check is address match on UI and hardware wallet, it is easy to prevent such attack.

If you think Trezor is better choice go for it, you can always try Ledger in future. Maybe you can also consider to move your coins completely offline to paper wallet (be very careful if you ever do this), since you say "I'm a hodler".

It would be useless for now. Trezor T is the only hardware wallet which supports Shamir Backup. I couldn't find any information if and when it is going to become available on Trezor One.


I don't think if there is any software supporting SLIP-0039, yet. Unfortunately, you will have to buy another Trezor T to access your coins if you decide to use Shamir Backup and lose your wallet. More wallets should start supporting it in the following months. If you decide to use a standard seed then most wallets will allow you to import your seed without any problems.


What do you mean by a password? A passphrase? Every time you enter a different passphrase, you get a different wallet. You will have to know the seed and the passphrase to access your coins in case you lost your wallet. Trezor does not store passphrases so they need to be entered after the PIN. You can learn more about passphrases here.


You should at least consider using nested SegWit (addresses starting with 3). Both of these wallets and all services support it. You will save a little on fees in the future. Fees have been low for a long time now.

In case that I want to use "shamir-backup" it it then useless to buy a model one as a backup unit? Or is it possible to genereate a "normal seed" and restore it in model one and use "shamir-backup" as well? Is it possible to restore it to any wallet with "shamir-backup" (beside trezor T)? In other case it whont be any good to use "shamir-backup" if I doen't have a model one as a backup unit?

Each password in trezor is a new wallet with a new private key? But the good thing with the seed is that it restore all of my wallets? However I still need to know the passwords?
I'm not useing my coins so I don't really need segWit. But it's allways nice to have the possibility to do it since it's so expensive (or it was?) to send.



I will probably buy one earlier then november, thanks anyway.


Perhaps I started this tread wrong. The thing is that I want a hardware wallet, it's not needed to be trezor.. I'm a hodler and I doesn't need any good UI to manage my coins in any way. What I want is security (not more then any one else does). But what I read about model One that I liked was that it was no dangoures to use it on a computer with malmware, another thing was that I didn't like with ledger was that it isn't totaly open sourced with the firmware as trezor is. I don't think that it's any big concern (because the wallet is so popular) but those were my main reason to choose trezor (and it's always nice to have a led screen).