Trezor Model One: a Ten-Year Veteran Hardware Wallet

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The Trezor Model One is an open-source hardware wallet for Bitcoin and other cryptocurrencies.  This article tells you how to set one up for use with Bitcoin.  It’s important to ensure you have the proper requirements together before you begin.

1. Trezor Model One.  The box includes a cable for connecting to your computer, but it’s important to note that it is USB-A to micro-USB.

2. A computer with a USB-A port (or converter) and a compatible browser

3. Install Trezor Suite from the official website: www.trezor.io

Unboxing

The first thing you will notice is the security features in the packaging.  There are tamper-evident stickers on the box openings and each end is sealed with glue.  This can make it more difficult to get into, but also protects against anyone else accessing the Trezor while on its journey from Trezor to you.  Also inside, you will find Trezor stickers and a pair of paper sheets for saving your seed phrase.

Initial Setup

Connect your Trezor One to your computer using the provided USB cable.  Your device should show as a USB drive.  Next, open Trezor Suite and follow the on-screen instructions to start the setup.  During this process, your device will generate a 24-word Seed Phrase.  Be sure to write this down on the provided slips of paper in the order they are provided by the hardware wallet.  You will be asked to verify the words in the Seed Phrase to ensure accuracy.  Never store the Seed Phrase digitally – in text or photo form.  There are malicious actors who seek Seed Phrases online and if yours gets compromised, they will have full access to your cryptocurrencies.

While the Trezor includes two pre-printed slips of paper to write down your Seed Phrase, the paper itself is subject to loss from fire, water, and age.  It is recommended to use a metal backup solution like Cryptotag Zeus.  Cryptotag allows you to store your Seed Phrase in bullet-proof titanium.

You will next be prompted to generate a PIN to unlock your Trezor.  It must be a minimum of 4 digits but can be longer for greater security. 

You can also generate a passphrase which would create what Trezor refers to as a “hidden wallet”.  The premise is that it functions as an extra word added to your Seed Phrase.  Using your Seed Phrase alone gives you access to the standard wallet.  Each unique combination of Seed Phrase + Passphrase gives you access to a different Passphrase wallet – the “hidden wallet”.  Take care to remember the Passphrase as it is never stored on the Trezor device.  If you forget the Passphrase, you will lose access to the associated cryptocurrency.

Key characteristics of Passphrases:

• It can be any character or set of characters up to 50 bytes long (approximately 50 ASCII characters).  This would allow for use of a word or sentence if desired.

• Extended ASCII characters (e.g. € and ÿ) must be entered from the Trezor Suite as they cannot be input through the Trezor itself.  These characters likewise may not display correctly on the Trezor screen.

• Passphrases are case-sensitive.

• A space is a valid character.

• The Seed Phrase and Passphrase go together.  Neither can be used without the other if you send funds to a Passphrase-protected hidden wallet.

Wallet Setup

Select which cryptocurrencies you wish to manage in Trezor Suite by clicking the “plus” symbol by the search box under Settings.  It will walk you through setting up a new wallet and allow you to generate a public address at which to receive new crypto.

To send crypto, choose the Send button and input the public address of the receiver, the amount of crypto, and the fee.  Make sure your Trezor is attached to your computer and unlocked and approve the transaction on the hardware wallet.

Conclusion

The Trezor Model One is an affordable, open-source hardware wallet that’s been around for over a decade as of the writing of this article.  It allows for the creation of ‘hidden wallets’ and provides a user-friendly and intuitive interface.  It’s a great choice for anyone just getting started with self-custody.