Trezor Model One

Basic Information

The Trezor Model One is the world’s first hardware wallet and the one that set the standard for other hardware wallets. Its quality is proven by the fact that it is still one of the best-selling wallets. The Czech company, SatoshiLabs, a leader in crypto security, are the creators of the product.

Functionality

The owners of SatoshiLabs managed to create the first prototype of a hardware wallet in 2012. This was followed by fundraising and the creation of the product as we know it today. The Trezor Model One is a relatively cheap, secure and simple way to store around 1,200 cryptocurrencies and ERC-20 tokens.

The product prides itself on its security and provided you follow the security instructions, your finances will be safe. Since it is a hardware wallet, potential hackers cannot get to it. On the other hand, if you lose your wallet and seed, you will lose all your cryptocurrency. Therefore, it’s a good idea to be cautious.

With this wallet, you can safely store your investments and buy or sell cryptocurrencies thanks to the app provided.

The wallet itself looks like a small plastic box with a small screen and mechanical buttons. Compared with the new version, the Trezor Model T, it differs mainly due to the older USB type, not having a touch screen, fewer supported cryptocurrencies and a much lower price.

Pros and Cons

Pros

Low purchase price – compared with other wallet models, or its successor, the Trezor Model T, it represents an inexpensive option to protect your cryptocurrencies
Easy installation and usage – setting up Trezor is easy and can be done even by a crypto newbie (the official website of the manufacturer will guide you through the whole process of setting up the wallet)
Protection in the event of loss – the package also includes cards on which you can write the seed of the wallet, so you can easily restore it in case of loss or damage

Cons

Lack of iOS support
It doesn’t support some cryptocurrencies – if you are looking for a wallet that can hold most of crypto assets such as cardano, ripple or monero, you will have to look elsewhere (fortunately, Satoshilabs’ newer model, the Trezor Model T, has already fixed this flaw)

Supported Chains

The Trezor wallet automatically supports twelve major cryptocurrencies and all ERC-20 tokens. Most other cryptocurrencies can be stored using third-party software wallets such as Electrum or MetaMask.

For a complete list of supported coins and tokens, please visit this website.

Tips from an Analyst

For complete security, you need to follow the manufacturer’s instructions, avoid sharing your personal information and only keep your wallet seed offline. If you lose your seed, even the Trezor manufacturer will not be able to help you to recover your data. In case of other problems you can always contact the official support. The package contains two recovery seed cards on which you need to write down the seed. It is better to leave the cards in two different locations afterwards, so that in case of a natural disaster such as a fire, your crypto is safe.

Before buying, we recommend you visit the official website of the manufacturer, where you can easily find all the instructions for using the wallet.

Personal Opinion

The Trezor Model One wallet is the perfect choice for those who wish to step into the realm of cryptocurrencies and sleep easy, knowing that their finances are protected. Considering the low price, high quality, good background and support, it is a great choice even for those who are not quite sure about cryptocurrencies.

However, if you are planning to further diversify your crypto portfolio, this model may not be the best choice, mainly because the wallet doesn’t support several major cryptocurrencies. If this is a problem, take a look at the more expensive, newer Trezor model.