There are many different cryptocurrency hard wallets and choosing one isn’t easy. Here at Bitcoin Bali we help you make the right choice.
With this guide we will explain everything about the Trezor Model T and how to use it.
The Trezor Model T is designed by SatoshiLabs and cost about 2.500.000 IDR at the time of writing.
Bitcoin Hardware Wallets are not the cheapest but they are the safest option to store your Bitcoin and other cryptocurrencies.
It is important that you only buy the hardware wallet from the official site. If you buy them from eBay, Tokopedia or other platforms you have a chance to get a wallet that is compromised!
What's in the Ledger box?
When you receive your Nano Ledger there should be 5 main components in the box with some additional stickers.
- The Nano Device
- USB Cable
- 3 Recovery Seed Card
- User Manual
- Keychain Strap
Setup Guide Nano X
You start the setup by connecting the device USB to your computer as in shown in the picture.
Once connected you’ll see the start screen and you press the right button to continue. We set up the new dive and click the 2 buttons at the same time to confirm.
Click at the same time
Now the Nano Ledger will ask you to create a PIN code of 4 to 8 digits. This will be your main PIN when using the device.
Next the Nano X will instruct the 24 word Recovery Phrase. Make sure you write all the words down on your recovery seed card in the correct order. NEVER share this recovery seed with anyone or store it on a digital device! If your Nano Ledger X is broken or lost you will use this recovery seed when you are buying a new one.
After the Ledger Nano X has shown you all the words, it will ask you to confirm all 24 words again.
Cryptocurrency Recovery Phrase
Ledger Live Software
To start using the Ledger Nano X we need to download the software in order to use the wallet. Go to their official site to download Ledger Live.
Once the Ledger Live software is installed we can continue to setup our wallet.
When you open Ledger Live you have to choose which device you are using. In our case this is the Ledger Nano X.
On the next screen Ledger Live will ask you some security question. Answer them accordingly and continue.
Ledger asks you to add an optional password set up. We recommend doing this.
Once this is done your Ledger Nano X is ready to send and receive Bitcoin!
Click the + sign to add wallet of the cryptocurrency you want to start. Next up you will find your wallet address when you want to receive your cryptocurrency.
Add cryptocurrency account
On the top bar click ‘Send’. On the picture you can see what details need to be filled in:
- Wallet address to the person or exchange you are sending to – Always double check the address. Trezor will mark the address green if it’s a valid address.
- The amount of Bitcoin you want to send. Trezor shows an estimation in USD
- Fee cost: You can choose different costs but we always recommend the lowest cost to save Bitcoin. Transactions are usually confirmed within a half hour if not faster.
- Trezor will ask to confirm your transaction on the device. Double check the amount you are sending and the address.
Send Bitcoin Overview
Confirm Sending Bitcoin on Trezor
Trezor Model T vs Trezor One
When it comes to function, both wallets have the same features for sending and receiving Bitcoin.
Both models support the same amount of different cryptocurrencies.
The main differences of the 2 models are the user experience and looks.
While the Trezor One only has 2 buttons, the Trezor Model T has a touchpad. This makes a difference when entering the PIN code for example. In the way the Model T would be more safer because you type in your PIN on the device itself instead of your computer with the Trezor One.
The nicer look and better user experience for the Model T also comes at a higher price.