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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 or other platforms you have a chance to get a wallet that is compromised!
What's in the Trezor box?
When you receive your Trezor there should be 4 main components in the box with some additional stickers.
- The Trezor Device
- USB Cable
- Recovery Seed Card
- User Manual
- Trezor Magnetic Dock
Make sure the silver strip covering the connection is unharmed. If it looks like it’s already been damaged or is removed there is a big chance it is already been tempered with. Better to return the device and change. That’s why it is important you buy it from the official Trezor website.
Setup Guide Trezor T
You start the setup by connecting the device USB to your computer as in shown in the picture.
Then you go to the official Trezor website to start setting up your new wallet.
You will have to select which device is plugged in. In our case this is the model T.
The next step is downloading the Trezor Bridge. This software connects the device to your browser. Make sure you do this first!
Choose your device
Install Trezor Bridge
Once you completed the software install you will setup a new wallet and create the recovery seed phrase. These are 12 random words you write down on your recovery seed card. Make sure you write down the words in the correct order.
DO NOT store this recovery phrase on your computer! Store them safely somewhere. Don’t show it to anyone.
This recovery phrase makes sure you do not lose your Bitcoin if your Trezor is lost or broken. You can simple order a new device and recover the wallet with the seed recovery phrase.
After the recovery phrase setup the device will ask you to name your device and make a PIN. This PIN will be asked every time you want to access the wallet.
The combination of the PIN and recovery phrase is the strongest security there is for cryptocurrency hardware wallets. If you keep both secure, your wallet cannot be hacked or stolen.
Now the setup of your Trezor wallet is complete! Let’s have a look at the dashboard. Trezor made the interface very user friendly and we’ll show you how to send and receive Bitcoin into your Trezor wallet.
Cryptocurrency Recovery Seed
Setup PIN Code Trezor Model T
Trezor Model T Dashboard
On the left hand column you find all the different cryptocurrencies that the Trezor Wallet supports.
The top bar shows the different actions you can undertake with your wallet. The main focus will be sending and receiving cryptocurrencies of course.
When you want to buy Bitcoin on one of the exchanges you need to have your wallet address in order to receive your Bitcoin.
Click ‘Receive’ on the top bar to find your wallet address. Trezor will ask to double check your wallet address on the device.
Then you simply copy the address into the exchange to receive your Bitcoin in the wallet.
You can create multiple addresses for the same wallet. Simply click ‘Add new address’.
This is a good habit to increase your privacy when transferring Bitcoin.
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.