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Trezor One Review: Is The Original Still The Best?
In this article, I will dive deep in the Trezor One Review: Is the original still the best? Trezor One is the original hardware wallet. What does that mean exactly? This was the first physical manifestation of the “hardware wallet” for bitcoin offline security and was introduced to us from Satoshi Labs in 2014. This device is a small, trapezoid shaped device with a small OLED screen and 2 mechanical buttons which are used for confirming or denying transactions.
This is also used for generating your recovery seed during your first time setup, but we will address that a little later. This concept when it arrived in 2014, served a HUGE need in the market as at the time, most people mainly used a paper wallet for protecting their private keys and keeping them offline. This is still used today, but is used as a one way method, and is not ideal for making transactions or managing your portfolio. Not to mention, if anyone got a hold of that piece of paper, they could easily scan the QR code and steal your coins.
WHAT’S IN THE BOX?
The Trezor One comes with: 2 recovery seed cards, a lanyard/wrist loop, 4 stickers, USB cable, and the device itself. The device is very small and has two mechanical buttons on the front of the device below the screen. It is powered on only when connected to a computer.
When you setup and initialize the device for the first time, you need to visit wallet.trezor.io on your chrome browser and click on “Trezor One”. This will pop up a screen where it show the security tabs on the box for you to inspect the device, before opening the box. This box is self destructive and is meant to have clear visibility to see if it’s been tampered with in any way.
Once you have done this, you will finally be prompted to “Continue To Wallet”. This is where the “bridge” comes in. What’s the bridge you ask? This is a small file download that is required for you to download and install to manage your device. It connects the web application to the device itself and validates the firmware.
WHAT COINS ARE SUPPORTED ON TREZOR ONE?
As of this writing, there are approximately 9 native applications that can be used directly in the web app, and about 1,000 coins supported via 3rd party wallets like Mycelium and MyEtherWallet. The native apps that Trezor One supports is as follows:
-Bitcoin (BTC)
-Bitcoin Cash (BCH)
-Litecoin (LTC)
-Dash (DASH)
-Zcash (ZEC)
-Doge Coin (DOGE)
-Bitcoin Gold (BTG)
-Digibyte (DGB)
-Vertcoin (VTC)
The list of all the other coins that are supported on the Trezor Model T or 3rd Party Wallets can be found here – https://trezor.io/coins/
To me, this is the weakest point of this wallet is the native application support. They have invested a lot of time and developer resources to developing their “Beta” wallet, which is currently only supporting the Trezor Model T, which is Trezor’s 2nd generation device. In my opinion, the Trezor One is a decent entry level device, but I would not expect a growth of new coins being supported in the future.
The current price for this device is 69 EUR, which is approx $77 USD at the time of this writing.
CLICK HERE TO BUY THE TREZOR ONE FROM TREZOR’S OFFICIAL SITE
HOW TO SET UP THE DEVICE: FIRMWARE PROCESS
When the device is first shipped, it comes with NO firmware currently installed. This is a unique security measure that Satoshi Labs has employed to ensure that no MIM attacks or corrupt firmware was planted in the device during transit. When you setup the device and install the bridge, it will check the device is genuine and runs a check to insure the firmware (signed by Satoshi Labs) can properly be installed.
This process is seamless and once it’s installed, it will prompt you to create a 4-8 digit PIN that is shown on the device in random way using what’s known as an RNG (Random Number Generator).
Next, you will setup the 24 word recovery seed phrase which will walk you through each word (in order) shown on the device screen and will prompt you to write it down on the provided seed cards in the box. Once you write it down, it will walk you through confirming, and then it will test you and ask you, for instance…”What is word #17?”. You will then be required to choose the correct word. Once this is completed on 4 random words, you can confirm and the device will be initialized and ready to use the web application and make your first transaction.
CLICK HERE TO BUY THE TREZOR ONE FROM TREZOR’S OFFICIAL SITE
TREZOR SECURITY
What’s really unique about Trezor’s design is that there is no “username” or “password” for accessing the device. If someone walks up to your computer and see’s the dashboard, nothing can be done without physical access to the device to authorize a transaction.
In addition to the above, you can setup an optional “passphrase” or a 25th seed word so that if for any reason someone has access to your recovery seed, they still cannot steal your coins unless they also have your passphrase as well. If you decide to use this, DO NOT write it down anywhere and memorize this particular passphrase for extra protection.
They also use a process to validate firmware and authenticate your device where you private keys are stored called “Secure Boot MCU”. This process requires the bridge to verify that your device is genuine and signed by Satoshi Labs. This is unique and offers a security check every time you boot up the device to ensure you are properly connected to the correct location when accessing the web app. If something goes array, your device will throw an error warning and let you know not to trust the device if for any reason the bridge cannot connect to the proper web app.
TREZOR VS. LEDGER (MY EXPERIENCE)
The two devices that I find are most used, especially for people who are new to hardware wallets, is the Trezor One or the Ledger Nano S. Let me first say they are both fantastic devices and serve a similar purpose. First off, they are both considered entry level devices and are built for the user that is not looking to store a lot of coins at once using the apps they each provide.
For instance, if you only want to store only Bitcoin and Ethereum, both devices would work, but only Ledger would have both of those work using native apps. Here are some questions you will want to ask yourself when deciding,
What coins am I planning to store on the hardware wallet?
What is my budget for getting started?
Do I plan to use any 3rd party wallets or just the basic apps that come with the device?
In terms of trust and reputation, I would lean towards the Trezor One, as it’s tried and true and is the original hardware wallet. The web app it uses can also be accessed from any computer, whereas the Ledger Nano S would require to download a desktop application to use it.
Final Thoughts On Both: Unless you plan on storing Ripple (XRP) or Tezos (XTZ), I would go with Trezor, as it’s easier to use on any computer, even if that computer is infected with malware, safely.
CLICK HERE TO BUY THE TREZOR ONE FROM TREZOR’S OFFICIAL SITE
CONCLUSION: BOTTOMLINE
PROS:
– Trezor One has a clean and functional web app that allows for customization and password management in the web app for all passwords to be encrypted from any other site as well.
– The device is cheap and really easy to setup. This is perfect if you plan on using the device on multiple computers or if you plan to use it for travel or you plan to use public computers.
– Has the extra security feature for the “Passphrase” which is a unique security measure that is not employed with the Ledger Nano S.
– The screen is large enough to display the full address when verifying and confirming transactions, unlike the Ledger Nano S.
CONS:
– Does not support some popular coins like Ripple (XRP) or Tezos (XTZ). It also does not use a native application for primary coins, like Ethereum (ETH).
– Is not the cheapest entry level device. You can still get a Ledger Nano S for only $59 if you’re getting started and you are very price conscious.
-You will need to upgrade to the Trezor Model T if you plan to use a lot of the newer coins that are being rolled out or coins that previously did not have hardware wallet support.
CLICK HERE TO BUY THE TREZOR ONE FROM TREZOR’S OFFICIAL SITE
What do you think? Is there a better wallet you recommend for people getting started? Let me know in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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ELLIPAL 2.0 Cold Wallet Review (2020) – Most Secure Bitcoin Wallet?
In this review, we are going to dive deep into the Ellipal 2.0 crypto hardware wallet. Is it really as secure as they claim? Is it better than Ledger or any other mainstream competitors? Stay tuned for the whole article to find out!
This device is very unique to say the least! Until recently, this was the first 100% air-gapped device of it’s kind, which is super compelling for security enthusiasts. We all have heard of the numerous exchange hacks over the years and it’s becoming more and more apparent that you need to keep your private keys offline, and on a hardware wallet. So, is this the right one for you? Let’s take a look down below.
One thing I will say before we dive in to the details is, in regards to the the major providers in this space, the one thing that I don’t like about Ellipal is that their device isn’t open source. In my opinion that is a crucial function. Not only for transparency, but also for security. When holding a large amount of funds on the device, it is good to know that an active community is reviewing the code on a continual basis. That is really my only “gripe” with this wallet.
Having said that, it’s very impressive, and my experience with it was very good and the steps involved made me feel very secure about my choice as the security of this device is top notch! Let’s take a look below.
What’s In The Box?
To preface this device, It has zero: Wifi Connections, Bluetooth Connections, 4G connections, or any wired connections to any other device!
This device comes with everything you need to get started with using, minus the iOS and Android app, which you will need to download to begin using. All hardware and components are listed below.
-Ellipal Hardware Wallet
-Charging Cable
-User Manual
-Mnemonics Recovery Seed Card
-Warranty Card
How To Setup The Device
So this is where this device separates itself from the likes of KeepKey, Ledger, or Trezor. The three mainstream heavy hitters in terms of the hardware wallet market. How does a device that claims to have no internet access whatsoever work? The short answer, QR codes. This hardware wallet interfaces with the Ellipal mobile app and allows you to have both a mobile (hot) wallet and a wallet that displays on the hardware device as well.
The Ellipal has a camera on the air-gapped device so that between you smart phone and the hardware wallet, you can scan QR codes to transfer funds and still be kept completely offline. This creates an extra step for management, but for the most paranoid among us, this is actually a comforting process.
It essentially is a 3-step verification process for managing your funds and requires an SD card for managing firmware upgrades. This is a pretty arduous process, even for those that are pretty tech savvy. Again, this could be interpreted as more secure, but also makes managing funds and your device to be a bit cumbersome for the average user.
What Coins Are Supported?
Instead of manually writing this out, I will include a chart with all existing coins that are supported. They are additionally developing apps on certain coins that I will list in writing here:
BCN, NANO, XEM, XTZ, ZEC, LSK, QTUM, ONT, BTS, STEEM, WAVES, XAVES, XVG, SC, NEO, IOTA, ELA. The current coins supported are listed below.
Ellipal 2.0 Vs. Ellipal Titan Vs. Ledger
Ellipal Titan has a self destruct mechanism in place, so that if the screen is tampered with or crushed or broken in an attempt to gain access to it’s internals, it will break a special circuit board that holds all your private keys. This is powerful. Additionally, it’s very sturdy, so not only is it IP65 rated for dust and water resistance, but its made out of a very strong single piece of metal that houses and encompasses the entire device.
The Ellipal Titan is specifically designed against evil maid of supply chain attacks so nothing can be imported or inserted as there are no open access ports on the device.
The Ellipal 2.0 is still a very strong and secure device, but it doesn’t have a durable exterior that is built for abuse, and it also has an SD card slot for updating it’s firmware on the device and also has a charging cable port, so there are 2 entry points. Again, still very secure, but the Ellipal Titan is really a massive upgrade.
In terms of other mainstream competitors, like Ledger, it’s like comparing apples and oranges. This device is much more expensive at $149 and is completely air-gapped. This means there is no USB connection to any online interface and does not have access to any where near as many apps or coins that are supported on Ledger.
The Ellipal is more for the paranoid users that do NOT want to risk having anything interface with online devices. The user experience is much more complicated and not as easy to use as the Ledger, not to mention Ledger is only $59, and is currently the cheapest “mainstream” hardware wallet, but can only support 3-4 coins at once.
Ellipal – Conclusion
This is a really unique and secure hardware wallet. The only other wallet that is remotely close to this one that is currently available at the time of this writing is the Cobo Vault wallet. You can read an in-depth review of that device HERE. That wallet is very durable and is more in line with the upcoming successor to this wallet, the Ellipal Titan, in terms of durability, however that device has less than 10 coins currently supported and has a much heftier price tag at $479. It’s more of a niche device in my opinion.
Having said that, if you are on the fence with this device, the upcoming Ellipal Titan is currently available of pre-order at the same price of $149, and is slated to start shipping around August 15th, 2019. I my personal opinion, I would go with that, as it’s a massive upgrade from this device. However, if you choose this device, you still can’t go wrong. Both devices will have the same coin support and will continue to expand in terms of functionality and coin support, as the firmware is going to be compatible.
If you want to purchase this device, it will be supported for years to come. Click the button below to jump to their site and make the jump to a unique form of crypto security!
What do you think? Is there a more secure hardware wallet for a comparable price you would choose over this? Let us know in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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