Bitcoin Forum

I read some discoussions around and everyone was talking good about trezor.
Im newb and i need some advices/opinions from persons wich know more than me about wallet.

1. Where are my coins stored if i use trezor?

2. Do i lose my coins if i lose trezor device or it fails/burns?

3. Is trezor 100% safe and the best way to keep coins?

I saw many discussions on here talking also for offline wallets..papper wallets or cloud ones.

Wich one is the best ?

Your private keys are kept within Trezor. As long as no one has the ability to crack the firmware and make it leak your private keys without your authorization pin, you are fine.
No. Trezor generates a seed everytime a user creates a wallet. The addresses are generated from that seed. As long as you have your seeds, you are covered.
If you can review the source code of Trezor and make sure you install the version you reviewed and compile yourself, you are 99%* safe.

*If they didn't use a backdoor on their hardware.
Cloud wallets will never be safe. Offline wallet and paper wallets would be the safest if you spend them correctly.

It is highly likely that OP read some threads where spammers are spewing nonsense that wallets such as 'blockchain.info' are good, while in fact they are horrible and should be avoided.

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OP, reading this thread may give you more insight and introduce you to more options: [General] Bitcoin Wallets - Which, what, why? (https://bitcointalk.org/index.php?topic=1631151.0). Generally, if you don't want to spend money on a dedicated wallet, you don't need to. The first step is to use a desktop client rather than a web wallet.

Paper and hardware wallets are the safest place to store your bitcoins not on any web wallet services.

I guess ranochigo already answered your questions and his answers are 99% true. Maybe you can now lock this thread to avoid posting the same answers.

Trezor is not the safest way to keep your coins. The safest way is to literally manually generate the private key and derive the public key in your head, and then send the bitcoin to the address. However, it's not going to happen/

Trezor is one of the safest ways to keep your coins.

I think ranochingo covered everything else nicely.

You literally stole the words out of my mouth.
OP, I personally prefer paper wallets over trezor beacause of the ease of use and paper wallets are complete free while Trezor costs ~$100 and if stored properly paper wallets are even safer than trezor or any other hardware wallet.   

I also recommend paper wallets for non techy guys or who can't afford to buy trezor and have doubts about how to use those hardware wallet.
Generate paper wallet in offline computer (run bitaddress.org github file/site) and never connect that computer to any wifi or ethernet. Print that paper wallet in offline printer and put it in safe place. Only import those address in lightweight or web wallet when you want to send those bitcoin out.

Hi everyone, I also have questions about trezor:

a) what happens if the domain wallet.mytrezor.com is down? I couldn't access to the device to use my private keys to make online transactions. Is there any option to download source code and create a webserver using localhost and a specific /etc/hosts entry?

b) how is the passphrase generated within the device when multiple wallets are used? Is the seed related in this process? Because if I use the seed to recover my wallets, the passphrase couldn't be generated unless you put it explicitly, so it'll be impossible to access to my wallets, therefore all my BTC will be lost.

Thanks for answering!  ;)

thanks guys for the replies,

seems like the best way is to use paper wallets.

i should start reading tutorials how to make one.

what if my hardware/computer turns off or fails..do i lose my coins with paper wallets?

no because your coins are stored in that address = paper wallet.
You don't need anything more.

And you load the paper wallet after you create it, so it's impossible you lost.

I use both paper wallets and have recently started using a ledger hardware wallet.  these forms of wallet are as safe as it can get at the minute and are unlikely to be hacked in anyway if used correctly.   ;D

I don't have one but one friend of mine bought one and he talked me that it's the safest way to keep bitcoins because you have a unique code to log in, if the pc you will use has a various trezor will protect yours bitcoins from any attack. I can say if a very safe wallet, and for sure I will buy one.  ;)

Instead of using Trezor which requires electricity to be powered on, I feel way safer having that private key & address printed out on a paper wallet. If a thief enters your house and steals your paper wallet, he can steal the Trezor as easy as that too. Especially that a paper wallet can be hidden under anything you wish because you can print it out as small as you can, making it even easier to be stored anywhere. I prefer having it in my own hands, physically existing.

No, If you create these paper wallets in the correct way, then nothing needs to be on a computer. You could generate these paper wallets on

a separate offline computer & printer, and then print it on a piece of paper. As long as you have access to that piece of paper, your coins

will be safe. { Well, that is IF you are the ONLY person, that has access to that piece of paper } You could laminate it and store it in a

safe deposit box, and you will still be able to send coins to it. A Trezor will be more suitable for daily use, where you want to make tx's every

day. To get coins from paper wallets to online wallets is too time consuming, because you have to sweep coins, every time you want to use

it.

Trezor is one of the most safest way to store your coins. However I think hardware wallets are for long term storage. For me are much better than paper wallets but paper wallets maybe more appealing as they are free. Never use an online generator for them.

To put it down for you these are the wallets from worst to the best

1. Web wallets like Coinbase, XAPO,blockchain.info ---- You are relying on third parties so not recommended.

2. Desktop wallets like Electrum and Multibit---- Recommended for lower stacks of coins

3. Hardware wallets like Trezor, Ledger, Keepkey--- Recommended for any amount of bitcoins from 0.00000001 btc up to 100000 btc if you have them.

So yes Trezor is one of the most perfect way to keep your bitcoins in.

I'd very much like to tell you which wallet is the best but that's a question you can't get an answer for.

Each wallet serves their own purpose. There are wallets that are good as a hotwallet (quick spending, mobile perhaps). This is a wallet you'd typically send from while making small payments etc. Or you might want a cold wallet. This is a wallet you don't spend from as frequently and you typically hold larger amounts in a cold wallet.

What is good about Trezor is that it's good for both! You can use it as a hotwallet and also as a cold wallet. Trezor holds private keys in the device itself and they are never shared with the device that you use the Trezor with. The device signs the transaction and the device you use it from broadcasts the transaction. Trezor is a very good device and you can feel safe holding bitcoins in one.

You mentioned paper wallets. They CAN be the safest option but they can also be the worst option. It all depends on how you handle the keys and spend your coins. You must create the private keys offline and on a secure device. After generating the keys offline and printing the keys (preferably with a printer that doesn't save data) you should keep the keys in a safe for example or out of plain sight somewhere you feel like they will be safe. It would probably be for the best to divide your bitcoins between a number of addresses so that you can spend only a portion when necessary (paper wallet addresses shouldn't be reused). Spending the coins is also something you need to put thought into. The best option would be signing the transaction offline and only broadcast it from a device that is connected to the internet.

I believe encrypted multisig paper wallets are the most secure way of storing your coins, and in terms solely of security, nothing else comes close.

If you own a considerable amount of bitcoins (for example 1-10) a trezor is a comfortable way to access your coins and be safe from hackers/trojans/key loggers. I bought one two years ago and have been very happy with it since. Another advantage to desktop wallets is there is no need downloading the entire block chain. Downloading a hundred gigabytes is a pain in the arse and there can be issues with hardware and software updates during the years.

It is still safe until otherwise. There a lot put into it making it available as offline storage and accessible when the computer is connected. There is an opportunity to a secure way of spending, protecting it from viruses, hackers and keyloggers. It is not free like most wallets and have stood the test of over 3 years

1. It is kept within Trezor's software. You are safe unless there would be someone who would be able to crack the said software and get your private keys,

2. Nope, as long as you keep he generated seeds, you could still load up your previous wallet/addresses and coins.

3. Not really counting on it and giving it a 100% since there is still a possibility that someone might crack its code or someone installed something within its code.

I still keep mine within paper wallets though and laminate those paper wallets and hung in the wall since no one really knows what they are in the first place. It's just a matter of preference, really. To each, his own.

Security through obscurity, I like it.

There is aslo keepkey and Ledger which are considered quite safe as well.

I do not know what a trezor is or how it works but from what I know and what I am told the best way to keep bitcoins is by having a 2 factor authentication to blockchain wallet with the private key of btc address saved and printed offline.

the ledger nano S it's also a great hardware wallet and it's also cheaper. seems like a very secure way of storing your coins safely

I have a paperwallet, but I am thinking of buying a trezor, cuz it's really annoying to do day trading from paperwallet

The information you give is really useful, it not only helps the OP but also helps me. Thank you very much, a guy with a real legendary level has a lot of understanding.