TREZOR comes without any pre-loaded software, it's downloaded automatically from their servers once you initialize it. Plug it in and check if the device asks you to install firmware. If so, I would consider it as safe. Check if it isn't physically damaged. It would be difficult for anyone to tamper with the device without damaging the case.

Edit: I have just read your post once again and I see that you have already initialized it. Do you remember if it was downloading the firmware? Is the case damaged or scratched?

Not really. The Internet and smartphones are a good example. Many (elderly) people don't understand how to use these two things even though it's considered as basic knowledge these days. Some people don't understand banking and despite that, they are still using banks. The same thing will be with Bitcoin. There will be people who will use its full potential but there will also be people expecting a working product which would have to work without any problems and any issue would be Bitcoin's fault, not theirs.

The biggest problem is choosing a proper wallet. Every hardware wallet manufacturer claim that their wallet is the most secure one. Even the most popular hardware wallet had some critical vulnerabilities which were quickly fixed but thousands of users could have lost their money.

Yesterday, I created a guide on choosing a hardware wallet. Actually, it's more like a description of various popular wallets because it all depends on the use case.

Some time ago, I created a tutorial on using Electrum which includes less detailed explanation of creating a watch-only wallet.

Consider using LightShot. It will be easier for you to underline text.

Yes, thank you

I have just added two more wallets - Coldcard and Digital BitBox. Coldcard is still not available in retail, but I think that it was worth mentioning because of how it looks and works.

Thank you very much. I have resized this image and now it should look better. I can't find anything better for KeepKey, though.

Feel free to suggest which wallets I should add. Currently, I have described the most popular ones.

Table of contents

      1. General Information
      2. The most popular hardware wallets
      3. Other hardware wallets worth attention
      4. Comparison of wallets

General Information

What are hardware wallets?

Hardware wallets are devices designed to store private keys and sign transactions independently from the computer. Their main advantage is being able to use them even on an infected computer. These days, most hardware wallets have built-in screen on which user can check whether or not the destination address was modified by a malware. However, it is not possible to store every cryptocurrency on a such device. It all depends on the support of the manufacturer.

What if I lose my wallet or destroy it?

At the first boot, every hardware wallet generates either 12 or 24 word seed which you can later extend with a custom passphrase. This seed can be used to recover coins using third party software, for example, Electrum. It is recommended to test the seed before sending any coins to the generated address. Exposure of the seed should be considered as a major security issue and coins should be urgently moved to another address not associated with the same seed. Firmware updates sometimes wipe the device, keep that in mind before updating your device.

Are hardware wallets completely safe?

No, there is no perfect solution. A few vulnerabilities have been found in the most popular hardware wallets but they required a physical access to the device. Here are examples of attacks that were possible to perform on TREZOR One and Ledger Nano S. If you don't trust hardware wallets because of that, you should consider using a cold storage. It's less convenient but it provides higher security.

Choosing a proper wallet

Every hardware wallet is different. It is difficult to recommend only one model but there are only a few companies which sell trustworthy devices. Keep in mind that you are not paying only for the device but also for a long-term support. It would be a shame if your wallet didn't get an update after, for example, SegWit was activated.


The most popular hardware wallets

Ledger Nano S





This device is maintained by a French company. Ledger decided to use Secure Element which checks on every boot if the software on the device was modified. Some people are not keen on this solution since it's not completely open-source. You can either use Electrum or Ledger's Chrome app to access your wallet. It will be soon replaced by a new desktop and mobile client which will have more features. Currently, their Chrome app seems to lack some useful features such as using your custom backend and signing transactions without broadcasting them. To send specific coins you have to install a proper app on your device using Ledger Manager. Because of Secure Element, the available space on this model is quite small. However, you can uninstall apps anytime and your coins won't disappear. Later, you will have to reinstall the app which takes some time.

Ledger Nano S supports a huge variety of altcoins which is why many people choose it. You can find a full list here.


Ledger Blue





Big touchscreen, built-in battery, Bluetooth connectivity (not used by any app) and a larger memory are things which differ this model from Nano S. Due to high manufacturing costs, Ledger decided to stop selling this device. At the time of writing this guide, the last batch of ten thousand devices is available. Its support has been much worse than the other model, but Ledger is trying to make up for it.


TREZOR One





TREZOR is one of the most trustworthy hardware wallet manufacturers, located in Czech Republic. TREZOR software is fully open-source so anyone can contribute and help with implementing more coins. TREZOR is constantly upgrading their web wallet interface - you can find many features which are not supported natively by other hardware wallets. The device doesn't have any pre-loaded firmware. Due to security measurements, it's downloaded from TREZOR's servers on the first boot. Some users might find it difficult to input PIN and the seed recovery is done on the computer.


TREZOR T





TREZOR T runs on a completely different software written from the scratch. Developers claim that it will make adding more coins easier. This model has a touchscreen which allows user to input PIN and passphrase on the device screen. SD card slot is definitely an unique feature. In the future, it will be possible to store files which will be automatically encrypted with your private key. This model will soon support Monero and Ripple.


KeepKey





KeepKey has been recently bought by ShapeShift. This device has less features than models described above. However, the developers are trying to make up for it. KeepKey does not support native SegWit addresses (it's not possible to receive and spend from them). You can use either Chrome extension or Electrum to manage your coins. Because of the large screen, it might be difficult to hide or transport this wallet.


OpenDime





OpenDime is a small USB stick which you can hand out to any person you want. The device generates private keys and does not expose them (even not to the owner) unless the seal is void. There is no need to broadcast a transaction to the network, it's useful especially if the transaction fees are too expensive. You can simply give it to the other person.


Other hardware wallets worth attention

Coldcard





This device doesn't have any specialized software. It works with some well-known software wallets. The device has a micro SD card slot which can be used for data storage and transporting (un)signed transactions. Currently, it's only available as a pre-order. It's worth to mention that you can use multiple PINs (accessing different wallets or even bricking the device).


BitBox





A small wallet created in Switzerland. Wallet data is stored on a micro SD card. Instead of built-in screen, this device has a touch button which is used for accepting and rejecting transactions. It is possible to use a smartphone to verify if the recipient's address is correct. It does not support as many altcoins as Ledger and TREZOR.


Bitlox





Credit card sized wallet with e-ink screen which doesn't require much power. Bluetooth can be used to communicate with a mobile device and a micro-usb cable with a computer.


Comparison of wallets

Which one is better? TREZOR or Ledger?

It all depends on your needs. Ledger mostly focus on supporting more and more altcoins while TREZOR developers are adding more advanced features to their wallet. I would recommend TREZOR for anyone who is not interested in altcoins. Their build quality and support is almost equal (TREZOR team responds very fast not only through their ticket system, but also GitHub and Telegram).

What is the difference between TREZOR One and TREZOR T?

TREZOR T is going to support more coins in the future because of new hardware and software. Touchscreen in TREZOR T allows for a secure input of PIN, passphrase and the seed in case you want to recover your coins.

Which device is more future proof?

If you decide to buy either TREZOR or Ledger you won't have to worry about future Bitcoin forks. Don't expect to be able to claim every single one without exposing your keys to a third party software. More advanced features such as touchscreen and additional connectivity are useful, but they might easily break, it will make your device useless.

It looks like Monero support is almost here! https://twitter.com/TREZOR/status/1012308383305695232


Thank you for the instructions but I have already known that. It's inconvenient but DigiByte is not the only affected cryptocurrency. They are still updating their redesigned wallet so it's probably a matter of time. As I wrote earlier, I will try to ask them about it on their Telegram channel.

Unfortunately, localbitcoins might not be a good choice since they started to force some of their users to go through KYC verification. Decentralized fiat exchanges won't exist, we have already discussed it here. Trading with acquaintances and using Bitcoin ATMs seems to be the best choice for now.


The only thing I demand from my government is to give a clear statement of how they are going to regulate cryptocurrencies in the near future. They are changing their mind all the time. Even BitBay, the largest cryptocurrency exchange in Poland, decided to move to Malta because of lack of regulations.

Wrong. That's a common understatement. Bitcoin is pseduo-anonymous. It is still possible to track coins, that's why Bitcoin mixing services are so popular. Everyone can use a block explorer to check the amount sent and the destination address. Fortunately, there are some cryptocurrencies which solve this problem, for example, Monero.


That's how most of the governments work. They don't care about their citizens, they only want to earn as much money as possible through taxes. There are some countries such as Japan, South Korea, Malta which treat cryptocurrencies seriously. You'd better not ignore the tax you have to pay or you will have some problems with the tax office in your country.

Why do you think that TREZOR is "one class lower"? The number of supported coins isn't the only thing that defines a good hardware wallet. Ledger released more expensive device before TREZOR and they haven't kept it up-to-date. Now, they are trying to make up for it. I would rather use a wallet with open-source software and some advanced features rather than the one with ton of altcoins. It all depends on your use case.

I can't find anything related to it on their github beside the changelog. Could you help me with that? Also, they have added a lot of new coins in this update and stated that they will add them to the wallet interface in the coming days. I will try to ask them about DigiByte on their Telegram channel.

Decentralized crypto exchanges are already a thing but unfortunately, they lack users. People still prefer to use big, centralized exchanges such as Bittrex and Binance because they support a huge variety of altcoins. Making decentralized fiat exchange is literally impossible. Even regular exchanges have problems with their bank accounts being frozen for no reason in some countries. Using Bitcoin ATMs and localbitcoins seems to be the best idea. Keep in mind that even localbitcoins started to force some people to pass through KYC verification.

The developers of Lightning Network are working on Atomic Swaps which will allow users to trade cryptocurrencies without any third party. It won't be possible for fiat, though.

Od około miesiąca w Krakowie znajduje się nowy Bitomat w M1 przy Alei Pokoju 67. Wygląda na to, że trafił tam jakiś starszy model, ale nie ma sensu narzekać, bo przynajmniej nie trzeba jeździć do centrum.




W takich Bitomatach zazwyczaj możesz sprzedać i kupić Bitcoin oraz Dash.

Every piece of code is open source so you can contribute and help developers with making this possible. Don't expect them to add every single cryptocurrency to their official wallet. It would be a huge mess. They are probably busy with more important things such as Monero support and TREZOR model T new features.

The coins which were added in this update, are supported by both TREZOR T and TREZOR One. I mentioned XEM because TREZOR T didn't support it until now (unlike model One). TREZOR keeps their promise but they mentioned that some coins might take longer to become available on the older model due to different software.

Yesterday, TREZOR released a new software update for both TREZOR T and TREZOR One. Even their wallet page got an update allowing users to export their transaction history as PDF and CSV. The most noticeable features are: Cashaddr support (Bitcoin Cash new address format), Zcash Overwinter Update readiness and support for many new cryptocurrencies such as Lisk, Decred, Bitcoin Private, XEM (model T) and so on.

You can find more information on their blog.

I wouldn't be surprised if it was because of the banks. They are trying to either discourage people from using cryptocurrencies or earn as much money as possible through taxation which is understandable but it might hurt potential investors. There are countries which are more crypto friendly (Japan, South Korea).


Decentralized exchanges are already a thing but there are not many users and there is a huge problem with handling fiat exchanges. However, Bitcoin ATMs and F2F transactions are becoming more and more popular these days so we don't have to focus that much on it.

You can't convert a bech32 address to any other since it's completely different type of address. According to this article you should be able to get your coins. They claim to support SegWit on their full-node client so you should try importing your private keys there. BTCP Electrum client was updated in March while SegWit support was released somewhere in April.

I have just got a reply from stick. He has just altered the documentation.

You need to use BIP 84 derivation path which for native SegWit is: "m/84'/0'/0'/0/0"