so i have a few questions / concerns. I love the product and the signing transactions without a hot wallet loading a key, but I want to be sure its a good method for cold storage security.
1) if the trezor breaks or is stolen it can be recovered by a 12word seed. How can i secure this code so that it cannot be stolen and used to take access from a different trezor?
2) what measures are in place to detect / prevent lo-jacked trezors or malicious code/components?
3) does the trezor retain access to all its addresses and change addresses? Can I constantly reload it to the same address without compromising the coins?
4) how does the trezor generate an address - could it be replicated based on the physical design?
5) can the trezor wallet be accessed using the seed but not another trezor? What if trezor goes out of business and you cannot buy a new trezor to load with the seed?
6) I heard a single trezor can hold multiple distinct wallets under the same seed but different passwords. How could I set that up to store spending quantities seperately (and secretly) from my long-term storage address?
I want to use this as a fuctional backup for the majority of my bitcoin funds, with the seed safely stored in a few offsite files/safes and some safeguards (password?) on those. I want it to act as the payment address for my mining and not worry that it may not be accessible if something happens to the trezor or trezor support.
1) It's up to you to properly secure the paper backup. You can also memorize the seed if you have good memory but it's 24 words now by default
If you choose to use the pass-phrase, the 24 words alone cannot be used to access you coins.
2) The official firmware release is signed by the developers. If someone try to put the custom firmware on your Trezor you will see the warning on the screen.
3) Addresses are generated deterministically. While using the same seed & passphrese your Trezor will always have access to the same keys. Regarding the address re-using, standard recommendations applies. It's possible, but not recommended. You will not loose your bitcoins but you may loose some privacy.
4) Way that Trezor generate the keys from master private key is described by
BIP-0032. The master private key itself is generated using entropy that device can provide itself with entropy provided by your PC. The master key is then represented by the 24 words from dictionary defined in
BIP-00395) You can use any compatible software wallet. All you need to do is enter your seed and pass-phrase. Currently there is only
Wallet32 for android, but support for Electrum, Multibit and Armory is coming.
6) If you already initialized your Trezor with a passphrase, just enter a different one in the "log-in" process. Depending on what pass-phrase you enter, you will get access to different wallets. But you can also have multiple accounts under one passphrase (although all of the accounts corresponding to specific pass-phrase are visible so it's only good for separating the funds instead of hiding them)
