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Author Topic: If trezor goes out of business...  (Read 824 times)
beamin
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September 18, 2017, 09:09:13 PM
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What happens to my bitcoins on my trezor? What happens if I lose the trezor and they don't have a server to enter the seed into? How much of the security is tied  to their end? Or is the device truly independent of outside factors?
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HCP
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September 19, 2017, 02:49:50 AM
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You don't put your seed into a Trezor server if you need to restore it... and your recovery seed uses the "standard" BIP39/BIP44 configuration... so if Trezor goes out of business or your lose it, you can restore to a compatible wallet or another hardware wallet...

Have a read of these two: https://doc.satoshilabs.com/trezor-user/emergency.html and https://doc.satoshilabs.com/trezor-apps/index.html#recovering-funds-without-trezor-device

The whole idea of a hardware wallet, is that the seed should only exist within the wallet itself, or written on your recovery sheet... it should never be stored digitally. So aside, from the recovery sheet, the device is "truly independent of outside factors" as you put it.

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September 19, 2017, 08:55:56 PM
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so as HCP explained it does not really matter. And that is not only for cases where you lose your device or Trezor goes out of business. You never even have to visit Trezor site (not counting initial setup) in order to send receive coins. There are plenty of wallets that support hardware wallets like Electrum for example
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October 04, 2017, 02:45:46 PM
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The only thing I'm still worried about: Litecoin Segwit.

I haven't found a wallet which can be used for Litecoin Segwit using BIP39/BIP44. So if my Trezor dies and Satoshilabs are out of business I guess we are out of luck. Until there is a new wallet for Litecoin Segwit...
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