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Author Topic: Trezor backup  (Read 202 times)
smokeydog
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September 28, 2017, 04:09:54 PM
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I have setup my TREZOR wallet and sent a small amount to it to check out the process.  That’s all working and easy to do. 

Now about backup?  At setup time I wrote down the 24 words generated.   If I lose the wallet I use these words to regenerate a new wallet?   But regenerate it from what?   This means that my private keys must be encrypted and stored somewhere else.  If that entity goes off line and next year I dig out my wallet and it’s broken, then what?  Am I correct on this?  If I am then that means, once again, a third party is holding my key even if they are encrypted.   

Seems I should be able to just dump out my private key strings and back them up and take them off line.  Why should any third party be holding my keys  in any form?

I am obviously missing something in this process.
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TryNinja
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September 28, 2017, 04:19:25 PM
 #2

I have setup my TREZOR wallet and sent a small amount to it to check out the process.  That’s all working and easy to do.  

Now about backup?  At setup time I wrote down the 24 words generated.   If I lose the wallet I use these words to regenerate a new wallet?   But regenerate it from what?   This means that my private keys must be encrypted and stored somewhere else.  If that entity goes off line and next year I dig out my wallet and it’s broken, then what?  Am I correct on this?  If I am then that means, once again, a third party is holding my key even if they are encrypted.  

Seems I should be able to just dump out my private key strings and back them up and take them off line.  Why should any third party be holding my keys  in any form?

I am obviously missing something in this process.
1. You just need your 24 words to recover your wallet.
2. No one is holding your keys. Read this[1] to understand a little bit about the whole proccess of recovery of a HD wallet.
3. Even if Trezor ever goes offline, you can still recover your coins by using the same seed in a compatible Bip39 wallet. Example[2];

[1] https://bitcoin.stackexchange.com/questions/54610/how-does-trezors-wallet-recovery-work-if-the-private-key-never-leaves-the-devic
[2] https://www.reddit.com/r/TREZOR/comments/6xz0m3/restoring_trezor_on_electrum_with_seed/dmjjayg/

crairezx20
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September 28, 2017, 04:27:42 PM
 #3

I have setup my TREZOR wallet and sent a small amount to it to check out the process.  That’s all working and easy to do. 

Now about backup?  At setup time I wrote down the 24 words generated.   If I lose the wallet I use these words to regenerate a new wallet?   But regenerate it from what?   This means that my private keys must be encrypted and stored somewhere else.  If that entity goes off line and next year I dig out my wallet and it’s broken, then what?  Am I correct on this?  If I am then that means, once again, a third party is holding my key even if they are encrypted.   

Seems I should be able to just dump out my private key strings and back them up and take them off line.  Why should any third party be holding my keys  in any form?

I am obviously missing something in this process.
I think much better to copy paste your 24 words seeds(BIP32) notepad and save and keep it for safety place like drive D: because sometimes there are people are typing the seeds when they wanted to recover their wallet..

Honestly they are not generating new wallet they will recover your wallet from the trezor that you can recover in other wallet like electrum or mycelium
You can refer in this link https://news.bitcoin.com/restore-hardware-wallet-seed-phrase/

I think for better understanding for your private keys better to refer here
https://doc.satoshilabs.com/trezor-faq/software.html#why-should-i-trust-trezor-with-my-private-keys

nitego
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September 28, 2017, 04:39:17 PM
 #4

Please do NOT save on your Computer just write it down some where safe (2 cards were provided with the Trezor)

The safety of the Trezor is that there is no connection of you Private keys on the internet. If you put your keys on your PC and it is connected to the Internet you may be making your keys available to spy programs sweeping for keys. Keep your wallet safe.
You could use the a cold wallet from https://cryptosteel.com/
smokeydog
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September 28, 2017, 05:43:05 PM
 #5

I'm still missing something.

I have the 24 word seed.
My hardware wallet is lost
Trezon web site is no longer on line.

What will the 24 word seed act on to get my keys back?  I'm really overlooking or overthinking something obvious here.   If the seed can recover my private key with no other information, nothing from any third party, then the 24 words of the seed would have to be another encryption of the key?  Is it that simple and I am confusing myself by over thinking this?

One could say just don't worry, it all works out but, I have this thing about wanting to know the mechanics.  I have a hard time trusting stuff I don't understanding.

I will keep at this for sure and have a feeling one day the fog will lift and I will have all the pieces I need to manage all this safely. 

A big thanks to those who take the time to make this easier.

smokeydog
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September 28, 2017, 06:06:47 PM
 #6

Okay, now I'v got it.

Sometimes I think too much and create fog which doesn't need to be there.
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