Beginner's Questions about Trezor/Cold Wallets

[Dripstoil]

Good day Everyone,

I have never used Trezor or any cold wallets before even though I know it's the safest means to store Bitcoin. So, I essentially know very little about the hardware's functionality.

My questions:

1. If I store Bitcoin in Trezor and eventually I lost the device, can I retrieve the Bitcoion to any other wallets, including online wallets like Mycelium, using the master seeds.

2. Can I access my Bitcoin from elsewhere using my master seeds?

Example, I'm in Capetown and my Trezor wallet is in Miami, USA. How do I access the Bitcoin without the Trezor physical wallet if I needed money urgently?

3. Since it's more like a flash drive, I guess, what happens if it got corrupted by viruses? Or any malware?

I hope the questions makes some sense?

Thanks

[Charles-Tim]

1. If I store Bitcoin in Trezor and eventually I lost the device, can I retrieve the Bitcoion to any other wallets, including online wallets like Mycelium, using the master seeds.

Yes. You can use your seed phrase which you back up to recover all your coins. If you lost the Trezor, best to buy another Trezor, create new seed phrase and transfer your coins one by one using the addresses generated by the new Trezor. Know that you have to do this because of the physical attack on Trezor which can make hackers that get in touch with your lost wallet to access your seed phrase of your lost Trezor wallet. But while generating seed phrase, you can include passphrase which can help to generate different keys and addresses entirely. Anyone that will be able to generate the keys will need the passphrase along side the seed phrase, which means you will have to protect the passphrase just like your seed phrase for backup, otherwise, you will lose your coins.

2. Can I access my Bitcoin from elsewhere using my master seeds?

Seed phrase which is easier to import will be better, but also possible with the seed.

Example, I'm in Capetown and my Trezor wallet is in Miami, USA. How do I access the Bitcoin without the Trezor physical wallet if I needed money urgently?

Your Trezor wallet seed phrase is all your need. But know that if you import it on online wallet, that means your seed phrase is no more offline, so it is online and the security will decrease.

3. Since it's more like a flash drive, I guess, what happens if it got corrupted by viruses? Or any malware?

Best to protect the device you use to access your hardware wallet, but know that hardware wallets are resistant to malware. Only clipboard malware is possible, that is why it is good to check and recheck the address you want to sent bitcoin to again and again before sending. If the address change to another, that is clipboard malware.

[figliar0]

3. Since it's more like a flash drive, I guess, what happens if it got corrupted by viruses? Or any malware?

It just looks like flashdrive, but it is not. It is not holding any files you send to it, nor it's firmware execute any program from outside. It shouldn't be possible to download private key from it. It should be safe before malware.

[Saint-loup]

Good day Everyone,

I have never used Trezor or any cold wallets before even though I know it's the safest means to store Bitcoin. So, I essentially know very little about the hardware's functionality.

My questions:

1. If I store Bitcoin in Trezor and eventually I lost the device, can I retrieve the Bitcoion to any other wallets, including online wallets like Mycelium, using the master seeds.

2. Can I access my Bitcoin from elsewhere using my master seeds?

Example, I'm in Capetown and my Trezor wallet is in Miami, USA. How do I access the Bitcoin without the Trezor physical wallet if I needed money urgently?

A hardware wallet is like an air gapped wallet, it's a cold wallet. It only sends signed transactions to your computer, never private keys or seeds.
Then to understand how it works you just need to consider your hardware wallet as an air gapped wallet, not physically, but electronically I would say. With a seed of any wallet you will always be able to access your funds wherever you are but your seed and then your wallet won't be called offline or cold anymore because it could have been exposed to potential invisible threats. Then if you need to use your funds from another place it's better to not leave them anymore on your now deflowered seed.

3. Since it's more like a flash drive, I guess, what happens if it got corrupted by viruses? Or any malware?

I hope the questions makes some sense?

Thanks

All we can say is it's designed to be protected against these attacks, but you need to trust their design skills at the end.

Yes. You can use your seed phrase which you back up to recover all your coins. If you lost the Trezor, best to buy another Trezor, create new seed phrase and transfer your coins one by one using the addresses generated by the new Trezor.

No he doesn't need to buy another Trezor device, Trezor uses standard BIP39 seeds and standard derivation paths for Bitcoin : BIP44(legacy), BIP48(multisig), BIP49(p2sh segwit) and BIP84(native segwit). Then he can import his seed in any standard wallet if he loses his device.

https://wiki.trezor.io/Standard_derivation_paths

[BlackHatCoiner]

1. If I store Bitcoin in Trezor and eventually I lost the device

To develop your digital-asset related vocabulary: You shouldn't imagine that you store bitcoins inside the hardware wallet. The hardware wallet only contains the master private key which can be used to derive the private keys of the addresses that have a balance.

So, from now on, you should say that you store your keys in Trezor.

1. If I store Bitcoin in Trezor and eventually I lost the device, can I retrieve the Bitcoion to any other wallets, including online wallets like Mycelium, using the master seeds.

Yes, but I'd suggest on using Electrum, instead, as it has larger community. (And it's preferable to me)

2. Can I access my Bitcoin from elsewhere using my master seeds?

Yes.

3. Since it's more like a flash drive, I guess, what happens if it got corrupted by viruses? Or any malware?

If somehow, someone malicious gained access to it, you'd obviously lose your money. Note that there are other fraudulent ways to lose money without touching the hardware in any way such as by a trojan. Always check the address you deposit money twice!

[dkbit98]

If I store Bitcoin in Trezor and eventually I lost the device, can I retrieve the Bitcoion to any other wallets, including online wallets like Mycelium, using the master seeds.

You can import your seed words to any other wallet supporting BIP39 default trezor format, but it will then become hot wallet if you enter to Mycelium or other software wallets connected with internet connection.

Can I access my Bitcoin from elsewhere using my master seeds?

Example, I'm in Capetown and my Trezor wallet is in Miami, USA. How do I access the Bitcoin without the Trezor physical wallet if I needed money urgently?

Location is really not important and you can carry your wallet or seed words anywhere with your, even in your own head if you have good memory.

Since it's more like a flash drive, I guess, what happens if it got corrupted by viruses? Or any malware?

Trezor can't get corrupted by viruses because it's not connected with internet, and it's not used for data storing like regular usb drives.
However, there is chance that some keylogers and viruses are installed on your computer that can steal anything you type with your keyoboard.

[Dripstoil]

Thanks @Charles-Tim @Figliar0 @Saint-Loup @BlackHatCoiner @dkbit98 for the wonderful explanation and details. You guys are amazing.

If you lost the Trezor, best to buy another Trezor, create new seed phrase and transfer your coins one by one using the addresses generated by the new Trezor. Know that you have to do this because of the physical attack on Trezor which can make hackers that get in touch with your lost wallet to access your seed phrase of your lost Trezor wallet.

Seed phrase which is easier to import will be better, but also possible with the seed.

Example, I'm in Capetown and my Trezor wallet is in Miami, USA. How do I access the Bitcoin without the Trezor physical wallet if I needed money urgently?

That will defeat the purpose of the secret master seeds if physical access to the Trezor could compromise the asset. Or what do you think? I guess as long as my keys remain secret and secure, I'm good, no matter who has physical prevelage to the wallet?

No he doesn't need to buy another Trezor device, Trezor uses standard BIP39 seeds and standard derivation paths for Bitcoin : BIP44(legacy), BIP48(multisig), BIP49(p2sh segwit) and BIP84(native segwit). Then he can import his seed in any standard wallet if he loses his device.

https://wiki.trezor.io/Standard_derivation_paths

Ok. Now I get it. I've been using online wallets since 2017 and never had any issue but I think it's better to be wise and get smarter. So with the standard BIP39 I can import my seed from anywhere?

Thanks guys

[Charles-Tim]

So with the standard BIP39 and import my seed from anywhere?

I think you need to know what seed is and never get confused about it. From seed phrase, the seed is created. From the seed, the extented private key is created. The extended private key can be imported, it is recognized as the master private key on Electrum (airgapped cold storage for offline use) , but you will have to specify the derivation path for the extended private key, which can be BIP44, BIP49 and BIP84.

You can use this tool, Mnemonic Code Converter to derive anything you also want to derive. You can make use of the 'seed phrase' (generally for all the derivation path), the 'seed', (generally for all the derivation path), 'BIP32 Root Key' (specific to extended private key) to derive the extended private key (specific to address type) to generate 'child keys' and addresses.

Note: use it offline, downloading its html file is the best and run it on airgapped device. I mean the Mnemonic Code Converter.

Also, always know that it is better to backup the seed phrase instead.

[Saint-loup]

No he doesn't need to buy another Trezor device, Trezor uses standard BIP39 seeds and standard derivation paths for Bitcoin : BIP44(legacy), BIP48(multisig), BIP49(p2sh segwit) and BIP84(native segwit). Then he can import his seed in any standard wallet if he loses his device.

https://wiki.trezor.io/Standard_derivation_paths

Ok. Now I get it. I've been using online wallets since 2017 and never had any issue but I think it's better to be wise and get smarter. So with the standard BIP39 I can import my seed from anywhere?

Thanks guys

Yes you can import it in any wallet accepting BIP39 seeds, that is to say in any standard wallet. When they accept BIP39 seeds they use standard derivation paths too usually, then if your seed is accepted by one wallet but you're not able to retrieve your funds you just need to check if your wallet is using BIP44 derivation paths (or BIP84 for native segwit addresses). You can use the iancoleman page as suggested above to check if the adresses generated by the wallet are the BIP44 ones or not.

PS: Thank you for your merit Dripstoil, I'm the only one you have merited in your thread then I guess my answer has been relevant enough for you  

[Lucius]

1. If I store Bitcoin in Trezor and eventually I lost the device, can I retrieve the Bitcoion to any other wallets, including online wallets like Mycelium, using the master seeds.

Regardless of the fact that the answer to your question has already been answered and that the answer is that it is possible, my advice is not to enter your seed anywhere else except in another hardware wallet, especially if the value of the coins you keep is significant. If you can't be sure that you have a 100% clean computer (virus & malware-free) and that you know how to verify a wallet file before installation, you end up in a situation where you can literally lose everything in the blink of an eye.

[The Cryptovator]

Let's make it easier for OP. The hardware device is only secure your private keys and sign transactions using the device and PIN. Nothing else. Your fund is really stored into blockchain and only the controller is the private keys that have generated user your seed phrase. So your seed phrase is the real controller of your funds. Not the device. No matter where you are and where is your device, as long as you have the seed phrase means always you can access your fund from anywhere in the world. You can import your seed phrase in a supported non-custodial wallet or other supported Hardware wallet. Losing or exposing seed phrases means your device couldn't save your funds anyway. At the end of the day, we can say everything is your seed phrase, not the device actually.

[Lucius]

At the end of the day, we can say everything is your seed phrase, not the device actually.

We could say that is the case, but we would not be completely right. The OP specifically mentions Trezor, and it is known that this HW has a specific vulnerability that allows a malicious person who would come into the physical possession of the device to extract the seed relatively easily. Of course, the only complete measure of protection is to set up a passphrase, which again does not make much sense if it is not complex enough to withstand a brute force attack.

The seed is really crucial as a backup, but the safety of the hardware wallet as a device should not be neglected either. Not just because of what we know, but also because of what may not have been discovered yet.

[dvndr007]

Good day Everyone,

I have never used Trezor or any cold wallets before even though I know it's the safest means to store Bitcoin. So, I essentially know very little about the hardware's functionality.

My questions:

1. If I store Bitcoin in Trezor and eventually I lost the device, can I retrieve the Bitcoion to any other wallets, including online wallets like Mycelium, using the master seeds.

2. Can I access my Bitcoin from elsewhere using my master seeds?

Example, I'm in Capetown and my Trezor wallet is in Miami, USA. How do I access the Bitcoin without the Trezor physical wallet if I needed money urgently?

3. Since it's more like a flash drive, I guess, what happens if it got corrupted by viruses? Or any malware?

I hope the questions makes some sense?

Thanks

1) No I dont think you can use Trezor seed phrase somewhere else contact Trezor support they will tell you better.
2) No you can't transact without trezor, You need to have Trezor wallet with you
3) First its not a flash drive viruses will not work on Trezor if it get corrupted anyhow you can buy new Trezor and recover through your seed phrase.

Dont take Trezor so lightly its impossible to hack through it I didnt found any case till now where Trezor get hacked.