So I got my trezor safe 5 and used the default 20 words seed backup.
What I want to know is
will these keys be forever saved for many years to come? I.e it won’t tell me in 2040 if I wanted to get into my wallet with a different cold wallet that the seed expired or anything?
let’s say I lost my hardware wallet and urgently need to access my crypto.
…which hot wallet supports the 20 word seed that I could use to get back into the wallet? Isn’t metamask 12/24? (I use solana and Ethereum only)
I always send/receive through scanning qr codes and further double checking the correct address…has anyone faced an issue where even after these safe checks…their coins got sent to another address
The keys on your Trezor Safe 5 20 word single-share backup are based on the open source SLIP-39: Shamir’s Secret-Sharing for Mnemonic Codes standard, which outlines how to recover your seed, and can be accessed here by anyone. The open source nature of SLIP-39 and all of Trezor’s hardware and software is a significant advantage for your backup’s longevity because if you want to use a different wallet, the developers of that wallet would just need to ensure compatibility with this standard. The backup can never expire as long as someone is using this standard.
Yes, your 20 word backup already has software (hot) wallet support! Rabby Wallet supports SLIP-39 20 word backups for Ethereum, and Nu.Fi wallet is expected to implement it for both Solana and Ethereum by the end of 2024. We continue actively encouraging enhanced backup support integration into software wallets through a bounty program.
By the way, we have led the charge on creating new standards for backing up crypto wallets before. Back in 2013, we introduced our now-legacy backup standard (12 and 24 words backups) and the rest of the market followed our lead. We believe this is poised to happen agan given the 20 word seed’s enhancements to flexibility and safety of backup storage and creation for all users.
Using the QR code and double or even triple checking your address as written on your Trezor’s trusted display (aka the touch screen) is an important step to being safe when sending or receiving crypto. Because your Trezor’s trusted display displays the exact addresses it uses in transactions, you can rest assured that making these checks properly (comparing every character in the address, confirming the cryptocurrency amounts match what you intended, adjusting your reading glasses when necessary, etc.) will ensure that your coins are not sent to the wrong address.
I hope this is helpful, and please feel free to respond if you have any more questions.