I’m about to buy a Trezor but I have a few questions. I’m still confused on why one would need a hardware wallet?
I’ve seen video’s of it being setup. It provides seed keys but… Can’t these seed keys be used without the device? ie, in Exodus or Atomic or any other wallet? What if I used the seed to recover a software wallet? Would it work? If yes, then what’s the point of having a hardware wallet? I’m confused.
Please can someone explain it before I buy one.
Here’s a blog article about why you should use a hardware wallet:
Basically, it’s the safest way you can store your funds. Using an online exchange or software wallet on your phone, for instance, is risky.
If you generate a recovery seed on a Trezor then it makes no sense to use that seed in another wallet. It’s a security risk when you reveal your recovery seed. Anyone who has your seed can empty your wallet, therefore you should always keep it private and safe.
See here about recovery seed.
The aim is to keep it offline I suppose. Ok.
Would you say Trezor is used for HODL or can be used for quick trades to (bull / bear). Do I need to always get the Trezor out to trade or is there a bridge.
Apologies, im now going blind with the amound of stuff I’ve read
Personally, I’m just HODLing - for now, anyway - but a Trezor can be used for quick trades too, of course.
You’ll need to connect the Trezor every time tou want to generate a new address, and when sending a transaction out you need to use Trezor to sign it, but you may store a generated Receive address for later use too. For instance, I have a tip page on my blog with different receive addresses, where people can send tips to me. These are meant to be used several times but usually you’d want to use an address only once, for privacy reasons.
There is a Trezor Bridge you should install but that can’t be used without the Trezor, it runs in the background on your PC as a process called “trezord”.
Ok. I’m getting the picture.
So, I have assets I HODL. I shall start by securing them.
I also read Exodus is compatible and will have a look at that too. You’ve been really helpful, thank you.
Thanks! Happy to help.
One more thing - I noticed that your nickname here is mininghardware. If you do mining, be aware that a hardware wallet as Trezor is not suitable to receive a lot of small Bitcoin transactions, typically from mining. You should instead accumulate any mining transactions in a software wallet or on an online exchange until the total amount is larger, say $1,000 or so, and then transfer that amount to your Trezor.
Ah yes, we mine and yes, the mining goes into a dump wallet and its distributed accordingly. Good to know and sounds sensible.
I do have another question. I know most if not all ERC20 tokens are supported, so, If I just use the addresses generated by Trezor, and send to that, will it automatically know the ticker etc? SHIB as an example?
Yes, all ERC20 tokens are supported by Trezor.
Here’s a guide I made for how to add LINK in Trezor Suite. It’s the same for SHIB, just use the ERC20 address for SHIB instead of LINK. It may work to just transfer SHIB directly too, and it’ll get its token name automatically in Trezor Suite, but I haven’t tried that (yet).
Note that if you create a token name in Trezor Suite, but don’t use it and close the program, it’ll be gone when you open the program again. All tokens with zero balance are removed automatically when the program is closed, so you should wait to add the token until you’re ready to do a transfer to your Trezor.
You don’t need to tip me, if you’re satisfied with the answer then I’m happy. But if you insist, my blog address is in my profile here and there’s a tip page in my blog (which is just begun, BTW). Thank you!