One standard wallet OR multiple secret wallets ▫

Hey Guys, I am a newbie to using Trezor T and cryptos in general. Here is what I want to do:

  • Create 4 personal accounts for members in the family for them to hold cryptos in their trading account
  • 2 x Company/Business accounts to hold cryptos

From what I gather, I could use the wallet.trezor.io, enable Labeling (setup dropbox) and create multiple accounts for each of the companies and members in the family. This will be using the Standard wallet with multiple accounts within as required.

Another option I see is to create multiple secret wallets - one each for every individual and company. I do understand that each secret wallet will have its own unique passphrase to identify them.

What would you experts recommend?

Hi @sridhar9620

To achieve maximum privacy, different wallets with different passphrases should be used. Less secure option is to use one wallet with multiple passphrases.

Labeling is not a secure feature, it only helps to keep your accounts named if you like.

Anyway, if you don’t have an absolute trust in people you share your wallet with, then don’t do it. Ask yourself: Would you give them all full access to your bank account?

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Hi:

I am also new here, so this may be an obvious question piggybacked on the above.

I’m in a similar situation which is that I have personal accounts and some corporate accounts. All under my name/control so privacy is not the issue per se. However, I find the terminology here a bit confusing.

Basically, my question is can I create a wallet for myself and each corporation, keep them separate, but do it all on one device? And keep it clear which is which?

Thanks
Bill

Hi @MayBeSane,

It’s possible to create multiple Passphrases under one wallet on the same Trezor device. These Passphrase protected “subwallets” are Hidden and will be named “Hidden wallet #1”, “Hidden wallet #2” and so on. I don’t remember - I’ve only made one Hidden wallet once myself - but I don’t think you can rename them (currently) though so you’d need to keep a separate record of which is for what use.

I’ll try my best to explain through an example:

  1. Create a number of Hidden wallets. For this example, we say three.
  2. Say you’ll use Hidden wallet #1 for personal use, Hidden wallet #2 for corporate account’s use and #3 for another corporate account’s use. You’ll write down which is used for what.
  3. Move funds from the Standard wallet (or other place you have your funds) to the Hidden wallets.
  4. Tell the Passhrase of Hidden wallet #1 to the one(s) who are going to use it. Maybe your wife gets access to Hidden wallet #1, with you. The same for the other Hidden wallets. An accountant in company 1 may have access to Hidden wallet #2 and another accountant in a second company gets access to Hidden wallet #3. These people will only be able to use the Hidden wallet they have the Passphrase to - and the Standard wallet, so if you don’t want them to access funds in the Standard wallet then you should empty it by moving all the funds to one of the Hidden wallets. All people using the Trezor device must also know the PIN code, if you use that (and you should).
  5. When the wallets are in use, the person(s) using them must have access to the Trezor device, to confirm transactions.

However, as @pavel said above, this is a less secure solution.

As you can see from pt. 5, it’s not optimal that the device are sent between multiple people every time they need to access a wallet. So it’s much easier with each person using their own Trezor device.

Also, if a Passphrase is forgotten then there’s no way to access the funds in that Hidden account - not even with your private seed. So using a Hidden wallet is an extra safety, but risky. It’s entirely dependent on you, the user, to remember the Passphrase.

Note that a Passphrase is case sensitive, so small and large letters are different. Space is also a valid character. A Passphrase must be entered exactly as it was created!

Read about Passphrases and Hidden wallets.

Okay, thanks for that.

For accounting purposes, I don’t think anyone needs access to my wallets, even me. I keep spreadsheets for that. I would only see accessing the hardware as such for moving stuff around.

If I can do it all on one device, I’m then tempted to get the better model T just for ease of use. I wouldn’t be doing that if I needed three or four devices.

Thank you.
Bill

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Glad I could help. It’s possible to do it like this, and maybe also practical if you’re the only one that is going to use the Trezor device, but I wouldn’t recommend it if others are going to use the device too.

It’s possible to mirror one device to another though, if you need the same account & wallets on more than one device. However, trust is important if others are using your accounts.