“Note: To receive a transaction on addresses generated by the Trezor device, the device itself does not need to be powered-on and connected. Once you generate a receiving address, you can write it down or print it, and later use it to receive transactions at any time. Using the device is later required only to spend from the previously used address.”
Great, so I can leave the gizmo home and if someone wants to pay me in crypto (I own a business) I can pull out a paper copy of the proper QR code and we’re all good. I don’t have to do anything else. Except (right below that) it says:
"You may also use the Show new address button to generate multiple receiving addresses. This can help you in keeping track of your payments as well as maintaining a high level of privacy. For additional privacy, read also Using multiple accounts.
Note: It is possible to repeatedly reuse any of the receiving addresses generated in your account. However, this practice is not recommended."
So if I want to set up multiple addresses (for example one for trading, one for mining, one for sales) how does that work? Aren’t they all separate addresses on the blockchain? Wouldn’t that mean that I’d have to pay transaction fees if I need to combine them? Or if I wanted to buy something that say cost 3 coins, I’d have to do a separate transaction from each “wallet”.
Or are these addresses “sub-wallets” like would exist on an exchange with their “master wallet” and your personal “sub wallet”?
Like I said, total noobie questions, I just can’t find the answers.
For each supported cryptocurrency, Trezor can manage multiple accounts. This functionality allows easier tracking of balances and managing your cryptocurrency identity. To enhance the privacy of your transactions, you can use multiple accounts, each with a specific purpose.
Like there are many accounts in a wallet, there are many addresses in an account. You can send your coins to any of the addresses listed under an account, and you can spend them altogether in one transaction when using that specific account. (This is in contrast with accounts — you cannot spend coins in one transaction when sending from different accounts.)
For more information about this topic please have a look at the article on our blog:
That was exceedingly helpful. Thank you. Might I reccomend to “the powers that be” that you have some interns go through your documentation and add in references to your blog articles under each topic?
So now just to be sure I fully understand…(using bitcoin as an example):
I set up my trezor (blank passphrase) => Wallet #1
I create a passphrase => Wallet #2
Under each Wallet I can create multiple Accounts each with multiple addresses
So for Wallet 2 I could do the following:
Create Account 0 with the following addresses:
One for Nicehash “mining” - Nicehash sends my payments to this address
One for my business so people can pay me in crypto
One for ASIC mining so I can fire up a billion ASICS and dominate the BTC world sending my mining results there
Then for the purposes of actually using all that bitcoin (rather than just drooling over it) Account 0 is treated as a single “send address” so I only have to make 1 transaction to buy that yacht.
If I decide to create a separate account (say for trading on an exchange) anything there is completely separate and effectively has no connection to Account 0 (as if 2 checking accounts in 2 different banks).
Each time you log into your trezor you will be shown an address that you previously used you can keep using that one OR generate a new address. When you generate a new address it does not mean you are paying fees to combine them. You are just not reusing your old one. All the addresses generated are under your private key that is holding your total funds.
yes you got it right. When you have two separate accounts, they are completely independent, save from the fact that they are generated from the same seed.
The flow of derivation is as follows:
Recovery seed → Account private key → Private key → Public key → Address
Public-key cryptography ensures that it is not possible to go backward - knowing the address does not make it possible to find the associated public key, private key or recovery seed.
sending my mining results there