Using a Hard Wallet
This Trezor tutorial teaches you how to set up a hard wallet.
Why use a hard wallet?
Hard wallets are the safest way to store cryptocurrencies. Wallets are similar to private bank accounts and hardwallets use a private key, which is essentially a password inaccessible to everybody else. There have been no incidents of cryptocurrencies being stolen from hard wallets. Hard wallets use private keys that are not transferred out in plaintext when interacting with the internet, so there is no way for somebody else to access your private key. Additionally, even if your computer has a virus, your private key stays encrypted in your wallet and is not exposed to a hacker. The two most popular hard wallets are the Nano and the Trezor. Both are similar, but this guide will show you how to set up and use a Trezor wallet.
Which coins can the Trezor wallet store?
At the time of writing this, the Trezor can store most of the popular coins, which includes Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, Dash, Zcash, Nmaecoin, Dogecoin, and all ERC-20 Tokens. This includes 3 of the 4 Blockwolf Picks.
Where can I buy a Trezor wallet?
How do I set up my Trezor wallet?
- Install the Trezor Google Chrome Extension on Trezor website by clicking “Install Extension”. If you are not using Google Chrome, download the Trezor Bridge, which is also linked on that web page. We recommend using the Chrome Extension because it is easier to use, but for non Chrome users, Bridge works too.
2. Plug in your Trezor device. Visit https://trezor.io/start/ . Scroll to the bottom and press “No, skip it” and then “Done, Let’s go!”.
3. Go back to the https://wallet.trezor.io/ page. You may need to refresh the page. A popup to install firmware should open. Hit “Yes, install”.
4. Give your device a name and press Continue.
5. Insert a pin number. You will have to insert your pin using your numbers’ corresponding position on your ledger’s screen as explained in the video. You will then have to reinsert your pin with a new number layout on your Trezor device.
6. Write down the 24 words displayed on your Trezor device. Do not lose this set of words! You will need these 24 words to recover your Trezor in case it ever gets stolen or lost. It is also recommended to not store these words on a digital device in case that device gets lost or compromised.
7. Reenter your pin with another new number layout.
You are all set up! ?
How do I use my Trezor wallet? Note, your Trezor must be plugged in to use this process.
1. If you want to send any supported coin besides Ethereum, Ethereum Classic, and ERC-20 tokens, select the currency you want to send or receive. Hit the Receive tab to show your address or hit the Send tab to send currency to a different address. We will go more in depth on how to transfer Ethereum currencies.
2. To transfer Ethereum, Ethereum Classic, or ERC-20 tokens, go to MyEtherWallet.com and go to the Send Ether & Tokens tab and check the Trezor box. Then click connect to Trezor.
3. A popup will open. Press “Export”.
4. Check off the first address on the bottom half of the new prompt and press “Unlock your Wallet”
5. If you want to receive Ethereum, Ethereum Classic, or ERC-20 tokens, you can use your Account Address as your address. Enter that address into a withdrawals page of where you want to send your currencies from. In this example, we are showing a picture of the Binance Ethereum withdraw page. Note that most third parties charge a transaction fee to move currencies around so do not be surprised if you receive a little bit less than you sent.
6. If you want to send Ethereum, Ethereum Classic, or ERC-20 tokens, type in the address you want to send to in and the amount to send under the Send Ether & Tokens tab and generate the transaction. If you want to store an ERC-20 token, be sure to check if MyEtherWallet supports that token by looking at the list of supported tokens on the bottom right of the screen. MyEtherWallet supports most prominent tokens. If it does support your token of interest, you can use your Ethereum address to receive that ERC-20 token.
7. Note, that to generate the transaction you will need to pay Gwei, which is the name of the gas that runs the Ethereum blockchain. 1 Ether equals 1,000,000,000 Gwei so your transfer should be cheap, but it does Ethereum. If you do not have Ethereum in your wallet, you will not be able to send Ethereum, Ethereum Classic, or ERC-20 tokens. Also note that MyEthereumWallet uses the default gas price, but you can use a cheaper gas price if you do not mind waiting a couple minutes to send your transfer.
You now know how to send and receive currencies using your Trezor. Congratulations again for deciding to use a secure storage method!