Bitcoin is considered to be fastest growing Crypto Currency which is also getting popular among Indian marketers after Prime Minister banned ₹500 and ₹1000 currencies. Many online websites started using bitcoin as their payment options and now even Revenue Shares like MPCA, FBRS etc have realized the potential and they’re fully focusing on BTC instead of USD.
Value of 1 BTC was around $425 in December 2015 and now it has touched $1080. Which means, those who held their BTC over the year earned 250%+ returns by doing absolutely nothing. This trend and demand will only rise in coming years resulting in increase of BTC value.
But we must not only earn Bitcoins but also need to keep it safe from hackers. Even though online wallets can be secured with 2FA and everything, it can still get hacked. Also there is a chance that BTC wallet itself stop their service. Recent news relating to USA based wallet Coinbase is also showing the need for another way of storing bitcoins.
What is Trezor?
Trezor is a hardware bitcoin wallet which helps you to store, receive and send bitcoins like normal online wallets but with better security. No matter how unprotected your computer or online wallets might be, your bitcoins are always safe with Trezor as it never exposes your private keys. You can send coins only by connecting this device with PC or Phone which gives extra layer of security.
This device is highly recommended to those marketers and program admins who dealing with huge amount of Bitcoins as its much safer than online based wallets.
Where can I purchase Trezor?
How to Setup and Install your device?
- Connect the device with your computer using USB cable and goto MyTrezor.com.
- If you’re using Google Chrome browser, you need to install a plugin.
- For using Trezor with other browsers, you have to install ‘Trezor Bridge’. It enables your internet browser to communicate with the device. This process will only take a minute and once its installed, Trezor Setup page will load automatically.
- There is no login ID or Password. Instead of that, every time you connect Trezor to a computer, it will ask for 9 digit PIN which will be showing in device. You should match the PIN given in Trezor with computer in order to login or send funds to another wallet.
What if I lost this device?
While installing Trezor for first time, they will ask you to write down 24 random words (Recovery Seed) displayed in the device into a small paper which is provided along with the device. Note down these words and keep that paper safe offline.
There is a possibility that your Trezor device gets stolen, damaged or lost. Your bitcoins will be safe in your wallet no matter what and you can recover it by using this ‘Recovery Seed’.
How can I Receive Bitcoins?
Once you completely installed the device, you can do normal transactions from MyTrezor.com. Select your wallet and click Receive option to find your BTC address. You can also add multiple address, label it and use those for different purposes and to avoid confusions.
How can I send Bitcoins?
Make sure you’ve connected Trezor with computer. Now goto your wallet and select Send option. Enter the BTC address, Comment, Amount in BTC or USD, choose fee category and click Send.
Now you have to enter the PIN shown in Trezor device. After that, verify the address & amount and confirm the transaction with device. Once you confirmed, amount will be debited from wallet.
Certain things to remember:
- You can login and send bitcoins only by connecting Trezor to computer or Phone.
- By Synchronizing your wallet with Dropbox, you can label each bitcoin transactions.
- Except for MyTrezor.com website, you can use your Trezor device with other bitcoin wallets like Copay, Electrum, Encompass, Mycelium etc. More details can be found HERE.
- This blog only gives basic idea on device. If you need more info, visit Official User Guide.
If you have more questions, Contact Me or comment below.