If you are in any way familiar with the use and function of Bitcoin on the web, you are more than well-aware of the fact that most users opt for storing their bitcoins in some sort of web-based wallet or safe. This has been one of the only methods of safe-harboring bitcoins since the currency’s inception, but with recent changes to the way hackers and fraudsters work, it is becoming clear that web-based bitcoin wallets are not as safe and secure as once believed.
For those out there who would like to utilize bitcoin, and even those who utilize it already and are looking for a safe place for storage, Trezor may be the answer to all of your security concerns. In essence, Trezor is nothing more than an added layer of protection sheltering you from any and all unscrupulous characters who might be attempting to access your bitcoin stash. Protected by a security key only known to you and existing as a separate piece of hardware from your computer, Trezor provides more protection than you will probably ever need. By protecting any and all outbound bitcoin transactions, Trezor actively thwarts keyloggers and other hackers from being able to access your wallet and stealing or otherwise making use of your money without authorization.
Trezor is not a computer program or any type of software that is downloaded to your computer, but rather, it exists as a separate device quite similar to a small external hard drive. Most Trezor devices come packaged in a small box and are accompanied by a short micro-USB cable used to connect the device to whatever computer you choose. The actual Trezor device is quite small, made of plastic, and unassuming in nature. What’s more, it is small enough that it can be safely stored in anything from pants pockets, to a suitcase, and even in a bookbag or work bag.
The installation process for a Trezor is by no means difficult, but there are certain steps you must take in order to install the device successfully. Being that we are dealing with a device intended to provide security, a few red flags would be raised if the installation process were quick, simple, and straightforward.
After you have connected the Trezor device to your computer, your next step is to download a browser plugin known as myTREZOR. Once myTREZOR has been successfully installed, it will prompt you to enter a PIN. Instead of physically typing in numbers, however, the myTREZOR webpage will simply ask you to click numbers on a keypad that has been scrambled. The PIN you utilize will then be used on your Trezor device, but each and every time you enter the PIN on the device the number layout changes, meaning that keyloggers and other hackers would be physically unable to steal your PIN because it changes each and every time you log in.
Once your PIN has been set, you will then need to take note of a 24-word seed that can be utilized in the event of you losing or misplacing your Trezor. It is particularly important that you take note of the 24-word seed as it is the only method by which you can recover your bitcoin wallet should the Trezor become compromised. As far as what wallets can be of use when attempting to utilize the 24-word recovery seed, Satoshi Labs, which created Trezor, confirmed that the accepted wallets are as follows: Mycelium 2.0, Multibit HD, and Wallet32.
The price you will pay for a Trezor device ranges from seller to seller, but the baseline cost is typically in the $100 range. This is an extremely affordable option for safeguarding your bitcoins, as there are horror stories of people losing thousands and thousands of dollars because the security of their trusted bitcoin wallet was compromised.
For the online casino enthusiast, Trezor presents you with perhaps the safest and most secure way by which you can transfer funds to an online player account. The initial setup of a Trezor device will take you in the realm of 15-20 minutes, but every subsequent use of the device will be as simple and painless as it can possibly be.
Depositing via Trezor is different from web-based bitcoin wallets in that you need to provide a bit more authentication. In order to verify outgoing transactions (deposits at online casinos), you will be prompted to enter your PIN on your device and subsequently verify that the amount you are sending as well as the address you are sending it to are both correct. In most cases, online casino users utilizing Trezor do so in order to avoid having all of their bitcoins located in one, vulnerable spot. If you have 50 BTC but are only seeking to deposit 5 BTC, you are able to use Trezor to transfer the 5BTC to your bitcoin wallet so that you can then deposit it into your player account. In this hypothetical example, even if your bitcoin wallet was compromised after you executed your deposit, the hackers would be left with nothing to take as the 5 BTC is already in your online player account, and your other 45 BTC is sitting safely on your Trezor device, protected from anyone and everyone.
You can never underestimate the prowess and ability of unscrupulous internet hackers. Utilizing Trezor is just one way to stay ahead of the game and protect your money. Bitcoin is still very much the Wild West as far as currencies are concerned, and that leaves you with all the more reason to stop at nothing to make sure that every bitcoin you own is safe and secure at all times.