Do you know that there are two types of wallets available that can store the digital assets of the trader? If you do not know about this then you are at the right article because this blog will tell you about the two types of wallets and a few details about one hardware wallet, Trezor Wallet.
There are mainly two types of wallets available in the crypto world for traders. The first is Cold storage wallets (also known as Hardware wallets). In these wallets, the assets are stored in an offline mode. For instance, Trezor Wallet is an example of this wallet. Though it does not ensure that there will not be any crypto-related crime it does minimize the risk of getting your wallet hacked.
And the next type of wallet is a Hot storage wallet. An example of it is MetaMask Wallet. Here we store funds online. It is riskier in comparison to the hardware wallets. It is so because the funds that are stored are more likely to be hacked. Thus to solve this issue these Cold Storage Wallets were launched.
Now in our further section of the blog, we will tell you more about hardware wallets.
As we have already discussed earlier that Trezor Wallet falls under this category. It is a small hardware device that can be carried easily anywhere. In this wallet, you can store your cryptocurrencies by using your private keys. Trezor was the first hardware wallet that was introduced to crypto traders. Thus the security measures available on it are best. In the year 2014, Trezor was launched by the company called SatoshiLabs. And since the private keys are also stored in the hardware wallets this makes them more secure because if your mobile device were to get hacked all your account passwords will be at risk then. But in this wallet, there is no such risk. To know more about the risks of this platform refer to the Trezor.io/start webpage.
As we are already aware that it is a small device, so, understandably, there is no chance of its interface being difficult. It even supports a numerous range of cryptocurrencies. To enhance the security level, this wallet creates a total number of 16 shares of all the digital assets that are stored in it by the user. Due to this, if there is any case when the device is lost and to gain all the assets, this function is used. And if you are thinking that the only function of this wallet is to store the currencies then you are mistaken. Because the transfer of assets to popular crypto exchanges is also possible from this wallet.
Trezor Wallet also provides the user with its own Secret Recovery Phrase. This phrase will be highly useful in those cases when the user will desire to store a large amount of Bitcoin. And if we talk about device compatibility then it is not wrong to say that the wallet can be run easily on the desktop of the user.
The Bottom Line
If you still want to know about the Trezor Wallet, then refer to the website Trezor.io/start will be a good option. And for those who are confused about the setting up procedure of it, you can use the user manual that has been provided along with the device.
