Trezor One Hardware Wallet Set-Up
Hey everyone, so you’re starting out with crypto and want a cost-effective and solid hardware wallet that gets the job done?
Here’s the Trezor One.
This device was released in 2014 and while it might not come with all the bells and whistles of Trezor Model T it is the original crypto hardware wallet and will serve you well.
The Trezor One is currently coming in at the ballpark of $100 NZD.
This might seem pricey but if you have significant investments which you wish to hold long-term (even $500), it’s a no-brainer you should be using a hardware wallet.
This old-school hardware wallet can support Bitcoin, Ethereum, Litecoin, Stellar and numerous ERC-20 tokens through MyEtherwallet (no XRP here though, sorry guys).
If you’ve purchased a Trezor device recently through a third party, I would suggest heading over to our article on how to tell if your hardware wallet is the real thing. You can find this here. That said, if you’ve purchased directly from Trezor/SatoshiLabs, this shouldn’t be a problem.
You’ve unboxed? You’re good to go? Let’s do it!
First thing you want to do is connect your Trezor One to your computer using the micro-USB cable that came with the device.
The cable that comes with it is a little short so if you have a longer one, use that. Just be aware some cables have lower capacity and some also won’t work with USB hubs so it’s best to plug directly into your computer.
Ready to go? Open your web browser (Google Chrome or Firefox is advised) and head to trezor.io/start.
From here you want to click Trezor One. Next, you’ll see a screen reminding you to check that the holograms on the box match the image.
This is not the time to take a ‘she’ll be right’ approach. If anything looks off, don’t go any further and contact Trezor Support.
Once you hit ‘Continue to wallet’, you will be taken directly to the…well the wallet. But we’re not done yet.
First, you’re likely to be asked to update to the most recent firmware as you can see below. This is just like updating your phone or computer to the newest software and means you’re going to get the best experience out of your device so go ahead and click ‘Show details’.
You’ll see a prompt on your Trezor asking you to confirm you wish to update the firmware and once completed, you will see the following on your display.
While updating, you’ll also see the following on your desktop.
Once it’s all done, follow the prompt on your device and unplug it. Then, plug it back in again.
Next, you’ll be back at the wallet but this time, it’s going to remind you that your Trezor is not backed up. The images below show what you will see on the desktop and on your device.
Before we go through that, grab a pen and one of your recovery phrase cards that came in the box.
I actually recommend completing them both and keeping them in different locations for safety sake.
As soon as you have funds stored through this device, if you forget your password (which we will set up soon) or lose your recovery phrase, there’s very little chance of recovering those funds at a later date.
If you’re ready to go, click ‘Create a backup in 3 minutes’.
You’ll be greeted with the screen below. Take heed of everything and once you’re happy to go ahead, click the ‘I understand and agree’ box and hit Continue.
Now, we’re getting there. On the next screen, you’ll be prompted to write down your recovery phrase. This will be displayed on the device itself.
On the Trezor One, you will have a 24-word phrase. Please ensure you write this down in the order it’s delivered in as this is very important.
Please also ensure you do not disconnect the device during this process.
Your first word will appear on your Trezor as per below. Write it down in the first spot on your card and click next.
Continue on with all 24 words (this certainly took me more than three minutes but close enough).
Attention back to your desktop. You will now see the screen below asking you to confirm the phrase again on the Trezor.
All you need to do here is click through and ensure that the words are correct and in the same order on paper as they are on your device.
Once you’ve confirmed that, you’re nearly good to go.
Go ahead and click ‘Continue’.
You’re now going to be prompted to choose a PIN.
This is where it gets slightly tricky as you will need to enter the PIN on your desktop but gather the numbers from your device.
The numbers that appear on your device will not be in a standard order as you can see below.
You need to enter them onto your desktop as you see them on the device. Just be aware that when you’re required to enter your PIN a second time, the order will change.
You’ll then be congratulated for setting up your PIN. Hit ‘Continue’.
We’re almost done setting up team!
You’ll now be prompted to name your device. This is a handy feature should you own more than one but if you don’t, you can call it whatever you like.
Hit ‘Continue’ and you can name your device.
And I think to myself…what a wonderful name.
You can now bookmark the Trezor site to avoid phishing etc which a nice add-on from their end.
You’ll be asked if you’d like to sign up for the Trezor Newsletter, up to you.
Continue through, and done.
Click ‘Finish’ and you’ll be taken back to the wallet which is now backed-up and ready to use.