In this article we will take a look at two of the best crypto hardware wallets on the market: The Trezor One and the Trezor Model T.
Security is one of the most important things to consider when it comes to buying cryptocurrencies and holding cryptocurrencies. Billions of dollars are stolen every year in the crypto space. There are numerous scams where the scammer is trying to get access to your wallet in order to drain all of the crypto that you have stored in your wallet.
These scams usually work because your wallet is connected to the internet via wallets like Matamask and Trustwallet. I am not saying that these types of wallets are not safe. You just have to be very diligent (i.e. use a VPN, store your seed phrase offline, etc.)
One of the best ways to keep your crypto safe is to use a “cold wallet” or a “hardware wallet”. This is a crypto wallet that cannot be compromised because of the fact that it is not connected to the internet.
A cold wallet works by storing your crypto address and private key offline and it can only be accessed in conjunction with compatible software on your computer. You can think of it as your own personal bank and vault that no one can access but you.
Choosing the Right Hardware Wallet
So now how do you choose a hardware wallet that you know is going to be safe, reliable and affordable? Here are the criteria I chose when looking for the right hardware wallet.
- Hardware and Reliability
- Security
- Features
- Supported Cryptocurrencies
- Price
- What is Trezor?
One of the best hardware wallets around is Trezor. Trezor has been around since the early days of crypto. Their first generation wallet which is called Trezor One was launched in July 2014. The next generation waller which is called the Trezor Model T was launched in February 2018.
In this article I am going to compare the Trezor One to the Trezor Model T so you can determine if either of these is right for you and your cryptocurrencies.
Trezor Wallet Hardware and Reliability Comparison
The first thing we want to look at is how durable are the devices? Can they be damaged easily? Can I travel with the wallet without worrying about it getting damaged?
Trezor One Hardware
The Trezor One wallet case is made of ABS plastic which is good at preventing any type of physical damage. ABS has a high tensile strength which means that it is resistant to physical impact and it is resistant to chemical corrosion.
This wallet does not run on batteries. It uses power from a USB. The wallet has a ARM Cortex-M3 processor with 120MHz which is used for high-performance devices. The wallet also uses a STM32 F2 high-performance microcontroller.
The Trezor one is secure from damage and is a high performance wallet.
Trezor Model T Hardware
The Trezor Model T’s hardware is slightly different than that of the Trezor One. The wallet’s case is made of ABS/PC plastic. The combination of these two components makes the outside even more durable and safe from damage.
The Trezor Model T uses the next generation processor which is the ARM Cortex-M4 processor with 168 MHz. and an STM 32 F4 microcontroller built-in. The performance is meant to be faster than that of the Trezor One.
Another cool feature is that this wallet has a SD card slot. The SD card slot is used to encrypt files. You can store encrypted files on the SD card and they can only be accessed if you have the wallet and the associated PIN code..
The wallet uses a micro USB-C port so it is compatible with every computer and most smart phones.
Who Wins the Hardware Comparison?
Overall, both wallets are very durable against damage. They are both high performance. The edge goes slightly to the Trezor Model T.
Trezor Wallet Security Comparison
One of the main reasons to get a hardware wallet is for security purposes. Here are the four items that I looked at:
- Crypto Storage
- Password Management
- Seed Phrase and Keys
- Crypto Address - Send/Receive
Crypto Storage
Both the Trezor One and the Trezor Model T offer a “cold storage” solution which means that your wallet is not connected to the internet which is a great security feature.
Seed Phrase and Keys
The seed phrase and keys for both models are generated offline which make both secure in that fashion. One big difference between the two is if you need to restore your security key. The Trezor One needs a keyboard to make this happen so it has to be connected to a computer or phone. The Model T can do this without a keyword or mobile device which makes it more secure.
Password Management
The nice thing about the Model T is it offers a password manager and a 2 factor authentication method which can be used to keep your other apps safe and secure.
Crypto Address - Send/Receive
Sending and receiving crypto is one of the basic functions of a wallet. When using either model, you will need to confirm the address when sending out any crypto to another wallet. The Model T has a nice, high-definition color screen on it so it is much easier to read the address when confirming.
Who Wins the Crypto Storage Comparison?
Overall, both models are very secure. But the Model T has been slightly upgraded to make it even more secure than the Trezor One.
Trezor Wallet Feature Comparison
The biggest feature upgrade from the Trezor One to the Trezor Model T is the touchscreen on the Model T. This really increases the usability of the wallet and also the security of the wallet.
The Trezor One has a 128x64 pixel OLED display and there are two buttons available that allow you to navigate throughout the device.
The Trezor Model T has a color touchscreen which is larger than the screen on the Trezor One model. This touchscreen feature gives you the ability to interact with the wallet without the need of a keyword via a computer or smartphone.
To me this was the biggest standout feature between the two wallets. All other features such as Operating System compatibility (Windows, Linux), hot wallet and token standard support are very similar.
Who Wins the Feature Comparison?
The Model T gets the victory here because of the color touchscreen which makes the wallet easier to use and make it more secure.
Supported Cryptocurrencies Comparison
This is another important item to look at when trying to decide which wallet to purchase. Both wallets support all major cryptocurrencies. The Trezor One wallet supports over 1,000 crypto tokens and coins. The Trezor Model T wallet supports over 1,800 crypto tokens and coins.
Although both wallets support popular cryptocurrencies like Bitcoin, Ethereum and Tether, only the Model T supports Cardano and Ripple. The Trezor website has a full list of all supported cryptocurrencies.
Here are the major cryptocurrencies supported by the Trezor One and the Trezor Model T
Who Wins the Supported Cryptocurrencies Comparison?
Both models support over 1,000 cryptocurrencies which is great but of course if you had a choice, it would be better to have the wallet that supports over 1,800 crypto coins and tokens. In this case, the Model T wins out the supported cryptocurrencies comparison.
Trezor Price Comparison
There is a bit of a price difference between the two wallets but both are still affordable in my opinion especially since you will be relying on this wallet to store your crypto.
The Trezor One Wallet starts at $55 and the Trezor Model One starts at $169.99.
Final Overview
Both the Trezor One wallet and the Trezor Model T wallet are both great hardware wallets. They are both very durable and both are high performance devices.
The Trezor Model T does have some advantages. The color touchscreen is one of them. The security features have also been improved with this version. Finally, the Model T supports over 1,800 cryptocurrencies.
Even though the Model T is priced higher at $169.99, I have to say that it is my preferred choice in this case.