How to set up a hardware wallet is a question you should ask yourself very early in crypto. It means you’re moving in the right direction with securing your crypto assets. When we talk crypto and NFTs you have to bring up security.
Even though there are a variety of things you can do to secure your assets, you can easily get scammed or hacked due to things that are not your fault. One of the most famous hacking groups in the entire crypto-sphere known as the Lazarus group was able to steal $620 million in the cryptocurrency Ethereum just this year.
In a separate scam by another set of hackers, those hackers were able to skim bitcoins from customer accounts stealing over 740,000 bitcoin (approximately 31 billion dollars today) over a number of years. All without the customers having any idea and without any fault of their own.
One of the ways to improve your crypto security with little cost is to have a hardware wallet. A hardware wallet or cold storage device is a type of cryptocurrency wallet that stores your private keys in a physical device that you can keep with you and is not connected to the internet.
Hardware wallets work to keep your crypto and other assets like NFTs protected by storing the private keys to access your wallet, keeping them offline so they are not vulnerable to hacking. Whenever you need to access your coins and digital assets you can safely unlock your cold wallet and interact with them through the wallet’s interface.
Recently, NFTs have emerged with many pioneering technologies for gaming, art, and collectibles. And of course, with all the popularity of NFTs scammers weren’t far behind. There have been a lot of fake accounts, discord hacks, and new malware that have emerged which are specifically designed to take advantage of your information to gain access to your wallet.
When it comes to which hardware wallet to use there is a variety of good selections like the popular Trezor or Ledger. But for this setup guide, we will be focusing on the Trezor Model One. If you want to see a similar guide with other wallets let me know!
With that said, in this post, you will learn how to set up a hardware wallet (Trezor Model One) in 7 easy steps, as follows:
- Establish a connection Trezor wallet
- Install the latest Firmware
- Create a new wallet
- Create a Backup
- Name Your device
- Set up a Pin
- Activate coins
How to set up Trezor Model One
Trezor devices are compatible with Windows 10 and newer, macOS 10.11 and higher, Linux, and Android OS with OTG support. The photo below shows what is contained in the original Trezor Model One package.
Be sure to buy a Trezor or any hardware wallet from the official retailer. There’s a very common scam where hardware wallets that are preloaded with viruses pose as original but in reality, they are cheap or second-hand hardware wallets.
Ensure that your package is sealed with the tamper-proof seal and that there are no signs of tampering. Supply chain hacks are common because scammers know that you will be using the hardware wallet to store your most valuable assets.
This creates an opportunity for scammers to target the vulnerability in second-hand sales of hardware wallets. Most hardware wallet websites warn of phishing websites posing as them or their team. No reputable official vendors will ever ask you for your seed phrase or any other private information about your hardware wallets.
Step one: Establish a connection with the Trezor wallet
There are currently multiple ways to make your hardware wallet communicate with Trezor’s wallet software. I utilized the option to download the Trezor Suite in order to set up my wallet. There is also the option of installing Trezor Bridge to allow your Trezor device to communicate smoothly with the Trezor Wallet website.
Trezor recommends it as the most optimized solution that is compatible with Chrome and Firefox browsers. Should you choose to go this route, when you go to the Trezor Wallet website, you will see a page with a download link. Download the Trezor Bridge and follow the instructions on the screen.
Step two: Install the latest Firmware
Plug in your Trezor device and go to the Trezor Wallet website or Trezor Suite desktop app. The Trezor company recommends plugging the Trezor device directly into your computer instead of using a USB hub. When you have successfully established the connection between your Trezor device and Trezor Wallet you should see the screen above prompting you to install the latest firmware.
If your device came with the firmware already preinstalled, do not use it, and contact Trezor’s support immediately! Their devices always come without anything preinstalled. The first thing you will be asked to do once connected to Trezor Wallet is to install the device system – firmware as shown in the photo above.
This is done to ensure that the latest firmware is in place when initializing a new device. Leaving this step to you also enables you to check the legitimacy of the firmware.
On your device, simply click on
. Once the installation is finished you should see a screen like in the above photo. Unplug and re-plug your device and continue to the next step.Step three: Create a new wallet
After the firmware is installed successfully, unplug and re-plug your device and you will be greeted by a welcome page on the Trezor suite. When you select to create a new wallet, the screen above should show up on your device.
Simply click on
. Once you create a new wallet, you are pretty much ready to use it. Although Trezor is ready to be used now I recommend you continue with the entire setup process. This is to ensure the maximum safety of your Trezor.Step four: Create a Backup
After creating a new wallet the next step is to click on create a backup and prepare to write down your recovery seed on the specially designed cards included in the package. You will be presented with a random set of English words, each displayed on the screen of your device.
Note that the words for the seed phrase will only be presented to you twice in a row and then never again. It is not possible to get to the seed or have the device display the words ever again. Pay close attention to every word and make sure you write it down correctly and in the right order.
Push the right button on your device to see the next word of your recovery seed. Carefully write down the words in the exact order they are presented. Once all of the words are recorded in the recovery card, your Trezor device will display the 24-word recovery seed again so you can verify the correct order and spelling.
After successfully creating a backup you should see the screen above on the Trezor suite. If the backup process fails because of some unexpected circumstances, do not worry. Follow the instructions in this article: Recovery seed backup fail.
Step five: Name your device
This is not a mandatory step but giving your device a unique name to make it distinguishable will help you quickly identify your device and make it easier to select it in Trezor Wallet, especially if you use multiple devices. The maximum length of the name is 16 characters.
Step six: How to set up a hardware wallet pin
A PIN protects your Trezor device against unauthorized physical access. After you create your backup it is recommended to set up PIN protection as soon as you initialize your device.
Enter your PIN by clicking on an obscured numerical pad as shown above. The layout revealing the position of the numbers is displayed on your Trezor device. Every time you are prompted to enter the PIN the layout changes. Recommended PIN length is four to six digits without repeating digits. The maximum PIN length is nine digits.
Step seven: Activate Coins
At this point your wallet is set up, your new wallet is created, your device has a new name and you set up your pin. All that’s left to do is to activate which coins you want to show up on your Trezor suite home screen dashboard. Simply click on the coin of your choice to select it and click on it again to unselect.
If you are using the Trezor web wallet create a bookmark in your browser to enable easy access to the Trezor Wallet interface. This is so that you will be able to avoid unnecessary googling and distractions trying to get you to a fraudulent site. The fewer opportunities scammers have to trick you the better.
Your hardware wallet is now set up and ready to use, congratulations! For more info regarding your hardware wallet check out How do crypto hardware wallets work and are you actually safe?
The Review
Shadow Tactics: Blades of the Shogun
A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine.
PROS
- Good low light camera
- Water resistant
- Double the internal capacity
CONS
- Lacks clear upgrades
- Same design used for last three phones
- Battery life unimpressive
Review Breakdown
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Design
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Performance
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Camera
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Battery
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Price