Beginner Guide To Setting Up Your Hardware Wallet (Trezor)
The Safest Way To Store Your BitCoin and Crypto
If you wanted to join the future of money and you purchased Bitcoin or some other cryptocurrency, now you have the responsibility of storing it safely. Its the same thing as regular money. You don’t just keep 500 dollars in your pocket. You could get robbed. In the same way, you don’t want to keep a high value of cryptocurrency sitting in an exchange account. The exchange could get hacked. You could lose access to the account. You want to have security and control of your funds.
The best way to secure your crypto is to have all passwords, private keys, seed phrases, etc to never be exposed to other parties, especially on the internet. Cold storage is storage that is disconnected from the internet.
A hardware wallet allows you to interact with your cryptocurrencies without exposing your private access keys to the internet (where hackers could access them). The Trezor brand is known in the industry as the best, that is why CoinYou recommends them. If you buy a Trezor through the CoinYou link provided below, you will support our mission to help refugees and the unbanked with cryptocurrency education.
I was hesitant to buy a hardware wallet because it seemed expensive, confusing, and easy to lose. But once I had a lot of cryptocurrency I realized that it would be crazy not to secure it and have control over it. It’s not really that expensive to buy a hardware wallet and its a lot cheaper than getting robbed. After I set it up, I realized it is really easy to use! I’m not afraid of losing my Trezor device anymore because now I know that if I have a backup of the seed phrase, my crypto is not lost.
After you buy your Trezor, open your Trezor box.
When you receive your hardware wallet in the mail, attach it to the key-ring and decide if you’re going to keep it on your person or in a safe. In a safe is the most safe place to keep it protected from loss, theft, and damage. But remember the most important thing to store safe is the recovery seed phrase which is the 23 word password that will be given to you during this set up process.
You will write down the seed phrase on the paper that is included in the Trezor package and consider getting it etched into metal if you trust the etcher. Paper can be destroyed, but metal is more durable. Also consider storing this phrase is multiple places or with multiple people that you trust such as in a safely deposit at a bank or a very trusted relative. That way, if you lose your device and your paper, you can still recover your crypto.
Step 1. Go to https://Trezor.io/start
Step 2: Download the bridge for Windows, Mac, or Linux
Step 3. You will be directed when to connect your Trezor device via USB and update the firmware (software for devices)
You will have to keep disconnecting the USB and reconnecting it, just keep following the prompts on the screen and on the screen of the Trezor device.
You will see the screen below, just keep clicking “continue” when prompted.
The most important part of setup is creating your backup!
Get out a real paper and pen and write down the word appearing on you Trezor device. Make sure you spell it correctly.
Then click on the right button of the device for next word.
You will have to do this for 23 words and then check them and do it 23 more times clicking next. This is annoying and time consuming but remember that it is worth the pain to ensure your security.
Now you can name your device to set another layer of security.
Name your device something you will remember and confirm it by clicking on your Trezor device.
Now you can set a pin, much like your debit card. Input the pin on your Trezor device.
You need to look at your device and the screen at the same time to set your pin number twice.
Getting updates is important, so make sure to follow Trezor and then click continue.
Congrats! You just joined the future of money where your money won’t be stolen!
- You should have your pin number memorized, not stored anywhere besides a peice of paper in a safe.
- You should have your recovery seed written on paper and/or etched in metal and stored in a safe.
- You should store a copy of the recovery seed phrase in another safe such as at a trusted party’s safe. For example your bank or lawyer.
Next we will learn how to send crypto to your Trezor wallet.