Why the Trezor is the best bitcoin wallet for long term storage.

Why the trezor is the best bitcoin wallet for long term storage.

The Trezor is the hardware wallet you choose to store Cryptocurrency for long periods of time. 

If you're looking at storing Bitcoin for a retirement plan or to give to your children when they are older, then we would highly suggest the Trezor one - the original Bitcoin hardware wallet. 

Trezor is the oldest secure bitcoin wallet.

Considering the Trezor One was first made in 2014, you may be wondering why we would use a device that’s 5 years old to secure our Bitcoin. It's quite simple, the Trezor One still sells because it is the oldest, and arguably the most trusted, hardware wallet. 

When considering what hardware wallet to buy you should consider the age of the device and if it has lasted the test of time. What is the company's reputation? What are other users saying online? The Trezor one has no reported cases of malicious hacks where users have lost funds. That doesn’t mean you can’t make human errors, but the device itself is foolproof and has been tested by thousands of users from hobbyists to elite hackers.

The Trezor is reliable and durable.

The main reason why we still use the Trezor One is because it does not have an onboard battery. 

Have you ever noticed how your mobile phones battery depletes over time? At first it lasts a whole day, next you’re charging your phone at work and then eventually you need to replace the battery with a new one.

Having a battery reduces the devices life. The Trezor One only receives power when it's connected to your computer or mobile which means you do not have to worry about any battery life issues.

The Trezor is one of the most affordable Hardware Wallets

At Coinstop, the first generation Trezor and Ledger Nano S are both only $99AUD, which is about 50% cheaper than any of the new generation devices. When you consider that the device is more affordable and has less of a chance to break you may want to consider a Trezor One as your preferred Bitcoin wallet.

Trezor VS Ledger Nano X VS Trezor T

Typically when comparing mobile devices you would only compare devices within the same price range and similar year of manufacturing. However when deciding on what hardware wallet we will use for a long period of time, the Trezor starts to become a great option.

Why not use one of the flagship devices such as the Trezor T or the Ledger Nano X?

The original Trezor was made for long term storage. The newer devices on the market may be feature rich, however, new features come with potentially reduced device lifespans and more attack surfaces. Whilst this might not necessarily mean the newer devices are not as safe, it does give malicious hackers additional areas to try to exploit. Sometimes it pays to remain simple!

The Trezor One was made to last decades. Being the first mover into the hardware wallet market meant Trezor had all the time required to design and perfect their first model, the Trezor One. There was no public pressure to release a new device with all the bells and whistles that consumers now demand.

First and foremost, the point of hardware wallets is to secure your Cryptocurrency, and the Trezor One does this without any additional and unnecessary features. More features only results in a larger attack surface and a shorter lifespan. The newer hardware wallets on the market have Bluetooth and/or NFC which are two additional channels to try and hack the device. 

The Trezor One is a bare bones and rare device, it only has what it needs: a secure chip, microprocessor and a cable. The Trezors wallets that we have used have lasted 5 years and still work the same way they did when we first took them out of the box. 

Trezor VS Ledger Nano S

The Trezor and Ledger Nano S are two devices that look completely different however both are relatively the same product at the same price point. We also highly suggest considering the Ledger Nano S for long term storage because of the same reasons listed for the Trezor. Both devices are built with longevity in mind.

Conclusion

If you’re looking to hold Bitcoin in a hardware wallet for a long period of time you will want a device that is stripped to only what is necessary to keep the security of the device intact. Holding cryptocurrency means taking the security of your assets into your own hands. Obtaining a dedicated device to do this is much better than holding your cryptocurrencies on an exchange or on a smartphone - they are not specifically designed to secure your digital assets. This is the main reason why we will still be using the Trezor One in 2020 and you should too!