Fun

Trezor’s first hardware wallet turns 10: But is it still any good?

News Feed - 2024-07-30 10:07:21

Helen Partz10 hours agoTrezor’s first hardware wallet turns 10: But is it still any good?A decade ago, Trezor’s first-ever hardware wallet was retailed for up to $1,800. It is still intact and supported in Trezor’s software ecosystem.3159 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe cryptocurrency community is today celebrating the ninth birthday of a major blockchain network, Ethereum, but it’s not the only significant industry anniversary happening this week.


This week in July 2014, the Czech hardware wallet firm Trezor launched the first ever commercially available cryptocurrency wallet, called Trezor Model One.


The Trezor Model One is one of the world’s first hardware wallets, allowing users to store cryptocurrencies like Bitcoin (BTC) offline and featuring self-custody.First Trezor wallet retailed for 1 BTC, worth about $600 at launch


According to Pavol “Stick” Rusnak, chief technology officer and co-founder of Trezor’s parent company, Satoshi Labs, Trezor started operating 10 years ago as a hobby project.


“We wanted to create hardware wallets for ourselves, our families and our friends,” Rusnak said.


The first Trezor wallet was prototyped using rudimentary circuit boards, a display unit, two buttons and a USB port attached to a Raspberry Pi.The first prototypes of Trezor Model One. Source: Trezor


Originally, Trezor was expected to launch via a Kickstarter campaign, a funding platform for creative projects. However, Trezor’s application was denied without explanation, leaving the only option of a pre-order model to bring Trezors to market.


The first Trezor devices, one in plastic and one in aluminum cases retailed for 1 and 3 BTC, respectively. Based on BTC prices on July 30, 2014, the plastic Trezor Model One cost around $600, while the aluminum one retailed for as much as $1,800.The first Trezor wallets retailed for 1 BTC and 3 BTC. Source: TrezorWhen to replace a hardware wallet?


As the Trezor Model One was commercially launched a decade ago, one may wonder whether the wallet is still good in 2024.


As of July 2024, Trezor Model One is still intact and is supported in Trezor’s software ecosystem, Trezor CEO Matej Zak told Cointelegraph.


However, the Trezor Model One is far from being the only hardware wallet offered by Trezor, which makes it similar to multiple wallet products by rivals like the French hardware wallet firm Ledger.


With new hardware wallets regularly arriving on the market, consumers might wonder whether it’s time to replace an old cold wallet, especially if it cost $1,800 ten years ago.


According to Trezor analyst Lucien Bourdon, it’s likely time to upgrade a hardware wallet if the device no longer receives firmware updates.


Related:10 years on: How Ethereum’s ICO changed the crypto landscape


“Without updates, you risk missing out on crucial security patches and new features,” Bourdon told Cointelegraph, adding:“For instance, if Bitcoin introduces a new address standard, an outdated device will not support it, potentially leaving you behind in the rapidly evolving crypto landscape. Upgrading ensures you stay current and secure.”


Bitcoin advocate and Jan3 CEO Samson Mow believes that there’s no such thing as the best time to update a hardware wallet unless there is a security reason.


“For example, if your hardware wallet is dependent on a secure element and has been compromised,” Mow told Cointelegraph. Another reason could be that the manufacturer is no longer supporting the wallet or is no longer around, he added.


Magazine:When Musk Empire listing? Find love in The Sandbox and more: Web3 Gamer# Bitcoin# Business# Wallet# Trezor# Hardware Wallet# Self CustodyAdd reaction

News Feed

Bitcoin analysis mostly ‘noise,’ a $70K breakout is what matters
Ciaran Lyons2 hours agoBitcoin analysis mostly ‘noise,’ a $70K breakout is what mattersAnother Bitcoin break above $70,000 will be a significant signal for traders, but according to Mati Greenspan, analysis is “pre
Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro
Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be
Bitcoin.com Games Releases its Very First Crash Game Space XY
Bitcoin.com Games Releases its Very First Crash Game Space XY Play a brand new crash game on Bitcoin.com’s crypto casino brought to you by BGaming! First-Ever Space Cra
Solana Faces Key Test – What Happens Next Could Be Game-Changing
Este artículo también está disponible en español. Crypto analyst Ali Martinez has highlighted a crucial moment for the price action of Solana, pointing to a key support l
Rakesh Upadhyay4 hours agoBitcoin price holds $26K as MKR, AAVE, RUNE and RNDR flash bullish signalsBitcoin looks ready to start a relief rally and this could trigger interest in MKR, AAVE, RUNE and RNDR.1284 Total views
100 NFT Collections Surpass $20 Billion in Volume — Cryptopunks, Bored Apes Capture Top Volumes
100 NFT Collections Surpass $20 Billion in Volume — Cryptopunks, Bored Apes Capture Top Volumes Non-fungible token (NFT) assets were extremely popular this year and to date, ther
Brayden Lindrea1 hour agoBlackRock’s spot Ethereum ETF plan is confirmed after Nasdaq filingEarlier in the day, BlackRock registered corporate entity “iShares Ethereum Trust” in Delaware, the first hint that a fili
5 of 7 on-chain indicators suggest the bull run is just beginning
Martin Young4 hours ago5 of 7 on-chain indicators suggest the bull run is just beginningOn-chain indicators such as the Bitcoin MVRV Z score, Puell Multiple and hodl waves paint a bullish picture for Bitcoin investors.34
Report: Paypal HK Halts Hong Kong Pro-Democracy Group’s Payments Over ‘Excessive Risks’
Report: Paypal HK Halts Hong Kong Pro-Democracy Group"s Payments Over ‘Excessive Risks’ According to a report from a pro-democracy group in Hong Kong, Paypal HK has reportedly
Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog Says
Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog Says With bitcoin mining being a regulated activity in Iran, the head of the country&r
Microsoft Reveals Activision Purchase for $68.7 Billion as an Approach to the Metaverse
Microsoft Reveals Activision Purchase for $68.7 Billion as an Approach to the Metaverse Microsoft, the software behemoth, announced today it had completed a deal to acquire Activis
‘Ripple is well-positioned to pay a significant civil penalty,‘ says SEC
Turner Wright3 hours ago‘Ripple is well-positioned to pay a significant civil penalty,‘ says SECThe SEC’s filing on a proposed $1.95 billion in fines and penalties for Ripple suggested the firm needed an incentive