Handy tips to ward off scams and phishing attempts

https://blog.trezor.io/handy-tips-to-ward-off-scams-and-phishing-attempts-357f5b84df01

If the hacks, scams, and phishing attempts are anything to go by, navigating the world of crypto requires a thoughtful approach to security. Being well-informed and prepared can make all the difference.

Here are some handy tips to remember to keep scams and phishing attempts at bay,

✅ Bookmark legitimate and trusted sites

One way to ensure that you are accessing a legitimate Trezor web wallet is to bookmark it in your browser. This will allow you to quickly access the site without having to type in the URL each time. Make sure to only bookmark web wallets that are known to be legitimate and trusted, such as https://suite.trezor.io/web. By doing so, you can reduce the risk of falling victim to a phishing scam and keep your digital assets safe.

💡 Tip: Organize your bookmarks and make sure your browser’s bookmark bar is only filled with genuine and trusted websites.

✅ Download Trezor Suite safely

The safest route to downloading the Trezor Suite is via the official Trezor website. Download it from the official Trezor website at https://trezor.io/trezor-suite.

✅ Enable a strong Passphrase

By creating a unique, strong passphrase, you make it harder for attackers to gain unauthorized access to your account even if they obtain your recovery seed. Keep your passphrase confidential and separate from your recovery seed to enhance your security against phishing attempts. Never share it with anyone! For Trezor Model T and Trezor Safe 3 users, we always recommend entering your passphrase on the Trezor itself using the touchscreen or buttons.

💡 Tip: Think of a passphrase that is memorable to you but challenging for others to guess. Avoid common phrases or easily accessible personal information.

✅ Trezor will never contact you via text messages or a phone call

Remember, Trezor will never reach out to you via text messages, phone calls, or social media DMs. Should you receive such messages, consider them phishing attacks. Report and block the sender, and communicate any concerns to Trezor’s official support channels.

✅ Guard your Recovery Seed

We can never stop stressing this enough (even at the cost of being mocked as a broken record!). Your recovery seed is the key to your digital assets and should be kept confidential at all times. Sharing it or making digital copies can put your assets at risk, as they may become accessible to hackers or unauthorized individuals.

Do not enter your recovery seed anywhere unless in your Trezor device upon recovery.

💡 Tip: Consider the use of a durable material like metal to inscribe your recovery seed for increased resilience against physical damage. Check out the Trezor Keep Metal here.

✅ Update your Trezor device firmware only within the Trezor Suite

Please update your Trezor device firmware only within the Trezor Suite App. When a new firmware version is released, Trezor Suite will display a notification along the top of the interface. Here’s more on this,

Updating the Trezor device firmware in Trezor Suite app

💡 Tip: As a general practice, we make it a point to communicate all Trezor Suite updates on our Twitter handle. Here’s the one from January,

https://twitter.com/Trezor/status/1747635313084702724

✅ Interact only with our official channels

To maintain your security and peace of mind, interact solely with official Trezor and SatoshiLabs domains and social media accounts. Here’s a quick reference to the official channels you should trust:

Authentic SatoshiLabs domain names:
@trezor.io
@invity.io
@vexl.it
@tropicsquare.com
@satoshilabs.com

Our official social media and communication channels are:
twitter.com/trezor
instagram.com/trezor.io
https://www.facebook.com/trezor.io
https://cz.linkedin.com/company/trezor

Here’s the official Trezor YouTube channel.

Our affiliate program also has unique links that help to identify them as partners, which include:
https://trezor.go2cloud.org/
https://affil.trezor.io/

Helps to know

  • Trezor will NEVER ask for your recovery seed, over email, customer support, or any form of communication.
  • Trezor is NOT able to ‘block’ or ‘deactivate’ your device.

Finally,

The message today is the same as the day Trezor was created 10 years ago. Do not enter your recovery seed anywhere unless in your Trezor device upon recovery. Users who are uncertain about the proper behavior of their wallet are more than welcome to contact our support at https://trezor.io/support.


Handy tips to ward off scams and phishing attempts was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

5 red flags to watch out for in Phishing attacks

https://blog.trezor.io/5-red-flags-to-watch-out-for-in-phishing-attacks-2b9fc2bb5caa?source=rss----4b757f6fc8b0---4

A recent report by web3 security firm Scam Sniffer estimates that phishing scams stole around $300 million worth of cryptocurrencies in 2023.

We cannot stress this enough. Staying vigilant against phishing attacks! If you’re clueless about what these are, here’s more.

While not exhaustive, here are five red flags that should immediately signal the potential for a phishing attack,

🚩 Unsolicited requests for sensitive information

No Trezor representative will EVER seek your recovery seed, over email, customer support, website, or any form of communication. If you receive an email or message prompting you to provide/input your sensitive data, that’s a major red flag.

Always be suspicious of messages asking for sensitive information, even if they appear to be from a trusted source. A case in point is an incident from 24th January 2024, where an unauthorized email was sent out to our newsletter database impersonating Trezor. The email was sent from a third-party email service provider we use. The phishing email fraudulently prompted users to disclose their seed phrase via a malicious link.

🚩 Unrecognized communication channels

Attackers often use fake emails, websites, DMs (over Twitter / Telegram), and phone calls to mimic legitimate companies. Be wary of any communication that comes from outside the official channels. Always double-check aspects including email, website addresses, and social media handles. Look out for subtle misspellings or domain changes that can be a sign of a phishing attempt.

🚩 Urgency and threats

Phishing scams frequently create a sense of urgency or use threats to prompt a quick response. For instance, an email claiming that your wallet is at risk and requires immediate action should be treated with skepticism.

Here’s a case in point,

Stay cautious of communication which includes phrases/words such as ‘Immediate Action Required’, ‘If you don’t take action within 24 hours’, ‘Final Warning’, and the like.

Note: Some phishing attempts try to trick you into believing that your Trezor device will be ‘deactivated’ or ‘blocked’. However, Trezor is not able to ‘block’ or ‘deactivate’ your device. Any request asking you to do so is fraudulent.

🚩 Unusual requests

Any request that deviates from the standard security procedures should be treated as a red flag. Trezor devices, for example, will always require physical confirmation directly on the device for any critical operation.

Do not, for example, enter your recovery seed anywhere, unless in your Trezor device upon recovery.

If you’re asked to perform unusual actions not typically requested by Trezor or any other hardware wallet provider, it’s likely a scam.

🚩 Inconsistencies in design and language

Legitimate companies usually take great care to ensure their communications are free of spelling and grammar errors. If you notice mistakes in the message, it could be a sign that it’s a phishing attempt. Watch out for poor grammar, typos, or design inconsistencies in emails and websites. These discrepancies are often signs that something is not right.

In conclusion

Remember, the key to protecting yourself against phishing attacks is vigilance. When in doubt, reach out directly to our customer support through official channels to verify any suspicious activity. Your digital security is paramount, and staying alert to these red flags will help safeguard your assets.

Finally, to report a phishing message, simply type “I want to report phishing” to our ChatBot Hal (on the Trezor Learn / Support pages) and follow the instructions. Hal will guide you through the process of reporting the message and provide you with any additional information you may need. By reporting phishing attempts, you can help protect other Trezor users and prevent cyber attackers from stealing digital assets.


5 red flags to watch out for in Phishing attacks was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

What is a Phishing attack? Stay vigilant at all times

https://blog.trezor.io/what-is-a-phishing-attack-stay-vigilant-at-all-times-7a8986f83fe5?source=rss----4b757f6fc8b0---4

Phishing is a way that cyber attackers trick users into revealing sensitive information. Think of it like fishing — just that, in the case of phishing, you’re the catch 😬. Specifically, your data, contact information, passwords, and in the case of hardware wallets, recovery seeds.

Trezor users are often targeted with fake emails, websites, or phone calls that appear to be from Trezor. Attackers may ask users to enter their seed phrase, provide login credentials, or connect their device to a malicious website.

Just remember. Under no circumstance will any Trezor representative seek your recovery seed, over email, customer support, website, or any form of communication.

How Phishing works

Getting back to fishing. How does that work? You set a bait on a hook, cast your line, and wait for a fish to bite.

Phishing operates on a similar principle:

  • The Bait: The scam begins with a lure. This could be an email, DM over social media channels like Twitter or Telegram, or a website. These may mimic the style and branding of a legitimate company or service, complete with logos and official language.
  • The Hook: This bait contains a hook, which in most cases is a link that the target user is encouraged to click. The link will direct the user to a fake website or form where they’re asked to enter personal information. Think passwords, recovery seeds, and so on.
  • The Catch: If the target user takes the bait and enters their information, the phishing attempt is successful. The sensitive data is then used for fraudulent purposes. For example, if a recovery seed is stolen, the malicious actor can drain a wallet of its crypto holdings.

Remember, the ultimate goal of a phishing attack is to convince users to reveal information that can be used to take over their accounts. In crypto, that’s usually your recovery seed. The good news is that they can be avoided by being disciplined about the information you share, online and offline.

Stay vigilant

  • Do not enter your recovery seed anywhere unless in your Trezor device upon recovery.
  • Under no circumstance will any Trezor representative seek your recovery seed, over email, customer support, website, or any form of communication.
  • Users who are uncertain about the proper behavior of their wallet are more than welcome to contact our support at https://trezor.io/support.
  • Never share your recovery seed with anyone. If you receive any communication that asks for your seed phrase, it’s likely a phishing attempt, and we ask that you contact our official support channel.

Here’s more on phishing attacks,

Phishing attacks and how to stay safe


What is a Phishing attack? Stay vigilant at all times was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Trezor security alert: Stay vigilant against an unauthorized email and continued phishing attempts

https://blog.trezor.io/trezor-security-alert-stay-vigilant-against-an-unauthorized-email-and-continued-phishing-attacks-1b4982c2f53c?source=rss----4b757f6fc8b0---4

We are issuing a warning regarding a security incident involving an unauthorized email that was sent out to our newsletter database on 24th January 2024. The email impersonated Trezor, and was sent from a third-party email service provider we use.

Note: While the recent incident differs from the one we encountered on January 17th, involving unauthorized access to the third-party support ticketing portal we use, it is possible that we are being targeted by skilled hackers on a larger scale. We are closely monitoring both incidents and cannot draw any conclusions for now.

Detailed information

We continue to investigate the matter. Here is a summary of the incident, actions taken, and recommendations we can make as of now.

Summary of the incident

The phishing email with the subject line ‘Assets undergoing upgrade’ was sent out to our newsletter subscribers. The email was dispatched using a third-party email service provider we use. The phishing email fraudulently prompted users to disclose their seed phrase via a malicious link. Our team was swift to deactivate the link and secure our newsletter database from further unauthorized access. We have verified that this was a standalone event impacting only email addresses from our newsletter database.

We are conducting a rigorous investigation and taking measures to limit the impact of this incident. However, the risk of phishing attacks remains elevated and we cannot overstate the importance of vigilance.

Things we’d like to highlight:

  • The email was sent out to users who signed up for our newsletters.
  • It was sent on 24th January with the subject line — Assets undergoing upgrade — and was sent from noreply@trezor.io.
  • If you have entered your recovery seed in any form, particularly one that was sent via email, it is crucial to transfer your funds to a new wallet immediately.
  • If you have not disclosed your 12 or 24-word recovery seed through any online form, your assets remain secure.

Timeline of events

  • The attack commenced with the compromise of a third-party service provider’s system, utilized by Trezor for newsletter email communications only.
  • Users received emails with the subject ‘Assets undergoing upgrade’ from a legitimate Trezor email address.
  • We swiftly managed to deactivate the malicious link within the email, and limited the reach of the threat.
  • We immediately notified our user base through various channels, including our official social media channels, warning them of the fraudulent activity. We have sent out an email to the affected user base alerting them to the situation.

Important actions for users

Urgent action required for affected users:

If you have entered your recovery seed in any form, especially one linked from the phishing email, it is imperative to transfer your funds to a new wallet without delay.

For detailed instructions on how to safely transfer your assets, please refer to our knowledge base article,

Recovery seed phrase has been compromised: moving funds to a new wallet

If you need any help in doing so, please reach out to our customer support.

If you have not engaged with the suspicious email, no further action is required, although we recommend remaining alert for potential phishing attacks.

Please note, that if you have clicked the link within the email, but not entered your recovery seed phrases in any form, you are not required to do anything. Your funds remain safe.

Security reminder for all of our users

Keep your recovery seed safe. For users who have not disclosed their 12 or 24-word recovery seed through any online form, your assets remain secure. It’s important to remember never to share your recovery seed online.

Treat emails that prompt you to take immediate action with suspicion, especially those asking for personal information. Cross-reference email content with official Trezor communication on our social channels.

Proactive measures we recommend

Do not enter your recovery seed anywhere unless in your Trezor device upon recovery. Under no circumstance will any Trezor representative seek your recovery seed, over email, customer support, website, or any form of communication.

Users who are uncertain about the proper behavior of their wallet are more than welcome to contact our support at https://trezor.io/support.

Never share your recovery seed with anyone. If you receive any communication that asks for your seed phrase, it’s likely a phishing attempt, and we ask that you contact our official support channel.

Looking Ahead

We apologize for any concern this may have caused you. Our team is actively handling the incident and further updates will be provided as necessary. We assure you that we will continue to work hard to enhance our security practices even further. Regrettably, as was the case with the support desk portal incident, dependence on and governance of third-party service providers are pervasive challenges of modern-day business.

We alert you to exercise the utmost caution with any email communication claiming to be from Trezor. Your Trezor hardware wallet has in no manner been compromised, and your assets remain safe, as long as your recovery seed remains undisclosed. Do not share your seed phrase with anyone, and be wary of any unusual or suspicious contact attempts.

Again, we express our deep regret for this incident and the concern it may have caused.

We thank you for your continued trust in Trezor.

For any concerns, or questions, or to report suspicious activity, please reach out to our support team.

FAQs

  • Is it related to the support security incident from 17th January?

While the recent incident differs from the one we encountered on January 17th, involving unauthorized access to the third-party support ticketing portal we use, it is possible that we are being targeted by skilled hackers on a larger scale. We are closely monitoring both incidents and cannot draw any conclusions for now.

The phishing email sent on the 24th January was by an unauthorized individual who accessed our database containing the email addresses of our newsletter subscribers and sent an email using our domain through the third-party email service we use. No other data was compromised. We immediately restricted access to all unauthorized actors.

  • Who was affected by this phishing attack?

This security incident affected the email addresses of all users who subscribed to our newsletter. No other data was compromised.

  • How come the phishing email was sent from Trezor’s official email address?

This phishing email was sent by an unauthorized individual who accessed our 3rd-party email service and sent the email through it.

  • Why do you use 3rd party providers?

While we aim to handle most operations internally, the practicalities of managing every aspect of our business internally make it unfeasible. A company of our size and global presence, unfortunately, needs to rely on third-party providers due to the challenges of operating efficiently at such a scale.


Trezor security alert: Stay vigilant against an unauthorized email and continued phishing attempts was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Trezor security alert: Stay vigilant against a potential phishing attack

https://blog.trezor.io/trezor-security-update-stay-vigilant-against-potential-phishing-attack-bb05015a21f8?source=rss----4b757f6fc8b0---4

Summary

We are investigating a security incident that occurred on January 17th, 2024, where there was unauthorized access to the third-party support ticketing portal we use.

We want to reassure our users that their digital assets have not been compromised in any way through this incident.

The security incident we’ve identified has implications for customers who have interacted with Trezor Support since December 2021. While this represents a small part of our entire user base, up to 66,000 contacts were present in the system during that time. We are making every effort to work with the third-party service provider to comprehensively investigate the incident. However, our internal audit of the incident suggests potential access to contact details, limited to email and name/nickname.

Protecting our users is our utmost priority, and we believe in upholding transparency. By sharing this information, we aim to empower you to heighten your vigilance and enhance the security of your personal information.

Note: Although unconfirmed, we consider it our responsibility to inform our affected users of the possibility of their contact details having been exposed, and at risk of a phishing attack. Acting out of an abundance of caution and a commitment to transparency, we have emailed all of the 66,000 contacts alerting them to the scope of the incident. We expect all emails to be delivered to the contacts within the next 12 hours.

We are providing you with this information proactively out of an abundance of caution and our commitment to transparency. The potential exposure of email addresses might be harmful in the fact that the emails can be subject to phishing attempts. As of now, we have not observed any spike in phishing activity as a result of this security incident.

Detailed information

We continue to investigate the matter. Meanwhile here is a sequence of events, actions, and recommendations we can make as of now.

The incident and what we know

On January 17th, 2024, 20:20 CET, we identified unauthorized access to the third-party support portal we use. This breach occurred at the level of that third-party service provider we are currently engaged with. We are amidst a thorough investigation into the scope of this incident, along with the third-party service provider.

Based on the ongoing investigation of the incident and our communication with the third-party service provider there is a potential that the contact details of up to 66000 users, customers who have interacted with Trezor Support since December 2021, may have been accessed.

During our investigation, we were alerted to the fact that the individual contacted 41 of our users directly via email, requesting sensitive information related to their recovery seeds.

Above is a screenshot of the email received by users from the malicious actor in the security breach.

We have reviewed these interactions and alerted each of the contacted users within an hour of the incident. No recovery seed phrases have been disclosed.

Furthermore, we also believe 8 people who created accounts on our trial discussion platform hosted by the same third-party vendor might have had their contact details compromised too. All 8 people have been directly contacted by our support team and made aware of the incident.

However, given the breach of contact details, there remains a heightened risk of phishing attacks aimed at obtaining the affected users’ recovery seed.

Note: Acting out of an abundance of caution and a commitment to transparency, we have emailed today, 20th January 2024, all of the 66,000 contacts alerting them to the scope of the incident. We expect all emails to be delivered to the contacts within the next 12 hours.

What contact information was involved?

Our audit indicates a possibility that the malicious actor may have accessed contact details limited to name/nickname and email addresses.

Please note, this incident has affected those users who may have interacted with our support team since December 2021. We understand the gravity of this situation and have reached out via email to all affected users, requesting an exercise of caution.

If you have not received the mail from noreply@trezor.io alerting you to the incident, your details are not at risk.

Our immediate response

Upon discovering the incident,

  1. We immediately prevented any further unauthorized access. This included promptly revoking the malicious actor’s access and conducting a detailed audit of our access and operational logs. The risk from the attack was mitigated entirely from a technical perspective on January 17th, 2024 at 20:20 CET.
  2. Our first contact with the third-party provider to estimate the scope of the unauthorized access happened on January 17th, 2024 at 20:26 CET. Initial reports from our third-party service provider indicated prompt attention to the issue, with assurances that no data exports or emails had occurred. We approached these claims with a critical eye, and following our own rigorous investigations, we were alerted of the 41 users who had been contacted by the malicious actor.
  3. We promptly alerted each one of the 41 users who received direct contact from the malicious actor.
  4. Based on our internal audit, the security incident could have implications for customers who have interacted with Trezor Support since December 2021. This aggregates to a total of up to 66,000 users, whose contact details (email and name/nickname) might have been exposed. Although we have not yet received definitive confirmation or denial of this exposure, we have chosen to act proactively. We have reached out to the potentially affected user base to alert them to the incident’s extent and to warn them of an increased likelihood of phishing attacks aimed at obtaining their recovery seed.

Since our initial engagement with the third-party provider after the incident, we have maintained ongoing communication through multiple email correspondences, interactions with their support team, and a formal inquiry with their security department. Despite these extensive communications, it is unfortunate that they have yet to reach a definitive conclusion. Our security team is tirelessly working to investigate and confirm the security of our systems, and we are pushing for clear and conclusive information from the provider to resolve this matter with the urgency it demands.

All funds remain safe

We want to stress that none of our users’ funds have been compromised through this incident. Your Trezor device remains as secure today, as it was yesterday.

The message today is the same as the day Trezor was created: do not enter your recovery seed anywhere unless in your Trezor device upon recovery. Users who are uncertain about the proper behavior of their wallet are more than welcome to contact our support at https://trezor.io/support.

We cannot stress this enough. It’s crucial to remember that Trezor will never ask for your recovery seed, over email, customer support, or any form of communication. Never share your recovery seed with anyone. If you receive any communication that asks for your seed phrase, it’s likely a phishing attempt, and we ask that you contact our official support channel.

Looking forward

We understand that this event may cause concern, and we sincerely apologize for any inconvenience it may have caused. We assure you that we will continue to work hard to enhance our security practices even further. Regrettably, dependence on and governance of third-party service providers are pervasive challenges of modern-day business; we are however closely assessing our partnership with the third-party vendor involved.

Please remain cautious and vigilant for potential phishing attacks. Here are some details and examples to help you identify phishing scams. Your Trezor hardware wallet has in no manner been compromised, and your assets are safe. However, the security of your digital assets also depends on your vigilance. Do not share your seed phrase with anyone, and be wary of any unusual or suspicious contact attempts.

Again, we express our deep regret for this incident and the concern it may have caused.

We thank you for your continued trust in Trezor.

For any concerns, or questions, or to report suspicious activity, please reach out to our support team.

FAQs

  • Has this breach affected me? How can I know if my contact details were among those exposed?

If you received our notification email (from: noreply@trezor.io) regarding the security issue, your contact details might have been among those exposed by the malicious actor at the third-party support ticketing portal we use. Again, we want to stress that we have not yet received definitive confirmation or denial of this exposure from the third-part provider, but we have chosen to act proactively.

  • Can you provide specific details about the nature and extent of the data breach?

An unauthorized individual accessed our support ticketing portal on January 17th, 2024 via our third-party support platform. This exposed names and email addresses of those customers who had previously contacted Trezor Support. Based on our internal audit, and very little concrete information from the third-party service provider, we believe no other personal identifiable information, including postal addresses and phone numbers, was exposed.

  • How many customers are affected by this incident?

A total of 41 customers were contacted directly via email by the malicious actor. These users were requested sensitive information related to their recovery seeds. However, based on the information we’ve received from our third-party service provider, we believe there is a potential that the contact details (email and name/nickname) linked to up to 66,000 users in contact with our support since December 2021 could have been accessed.

  • Besides email addresses, were there any other types of personal or sensitive data compromised in the breach?

Information disclosed was limited to the name/nickname and email address of customers who had contacted Trezor Support. It’s important to stress that customer postal addresses and phone numbers were not disclosed.

  • How has this breach impacted Trezor’s operations or services?

Trezor devices remain entirely safe and secure. A small proportion of users are at risk of increased chances of phishing attempts, and as with all such attempts, we advise customers to stay vigilant and follow cyber security best practices. Customers can find information on this on the Trezor website.

  • How can users be sure that interaction with Trezor Support is legitimate?

The safest way to access our Support is via our website. We always advise users to stay vigilant given the increased sophistication of phishing attempts. We remind users that no legitimate representative of Trezor will ever ask a user for their seed. Please NEVER share your recovery seed with anyone. In case of any doubts you may have, please reach out to our support team.

  • What prevented Trezor from securing the data exposed in this incident better?

The data was exposed due to unauthorized access to the third-party support ticketing portal we use. Unfortunately, in the global business landscape, collaboration with third-party service providers is often essential, though it comes with inherent challenges. Despite our limited influence over these external entities, we prioritize the protection of sensitive data, including addresses. We regret any concern this incident may cause and are actively re-evaluating our relationship with the third-party vendor in question to strengthen our data security measures.

For more on best practices to be safe from potential phishing attacks, please visit our knowledge base,

Common scams and phishing affecting Trezor users


Trezor security alert: Stay vigilant against a potential phishing attack was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Wrapping up 2023: A year of growth and innovation at Trezor

https://blog.trezor.io/wrapping-up-2023-a-year-of-growth-and-innovation-at-trezor-20991d161ab8

As 2023 winds down, we at Trezor are taking a moment to reflect on a year marked by milestone achievements, growth, and an even emboldened commitment to our mission of making crypto security easy.

This year also marks a decade since we founded the crypto hardware wallet industry. Yes! We celebrated our 10th birthday on the 12th of December. 🎉

SatoshiLabs on Twitter: “10 years ago on this day our story has begun and what a journey it’s been so far! From an invention that ultimately changed the world of crypto to a holding of four amazing tech companies on a mission to empower independence of individuals. 🖤 pic.twitter.com/un1hE9HlBc / Twitter”

10 years ago on this day our story has begun and what a journey it’s been so far! From an invention that ultimately changed the world of crypto to a holding of four amazing tech companies on a mission to empower independence of individuals. 🖤 pic.twitter.com/un1hE9HlBc

Here’s a wrap-up of our key milestones in 2023,

🚀 Product launches: The Safe Family arrives

Pictured is the new Trezor Safe 3 and our latest back up solution Trezor Keep Metal

A huge milestone for all of us at Trezor. This year we unveiled the Trezor Safe Family product line. This new addition — complete with a hardware wallet and backup solution — is a testament to a vision where crypto is a commonplace, and millions more have moved their assets to self-custody.

Here’s a look at the key moment when Matej, our CEO, introduced the Trezor Safe 3 and Trezor Keep Metal to the world at Bitcoin Amsterdam this October,

https://medium.com/media/bc74c56b7294aa8ad91a37a1eb0b3f0a/href

The success of these launches is a clear indicator that the path we’re on resonates with the needs of our users. Self-custody is the future!

Want to learn more? Click here.

(Just so you know, we recently announced a price drop on the Trezor Model T and Trezor Model One 🤩)

🎨 Rebranding: A new identity for Trezor

A significant milestone this year was our 270-day journey to a rebrand that has transformed Trezor’s visual and experiential identity. Spearheaded by Honza Kocenda, our Head of Brand, the rebrand was more than a facelift — it was a recommitment to our core values of Security, Independence, Simplicity, and Friendliness.

We’d leave it to you to decide on how happy Jan looks with the rebranding.

We’ve evolved our brand to make crypto security more approachable and user-friendly, a necessary step toward fostering mass crypto adoption.

✊ Corporate Social Responsibility: Empowering through education

One of the most fulfilling aspects of this year has been the opportunity to give back. With the launch of Trezor Academy, we’ve taken significant steps toward community empowerment and education. The Trezor Academy has been active in countries including Ghana, Nigeria, Cameroon, Uganda, Burundi, and Kenya. We’ve got big plans for Trezor Academy in 2024!

Thank you all for participating enthusiastically in the sale of the limited edition Trezor Safe 3 Bitcoin-only. €21 from each sale of the 2013 units was allocated to support the Academy, continuing our commitment to make a positive impact beyond the realm of business.

Have you seen the Bitcoineta?

A Bitcoin-themed car dedicated to spreading Bitcoin awareness in the West African region

Visit the Trezor Academy here.

🤝 Events: A year of engaging and collaborative experiences

2023’s also been a year of vibrant events, with Trezor making a significant presence at the conferences including Bitcoin Prague and Bitcoin Amsterdam. These events offered a platform for sharing knowledge, networking with industry leaders, and showcasing our innovations.

Here’s a glimpse of what transpired,

https://medium.com/media/b12867cebc38fe683ea849b3dc0294b5/hrefhttps://medium.com/media/d5aec907e33d20e438642f9976d8aa9d/href

We’ve also had some incredible relationships built over the year with key opinion leaders in the space.

Here’s one of them,

Meet The Little Hodler

🌟 Team expansion: Growing from strength to strength

Our team has seen substantial growth this year. We are now made up of 200 exceptional individuals, bonded together by a common mission.

Just in case you wondered if it was only all work at Trezor!

The expansion of our team this year reflects our scaling efforts to meet the increasing demand for easy and accessible crypto security solutions. Each team member brings unique skills and enthusiasm, further fueling our mission.

Interested in joining us? Check this out for openings. We’d love to hear from you.

🤩 Looking ahead to 2024

Bull Market Ready” — That’s one way of summing it up.

2024 is a year marked by the fourth Bitcoin halving. The anticipation is palpable. We are excited, and we see the adoption of self-custody only grow. We’re gearing up to introduce even more innovative products, refined user experiences, expanded support, and continually improved security features that will redefine the standards of crypto security.

In closing, we sincerely thank you, our community, for your trust and support. It’s because of you that we can look forward to a thriving new year with confidence and excitement.

Here’s to a groundbreaking 2024! 🙌


Wrapping up 2023: A year of growth and innovation at Trezor was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Naughty or Nice? Essential Do’s and Don’ts in the world of crypto security

https://blog.trezor.io/naughty-or-nice-essential-dos-and-don-ts-in-the-world-of-crypto-security-762ceffbc360

“More than $4 billion worth of bitcoin and altcoins got stolen through all kinds of hacks from exchanges and custodians over Bitcoin’s existence,” stressed Matej, our CEO, during the unveiling of our new products recently.

The digital assets industry is growing rapidly. As one study puts it, in total, there are over 420 million crypto users worldwide. Yet, many still fall prey to bad security practices.

As millions more begin their crypto journey, it is of utmost importance to understand and implement good security practices. After all, being your bank comes with its responsibilities!

Here’s a list of five good and bad practices. Give it a read, and we’ll leave it to you to decide if you’ve been Naughty 👿 or Nice 😇.

What gets me on the ‘Nice’ list?: 5 essential practices

  • (You’ve got a Trezor 😉) Understanding hardware wallets: Give yourself a pat on the back if you’ve been using a hardware wallet to safeguard your coins and tokens. Hardware wallets are essentially the safest way to own your coins, keep your wallet safe offline, and maintain anonymity. Familiarise yourself with how hardware wallets work (Here’s a 2-minute guide). Knowing why hardware wallets like Trezor are safer will enhance your confidence and help you use your device effectively.
Pictured (L-R): Trezor Model One, Trezor Model T, Trezor Safe 3
  • You make it a point to withdraw your coins from exchanges: Don’t let your coins linger on exchanges longer than necessary. Move your assets to your hardware wallet for safer storage. We’ve seen numerous instances of the risks associated with exchanges. Consider the Mt. Gox incident in 2014, where users lost approximately 740,000 bitcoins. Similarly, the unexpected closure of the QuadrigaCX exchange led to a significant loss of customer assets. FTX exchange’s bankruptcy from last year has left many users in financial limbo. Maintain control of your digital assets. Embrace self-custody! While you’re at it, here’s more about self-custody. Trust us, you’ll own the conversation at the dining table this holiday season 😎.
  • You do backup your recovery seed: When you set up your Trezor or any other hardware wallet, you’ll be given a recovery seed/recovery phrase (usually 12 or 24 words). A recovery seed provides full access to the associated wallet (the private key is mathematically derived from the seed) — this is why you must keep it safe. This is the ultimate backup of your wallet. Make sure to write it down and store it in a safe and secure place. Never store it digitally to avoid hacking risks. Here are alternate ways of storing your backup.
  • You always double-check addresses: Whenever you’re sending crypto, double-check the receiving address. If your device is compromised by malware, the addresses could be swapped. Trezor devices display the address on their screen for this purpose.
  • Use a passphrase: OK. Using a passphrase qualifies you as extra nice. The passphrase feature in Trezor Suite is a method used to increase the security of your assets by creating unique hidden wallets. This helps to protect your accounts from unauthorized access. A passphrase is an additional word added to your recovery phrase, providing extra security. It creates a whole new set of private keys. Be aware that if you forget the passphrase, the assets are lost forever. Know more here.

We’ll add one more here. You always DYOR and don’t FOMO.

Do any of these or all and you’ll be labeled ‘Naughty’

  • Share your recovery seed: Do this, and there’s no coming back from being naughty. Your recovery seed is sacrosanct. Never share it with anyone, not even with Trezor support or your loved ones. As this is the master key, anyone with access to it can access your data. There are two implications: if you lose your recovery seed, you lose your backup. Moreover, if someone steals your recovery seed, they gain access to all your funds and data, even without needing your Trezor device. Here’s more on that.

While we are at it, avoid storing your recovery phrase digitally. It might be tempting to take a photo of your recovery phrase or store it in a digital document. This exposes you to unnecessary risks. If your device is compromised, hackers could gain access to your recovery phrase.

  • Using public Wi-Fi for transactions: Public Wi-Fi networks can be insecure. Avoid accessing your wallet or making transactions when connected to public networks.
  • Neglecting physical security: While digital security is vital, never overlook physical security. Keep your Trezor wallet and recovery seed in a secure location.
  • Falling for phishing attempts: Be vigilant about emails or messages asking for your personal information or wallet details. Always verify the source before responding.
  • Don’t care where you buy your hardware wallet from: It matters. At Trezor, we do not recommend buying a Trezor hardware wallet from an unauthorized third party. If your device was purchased from the official Trezor Shop, Amazon storefront, or an authorized reseller, it is most likely safe to use.

(Here are some handy tips that can help you shed the naughty tag when it comes to device safety.)

In summary

Understanding and implementing good practices in crypto security can prevent the most common threats to your digital assets. Stay vigilant, stay up-to-date, and most importantly, stay in control of your cryptocurrencies. If you’re ready to leap into the world of self-custody, Trezor is here to make your journey safe and secure!

Leading up to the 15th of December, we’ve got a special Free Shipping offer on all Trezor products. Check it out now.


Naughty or Nice? Essential Do’s and Don’ts in the world of crypto security was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Introducing Trezor Academy & Bitcoineta: Spreading Bitcoin knowledge where it matters the most

https://blog.trezor.io/introducing-trezor-academy-bitcoineta-spreading-bitcoin-knowledge-where-it-matters-the-most-d68933c52a63?source=rss----4b757f6fc8b0---4

Amid an ongoing digital era, Bitcoin is increasingly emerging as a force disrupting traditional financial systems. However, the full potential of bitcoin remains to be realized. Much of this depends on educating people about what it is, how it works, why it matters, and how it plays a crucial role in fostering financial independence.

A pioneer in hardware wallets, Trezor has been at the forefront of providing secure bitcoin storage solutions for a decade now. We’ve recently embarked on a challenging but rewarding journey aimed at fostering bitcoin education.

To accelerate bitcoin adoption in regions that need it the most, we proudly present Trezor Academy and our latest initiative, Bitcoineta West Africa. This initiative is spearheaded by Josef Tětek, Bitcoin Analyst at Trezor.

Read on to learn more,

📖 Trezor Academy: Bitcoin for all

Trezor Academy is an educational program focused on spreading Bitcoin knowledge in Africa. The program consists of in-person meetups led by local Bitcoin experts, providing a platform for individuals to learn about the potential of Bitcoin.

A peek into the past Trezor Academy meetups

The Trezor Academy is for anyone and everyone who feels the current financial system is stacked against them. Over three consecutive weekly meetups, participants learn:

  • Why Bitcoin matters
  • Why Bitcoin is best understood as sound money
  • How to utilize Bitcoin for local microtransactions
  • How to utilize Bitcoin for cross-border commerce
  • How to keep their Bitcoin safe
  • What are the best Bitcoin tools and educational resources

The Trezor Academy has been active in countries including Ghana, Nigeria, Cameroon, Uganda, Burundi, and Kenya. The motto of the Academy is to “Spread Bitcoin knowledge where it matters the most”. Our vision is to make this a regular program in these and many more African countries, starting in 2024.

Pursuant to our efforts to spread bitcoin education, we are proud to sponsor the ongoing Africa Bitcoin Conference, happening between Dec 1–3 in Ghana. The conference serves as a vibrant platform for thought leaders, innovators, and enthusiasts in the bitcoin space.

Additionally, we are sponsors of Bitcoin Kids, a creative initiative that aims to teach financial literacy and Bitcoin basics to children. This book will be included in our Trezor Academy curriculum, helping to educate the next generation about the importance of Bitcoin in a fun and engaging way.

💡 To celebrate our 10-year journey since pioneering the hardware wallet industry, we recently launched a limited-edition Trezor Safe 3 Bitcoin-only. Made just for bitcoin. €21 from each of the 2013 units sold has been allocated to support Trezor Academy, part of which has gone towards Bitcoineta.

🛣️ Bitcoineta West Africa: Driving bitcoin awareness (literally)

Bitcoineta West Africa, part of our educational efforts, is a Bitcoin-themed car dedicated to spreading Bitcoin awareness in the West African region, particularly in Ghana, Togo, Benin, and Nigeria. Donated by Trezor to the Bitcoin Cowries educational initiative, Bitcoineta is a visual and mobile representation of our commitment to Bitcoin education.

Whether you are a bitcoin enthusiast or a curious onlooker, Bitcoineta is a sight to behold. Follow the journey of Bitcoineta West Africa through our social media channels and witness how we are driving Bitcoin education across the region.

Follow Bitcoineta West Africa on Twitter for more.

🤝 Join us in our mission

At Trezor, we believe in the power of education to drive Bitcoin adoption and financial empowerment. Through Trezor Academy and Bitcoineta, we are committed to spreading bitcoin awareness and providing individuals with the knowledge and tools they need to participate in the digital economy. Join us in our mission to create a financially inclusive future powered by Bitcoin.

For more information or how you can get involved, visit our Trezor Academy site or reach out to us at press@satoshilabs.com.


Introducing Trezor Academy & Bitcoineta: Spreading Bitcoin knowledge where it matters the most was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Introducing Trezor Academy & Bitcoineta: Spreading Bitcoin knowledge where it matters the most

https://blog.trezor.io/introducing-trezor-academy-bitcoineta-spreading-bitcoin-knowledge-where-it-matters-the-most-d68933c52a63

Key takeaways:

  • Trezor Academy is an educational program aimed at accelerating Bitcoin adoption in Africa through free, in-person meetups led by local bitcoin experts.
  • The Academy covers key aspects such as why Bitcoin matters, how to safeguard it, and the best Bitcoin tools available.
  • The initiative has been active in several African countries, including Ghana, Nigeria, Cameroon, Uganda, Burundi, and Kenya.
  • Bitcoineta West Africa is a unique initiative by Trezor to spread bitcoin awareness, featuring a bitcoin-themed car that travels across West African countries.

Amid an ongoing digital era, Bitcoin is increasingly emerging as a force disrupting traditional financial systems. However, the full potential of bitcoin remains to be realized. Much of this depends on educating people about what it is, how it works, why it matters, and how it plays a crucial role in fostering financial independence.

A pioneer in hardware wallets, Trezor has been at the forefront of providing secure bitcoin storage solutions for a decade now. We’ve recently embarked on a challenging but rewarding journey aimed at fostering bitcoin education.

To accelerate bitcoin adoption in regions that need it the most, we proudly present Trezor Academy and our latest initiative, Bitcoineta West Africa. This initiative is spearheaded by Josef Tětek, Bitcoin Analyst at Trezor. Read on to learn more.

📖 Trezor Academy: Bitcoin for all

Trezor Academy is an educational program focused on spreading Bitcoin knowledge in Africa. The program consists of in-person meetups led by local Bitcoin experts, providing a platform for individuals to learn about the potential of Bitcoin.

A peek into the past Trezor Academy meetups

The Trezor Academy is for anyone and everyone who feels the current financial system is stacked against them. Over three consecutive weekly meetups, participants learn:

  • Why Bitcoin matters
  • Why Bitcoin is best understood as sound money
  • How to utilize Bitcoin for local microtransactions
  • How to utilize Bitcoin for cross-border commerce
  • How to keep their Bitcoin safe
  • What are the best Bitcoin tools and educational resources

The Trezor Academy has been active in countries including Ghana, Nigeria, Cameroon, Uganda, Burundi, and Kenya. The motto of the Academy is to “Spread Bitcoin knowledge where it matters the most”. Our vision is to make this a regular program in these and many more African countries, starting in 2024.

Pursuant to our efforts to spread bitcoin education, we are proud to sponsor the ongoing Africa Bitcoin Conference, happening between Dec 1–3 in Ghana. The conference serves as a vibrant platform for thought leaders, innovators, and enthusiasts in the bitcoin space.

Additionally, we are sponsors of Bitcoin Kids, a creative initiative that aims to teach financial literacy and Bitcoin basics to children. This book will be included in our Trezor Academy curriculum, helping to educate the next generation about the importance of Bitcoin in a fun and engaging way.

💡 To celebrate our 10-year journey since pioneering the hardware wallet industry, we recently launched a limited-edition Trezor Safe 3 Bitcoin-only. Made just for bitcoin. €21 from each of the 2013 units sold has been allocated to support Trezor Academy, part of which has gone towards Bitcoineta.

🛣️ Bitcoineta West Africa: Driving bitcoin awareness (literally)

Bitcoineta West Africa, part of our educational efforts, is a Bitcoin-themed car dedicated to spreading Bitcoin awareness in the West African region, particularly in Ghana, Togo, Benin, and Nigeria. Donated by Trezor to the Bitcoin Cowries educational initiative, Bitcoineta is a visual and mobile representation of our commitment to Bitcoin education.

Whether you are a bitcoin enthusiast or a curious onlooker, Bitcoineta is a sight to behold. Follow the journey of Bitcoineta West Africa through our social media channels and witness how we are driving Bitcoin education across the region.

Follow Bitcoineta West Africa on Twitter for more.

🤝 Join us in our mission

At Trezor, we believe in the power of education to drive Bitcoin adoption and financial empowerment. Through Trezor Academy and Bitcoineta, we are committed to spreading bitcoin awareness and providing individuals with the knowledge and tools they need to participate in the digital economy. Join us in our mission to create a financially inclusive future powered by Bitcoin.

For more information about Trezor Academy, Bitcoineta, or how you can get involved, visit https://content.trezor.io/trezor-academy or reach out to us at press@satoshilabs.com.


Introducing Trezor Academy & Bitcoineta: Spreading Bitcoin knowledge where it matters the most was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

All you need to know about securing your digital assets: Hardware wallets, backup solutions, and…

https://blog.trezor.io/all-you-need-to-know-about-securing-your-digital-assets-hardware-wallets-backup-solutions-and-608b0b12097a

All you need to know about securing your digital assets: Hardware wallets, backup solutions, and more

Self-custody (and we’re presuming you’ve heard of it. Haven’t yet? Check this out) of digital assets provides the highest level of security. It helps

  • You own 100% of your coins
  • Take your wallet offline
  • Keep your data 100% anonymous

Hardware wallets form the core of self-custody. Think of them as a small safe for your digital assets. Going beyond, securing your digital assets encompasses a comprehensive approach that includes robust backup solutions, privacy-enhancing accessories, and secure yet convenient connectivity options. From physical backups of recovery seeds stamped in metal to privacy-focused screen covers and flexible connection cables, each element is crucial in reinforcing the security fortress around your digital assets.

Let’s delve into how these ensure optimal protection for your coins and tokens. (Besides, it’s the Trezor Black Friday sale ongoing! You can get your hands on one of these for up to 40% off 😉).

Hardware wallets

A hardware wallets function as your key manager. These wallets securely generate and store your private key offline, use this private key to enable crypto transactions, and generate public keys for receiving crypto.

With your private keys never leaving the device, they are not exposed to the internet and potential hackers, adding a shield for your digital assets.

That’s only a primer. Want to learn more? Check this out.

Here’s a wallet you can consider if you’re just starting out, our newest model the Trezor Safe 3. It is intuitively easy to use and built with beginners in mind. At the same time, it’s packed with security features to keep your digital assets safe.

Alongside the Trezor Safe 3, we have two other models, each of which is currently available for 30% discount during the ongoing Black Friday sale,

  • Trezor Model One, the world’s first hardware wallet for offline coin security. It comes with a two-button pad and a 0.96″ Monochromatic OLED screen. Currently available for only $48.
Trezor Model One
  • Our portfolio of wallets is complete with the Trezor Model T. If style matters, the Model T comes with a touchscreen, letting you manage your crypto and confirm transactions directly on the bright 1.54” LCD screen. Get it for only $153 until 27 November.
The Trezor Model T

Recovery seed backups

Your Trezor hardware wallet will create and store your keys safely offline. This keeps you safe from remote attacks, and your recovery seed protects your keys even if your Trezor gets damaged. Keeping your recovery seed safe is a crucial element in your self-custody journey.

While paper storage protects them from online attacks, it leaves them susceptible to physical damage or decay. Hence, long-term holders prefer physical backups in metal. Trezor offers a variety of metal backups for your recovery seed. Here are a few options,

  • The Cryptotag Zeus is a sturdy and safe way to safeguard your recovery seed from potential damage. It is made of virtually indestructible 6mm thick titanium. Easily record up to 24 BIP39 recovery words that back up your cryptocurrency hardware wallet in five minutes, and HODL in peace forever. Available for a 30% discount till the 27 November, you can get this for only $90.
  • Next is the Cryptosteel Capsule Solo, a stainless steel physical backup tool for your recovery seed and other private data, without any third-party involvement. It’s shockproof, waterproof, and fireproof in temperatures up to 2500°F. You can get this for a 40% discount currently!

Accessories

Now’s also a great time to personalize and secure your hardware wallets with Trezor’s wide range of accessories. You can distinguish your backup device from your daily driver with our colourful silicone cases available across models. Add a soft lanyard or a stylish leather keyring to keep your devices organized. For those who value privacy in public spaces, the PanzerGlass™ Privacy Edition offers an extra layer of protection for your Trezor Model T. Don’t forget to explore our selection of cables and the handy magnetic dock. With discounts of up to 40% off, enhance your crypto security in style this Black Friday.

Bundles

What if we told you, you can get hold of a wallet and a cool range of accessories for only $63? Yes. We’ve launched a limited-edition range of Trezor Bundles to celebrate Black Friday. One of these gets you a Trezor Model One, complete with an Android Phone Cable, a Magnetic Micro-USB Keyring, a vibrant Green Glove, and a matching Green Lanyard, all for just $63.

Pictured is the Essential Kit One currently available for a little over $63!

That’s just one of the deals. Check them out here.

In the world of cryptocurrencies, ‘not your keys, not your coins’ is more than just a mantra — it’s a crucial element for safeguarding your assets. With Black Friday’s enticing offers, there’s never been a better time to step up your game in crypto security.


All you need to know about securing your digital assets: Hardware wallets, backup solutions, and… was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Trezor’s Black Friday sale is here: Unlock deals, Lock crypto!

https://blog.trezor.io/trezors-black-friday-sale-is-here-unlock-deals-lock-crypto-9c963154da31

Key Takeaways:

  • Trezor’s Black Friday sale offers up to 40% discounts on hardware wallets, bundles, and accessories.
  • The Trezor Model One, the first-ever hardware wallet, is available for only $48.
  • The advanced Trezor Model T, with an intuitive interface and robust hardware, is now priced at $153.
  • Get exclusive limited-time bundles for as low as $63.
  • The sale lasts till 27 November.

The wait is over. Our Black Friday sale is here! This is also the last chance for you to get your hands on Trezor hardware wallets and more at the year’s lowest prices.

Get ready to take self-custody of your digital assets, with unbeatable discounts of up to 40% on hardware wallets, metal backups, bundles, and other accessories. Take advantage of this opportunity to upgrade your security setup, find the perfect gift for the upcoming holiday season, or begin your hodl journey.

Eager to just delve in? That’s where the action happens 👇

Trezor Black Friday Sale: Lowest prices on hardware wallets and accessories

Here’s a look at some of the discounts you can get your hands on (remember, the sale only lasts till 27 November)

Get a hardware wallet for only $48! 🤩

Yes. You can get your hands on the Trezor Model One, the first-ever hardware wallet, at a discount of 30%. First announced in November 2012, it revolutionized the industry by making it safe and easy to create and store private keys offline.

After almost a decade in use, the Model One has served hundreds of thousands of satisfied customers globally, and none have reported funds lost or stolen due to an issue with their wallet. The minimalistic design resembles a keyring ornament, making it practical to carry and easy to conceal.

Get it here.

How about coin security with a touchscreen? (at a 30% discount 😉)

Want to go advanced? Our flagship Trezor Model T, designed to expand the capabilities of its predecessor (Trezor Model One), is now available for only $153, otherwise sold for $219. Trezor Model T is the perfect combination of an intuitive interface and powerful hardware.

Check it out here.

Not enough? Take self-custody a step further 🪜

As we’ve said earlier, one of the coolest properties of digital assets is that with just 12 words any amount of wealth can be kept safe, under the control of a single person.

Your recovery seed is a list of words that backs up your private keys. It must be stored in physical form written down as a list of words, hiding them somewhere, safe from online and physical attacks. While you can also memorize your recovery seed, you should never rely on memory alone.

How about backing it up with stainless steel? This Black Friday, we are extending a 40% discount on the Cryptosteel Capsule Solo. Available currently for only $61, this handy backup device has been designed to survive nearly any extreme conditions, giving you the peace of mind that your data has the safety it deserves.

Then, there’s even the titanium backup in the Cryptotag Zeus, now available for only $90.

Here’s the cherry on the cake 🍰

We are even running some exclusive limited-time bundles this Black Friday week. And, they are available only till 27 November. Think about it. How about a hardware wallet, protective silicone case, lanyard, magnetic micro-USB keyring, android phone cable micro-USB to micro-USB — all of this at only $63! Too good to be true? Check it out here.

Meet the Essential Kit One

And, that’s just one of our bundles. Check them all out here.

Other than this, we’ve got loads of deals on handy Trezor accessories including cables, keyrings, screen protectors, and more.

It’s time to unlock crypto security like never before with our Black Friday sale. Seize this chance to take control of your digital assets, upgrade your security setup, or start your hodl journey with up to 40% off. Remember, these deals are available only till 27 November — act fast and secure your assets today! ⌛️

Trezor Black Friday Sale: Lowest prices on hardware wallets and accessories


Trezor’s Black Friday sale is here: Unlock deals, Lock crypto! was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Move over to the safer side this Black Friday: Join the 2% of crypto holders who truly own their…

https://blog.trezor.io/move-over-to-the-safer-side-this-black-friday-join-the-2-of-crypto-holders-who-truly-own-their-7523a24bf399

Move over to the safer side this Black Friday: Join the 2% of crypto holders who truly own their coins!

Key takeaways

  • Only 2% of the estimated 420M crypto users embrace self-custody and truly own their assets.
  • Manage your private keys to protect your digital assets from potential security breaches and failures of exchanges.
  • Trezor is the leading provider of hardware wallets, making self-custody easy and accessible for everyone.

With November upon us, many are bracing for the onslaught of deals that come with Black Friday, Cyber Monday, and all the shopping frenzy in between. We’re certainly not here to dampen the spirits. Yet, for those in the space of digital assets, this month also marks a year since the FTX debacle.

In the whirlwind of Black Week bargains, prioritizing a deal around crypto security might not be top of your list. Understandable. But consider this — why not seize the opportunity to reinforce your crypto’s safety at a discounted rate?

Remember, owning crypto isn’t just about accumulating (hodling, some may say); it’s also about safeguarding. This Black Week, consider the necessity of self-custody.

In this article, we will explore the what, why, and how of self-custody, empowering you to make an informed decision.

What is self-custody?

Self-custody refers to taking full control and ownership of your digital assets, such as Bitcoin, Ethereum, or other cryptocurrencies. Instead of relying on third-party services like exchanges or custodial wallets, self-custody allows you to become your own bank. By managing and securing your private keys, you have direct control over your assets, reducing the risks associated with hacking or failures of centralized platforms.

Here’s more on that.

Why is self-custody important?

Despite the obvious wisdom of ‘not your keys, not your crypto,’ just 2% of the 420 million global cryptocurrency users practice self-custody, while most use centralized exchanges and hot wallets,” Trezor CEO Matěj Žák sums it up.

Online exchanges and online wallets are vulnerable to attacks and personal data leaks. Users must upload sensitive identification documents, which can easily be misappropriated. It’s also important to understand that crypto stored on an exchange is not really under the ownership of users. In the case of exchanges going bankrupt, getting hacked, or influenced by governments, customers are under the threat of no access to their funds.

Self-custody ensures that you maintain control and ownership of your digital assets, protecting them from potential security breaches or the collapse of centralized platforms. It also aligns with the core principles of cryptocurrencies, offering privacy, decentralization, and individual financial sovereignty.

How can you achieve self-custody?

To achieve self-custody, you need a secure solution that allows you to manage your private keys and store your cryptocurrencies offline.

This is where Trezor comes into play. Trezor is a leading provider of hardware wallets, offering a range of devices designed to keep your assets safe. These hardware wallets act as your personal safes, generating and storing your private keys offline. With user-friendly interfaces and robust security features, Trezor hardware wallets make self-custody accessible to everyone.

Coin security with a touchscreen with the Trezor Model T

The importance of secure hardware wallets

At Trezor, we invest a significant amount of energy, passion, and resources into both hardware and software to ensure the devices are kept updated and secure at the highest level possible. Trezor hardware wallets provide near-impossible security for private keys and passphrases, making it extremely difficult for anyone to access your funds without authorization. By utilizing a hardware wallet like Trezor, you can have peace of mind knowing that your digital assets are in safe hands, yours.

In summary

As you navigate Black Friday deals and promotions, prioritize the safety and security of your digital assets. Join the 2% of crypto users who have embraced self-custody and truly own their coins. By taking control of your private keys and utilizing a hardware wallet, you can protect your investments from potential risks and ensure the long-term security of your cryptocurrencies.

Trezor Black Week runs between 20–27 November

🤩 Stay updated on Trezor Black Friday deals here!


Move over to the safer side this Black Friday: Join the 2% of crypto holders who truly own their… was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Unveiling the future of crypto security: Key takeaways from our talk at Bitcoin Amsterdam

https://blog.trezor.io/unveiling-the-future-of-crypto-security-key-takeaways-from-our-talk-at-bitcoin-amsterdam-fc6f0847e463

At the recent Bitcoin Amsterdam conference, our CEO, Matej Zak, took the stage to unveil a suite of innovative products and share an outlook. The event marked a significant milestone in Trezor’s mission to make crypto security accessible and easy for everyone.

Here are the key takeaways:

🚀 A new era of product innovation

Matej introduced the Trezor Safe range, starting with the Trezor Safe 3. This user-friendly hardware wallet comes equipped with a Secure Element and passphrase for unparalleled security, a bright OLED display, and compatibility with over 8,000 digital assets.

Trezor Safe 3 comes in four premium colors: Cosmic Black, Stellar Silver, Solar Gold and Galactic Rose

As part of a new product range, we also unveiled the Trezor Keep Metal. This seed phrase storage solution, made of aerospace-grade stainless steel, protects against fire, water, acids, and impact, safeguarding your seed phrase like never before.

Trezor Keep Metal — the mistake-proof backup solution for your crypto

In celebration of our 10th anniversary (if you didn’t know, Trezor founded the crypto hardware wallet industry in 2013), we launched the limited edition Trezor Safe 3 Bitcoin-only device. All 2013 pieces sold out by the very next day. €21 for the sale of each device is directed to support our Bitcoin education initiatives in Africa.

Trezor on Twitter: “🚀 That didn’t take time!We’re thrilled to announce that our limited-edition Trezor Safe 3 Bitcoin-only has SOLD OUT!It took only one day. Thanks for your incredible support🙏Missed out? Don’t worry, you can still get Trezor Safe 3 and install our bitcoin-only firmware! pic.twitter.com/1QqhX67SxC / Twitter”

🚀 That didn’t take time!We’re thrilled to announce that our limited-edition Trezor Safe 3 Bitcoin-only has SOLD OUT!It took only one day. Thanks for your incredible support🙏Missed out? Don’t worry, you can still get Trezor Safe 3 and install our bitcoin-only firmware! pic.twitter.com/1QqhX67SxC

🌐 A decade of trust

Over the past decade, Trezor has been at the forefront of cryptocurrency security, inventing the first hardware wallet and the concept of a seed phrase. The company has distinguished itself by its commitment to open-source coding, inviting hundreds of security experts worldwide to improve their products.

Here’s a peek into all that’s security at Trezor.

🔮 Looking ahead

Matej emphasized that while we remain immensely proud of our achievements, as a company, we are just getting started. By making security more accessible, Trezor aims to encourage more crypto users to take the security of their private keys seriously. The addition of the Shamir Backup feature to the entry-level hardware wallet in the Trezor Safe 3 and the introduction of the Trezor Keep product range are steps in this direction.

https://medium.com/media/e7b911176343ff5163a6e466fabbff41/href

A responsible outlook

Trezor’s future outlook is not just about product innovation but also about taking responsibility for the broader crypto ecosystem. With the launch of the Bitcoin-only Trezor, the company has taken a step towards supporting bitcoin education in underprivileged communities. This initiative reflects a commitment to empowering individuals through secure and informed crypto use.

In conclusion, our new product launches and future vision underscore a position as a trailblazer in cryptocurrency security. As we continue along this journey, we are getting ready to redefine secure crypto usage, making it more user-friendly and accessible to everyone, everywhere.


Unveiling the future of crypto security: Key takeaways from our talk at Bitcoin Amsterdam was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

6 features that make Trezor the #1 hardware wallet

https://blog.trezor.io/6-features-that-make-trezor-the-1-hardware-wallet-5e3bcbdb2c31

Key Takeaways

  • A decade of experience, a pioneer in the hardware wallet industry
  • A commitment to open source, fostering a culture of innovation and experimentation
  • Privacy is paramount at Trezor, one reason why purchase data from the Trezor shop is anonymized
  • Products designed to be future-proof, built with ease of use at their core

By now, you are probably aware of the benefits a hardware wallet offers in managing your crypto securely. Not yet? Here’s a 2-minute guide.

In this post, it’s time for us to indulge in some self-praise. We’ll leave it to you thought to decide. Here, we delve into six reasons why you ought to consider Trezor as your hardware wallet.

So, how does Trezor stand out from the crowd?

1. The original & trusted hardware wallet

In 2013, Trezor founded the crypto hardware wallet industry. What started as a small project of two dedicated programmers soon became the gold standard of cryptocurrency protection and storage. Trezors are the most trusted cryptocurrency hardware wallets worldwide. (Interested in some history? Here’s some)

Trezor has been audited by independent security researchers and verified by its track record throughout its years on the market.

#FunFact: The first generation of Trezor, the Trezor Model One, was first released on 29 July 2014. The original home of bitcoin.

https://medium.com/media/1611f7f0a233373c5728ed77280b75ce/href

2. Designing security in the open world

Since day one, everything about Trezor hardware wallets has been open source. Think of open-source software as a type of software that has its source code available to the public. This means that anyone can view, understand, and modify the code if they want to. This is in contrast to proprietary software, where the source code is kept secret and only the company that created it has access to it.

At Trezor, we believe that open source is vital for our mission. Through this, we allow anyone to inspect and audit our codebase, ensuring its integrity and security. If anyone can contribute by suggesting improvements and even by launching competing products, the hardware and software designs become stronger.

3. Innovating industry-wide standards

Trezor has pioneered several key crypto innovations, including BIP39 and BIP44.

Bitcoin Improvement Proposal 39, or BIP39, is a protocol introduced as a method for creating a human-readable mnemonic sentence — easy to read and write — from random data that serves as a backup to recover your wallet. It is an open-source protocol that is widely adopted in the cryptocurrency industry.

BIP44, is a protocol that puts forth a specific hierarchy for wallet structures that improves organization, utility, and compatibility.

4. An unwavering commitment to privacy

As pioneers of the industry, we have always put user privacy and security at the forefront. We’ve also been at the forefront of innovations surrounding increased anonymity including Tor and coinjoin. This commitment to your privacy is a cornerstone of our operations at Trezor.

As per our Terms of Service, we do not store any data related to a user’s devices, activity, or personal data, and all purchase information, of devices bought from the official Trezor Shop, is anonymized after 90 days.

Here’s more about our anonymous analytics in the Trezor documentation.

5. Ease-of-use at the core of our products

We understand that self-custody can be intimidating, especially for newcomers. That’s why we’ve gone the extra mile to create hardware wallets that are intuitively easy to use, affordable for many, and that meet the needs of the increasingly diverse crowds entering the crypto space.

Whether you’re an experienced crypto enthusiast or a newcomer eager to explore the world of self-custody, Trezor hardware wallets are your trusted companions. Our devices bring together the best of security and simplicity, ensuring your crypto is safe and always at your fingertips.

Also, the Trezor Suite, Trezor’s desktop application, offers an intuitive interface that simplifies the management of your crypto.

6. Support for 8000+ coins and tokens

Trezor hardware wallets are designed to work with bitcoin along with the most resilient cryptocurrencies and ERC-20 tokens. Our wallets presently support 8000+ coins and tokens, both natively in Trezor Suite and through third-party tools.

Here’s a list of all supported coins.

In conclusion

Hardware wallets are the way to go if you’re looking for peak security for your crypto. Trezor wallets combine functionality, convenience, and security. With a decade of experience, a firm commitment to open source, a strong focus on privacy, innovative industry standards, user-friendly designs, and support for a vast array of coins and tokens, Trezor hardware wallets offer you the ultimate guardian of your digital assets.

Seen our latest Trezor model? Packed with features, it’s built to make crypto self-custody easier than ever.


6 features that make Trezor the #1 hardware wallet was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Introducing an added element of security for your Trezor Safe 3

https://blog.trezor.io/introducing-an-added-element-of-security-for-your-trezor-safe-3-193474ad48be

The new Trezor Safe 3 hardware wallet has an added Secure Element. In addition to providing an extra layer of protection against physical attacks on your Trezor, this chip plays an important role in verifying the authenticity of your device.

How does device authentication work?

During the manufacturing process of the Trezor Safe 3, a unique certificate is issued to the new Trezor before it leaves the production line. This certificate is stored in the Secure Element. When setting up your device,

  1. Trezor Suite generates a random challenge which is then sent to the Trezor Safe 3.
  2. In response, the Trezor Safe 3 uses the Secure Element to sign this random challenge and returns both the signature and the device certificate.
  3. To confirm the authenticity of the device, Trezor Suite verifies the signatures of the challenge and the signature on the certificate.

We have taken great care to implement robust measures to ensure your privacy. During the authentication process, the device certificate is exclusively checked by Trezor Suite and is immediately discarded after that. It’s paramount to note that this certificate is never sent anywhere else and that Trezor Suite does not store any part of it.

This process helps to verify the authenticity of your brand new Trezor Safe 3, and makes it significantly more difficult for it to be tampered with. We’ve introduced this feature to instill absolute confidence that you are using a genuine device, thus safeguarding your coins and tokens.

Is device authentication mandatory?

If you only use Trezor Suite with official Trezor devices, do not turn off this check. This feature is a security measure designed to keep you safe from potentially using a fake or compromised device. Users may opt out of the device authentication process, but we strongly advise against it.

⚠️ The authenticity check should only be disabled if you need to connect unofficial devices to Trezor Suite, such as do-it-yourself builds.

If you’re absolutely sure you want to turn off the Device check feature, you can do so under the Settings tab in Trezor Suite.

Are there any privacy concerns associated with device authentication?

No, as the device certificate is neither tracked nor stored anywhere. It is checked only by Trezor Suite, and then immediately discarded. It is not sent anywhere, meaning your privacy is always preserved.


Introducing an added element of security for your Trezor Safe 3 was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Trezor Safe 3 makes crypto self-custody easier than ever. Here’s how

https://blog.trezor.io/trezor-safe-3-makes-crypto-self-custody-easier-than-ever-heres-how-7cb97198f7e9

Key takeaways

  • Trezor Safe 3 is part of our Trezor Safe family product line that makes crypto security affordable and easy for everyone.
  • Trezor Safe 3 is packed with security features to keep your digital assets safe.
  • Trezor Safe 3 comes with a secure element for protection against physical attacks.
  • It comes in 4 premium colors, adding a personal touch to your device

Eager to start your self-custody journey? We’ve got you covered! Nothing protects your digital assets better than self-custody, made possible with hardware wallets. However, the thought of self-custody can be intimidating, especially for newcomers. We get that.

This is one reason why we’ve gone the extra mile to create Trezor Safe 3 — our newest hardware wallet that’s intuitively easy to use, and built with beginners in mind. At the same time, it’s packed with security features to keep your digital assets safe.

Here’s how the Trezor Safe 3 makes crypto self-custody easy, and what it comes with,

1. Personalize your device

The Trezor Safe 3 is not just secure; it’s also stylish. It is available in 4 premium colors — Solar Gold, Stellar Silver, Galactic Rose, and Cosmic Black.

These colors add a personal touch to your device, making it instantly recognizable. Which color do you fancy? 🎨

2. Wide coin support

Trezor Safe 3 supports bitcoin, ethereum, and 8000+ coins and tokens both natively in Trezor Suite and through third-party tools.

Here’s a list of all supported assets.

3. Bright display & ease of use

Our new OLED display ensures clear and secure hands-on verification. This allows you to confirm transaction details with ease, ensuring accuracy in every transaction. The device is controlled by two buttons, simplifying the user interface.

https://medium.com/media/56673267ae19558576cc5a913b7f3d73/href

With the Trezor Safe 3, you can enter your recovery seed, pin, or passphrase directly on the device, maintaining the offline status of sensitive data. Your Trezor will always remain offline, ensuring it cannot be remotely hacked.

4. Transparent security

At Trezor, we are proudly open-source. Our commitment to being open-source means anyone can explore the inner workings of Trezor, ensuring no backdoors or vulnerabilities. This transparency provides an unmatched level of asset protection, reinforcing our dedication to the safety of your digital wealth.

5. Additional protection against physical attacks

The Trezor Safe 3 is designed with a Secure Element, providing an additional layer of protection against physical attacks when you lose your device. Paired with a strong passphrase, you can rest assured that your assets are tightly secured. Here’s more on the Secure Element.

In conclusion

When designing the new Trezor Safe 3, our vision was crystal clear: we had to create a wallet that is easy to use, affordable for many, and meets the needs of the increasingly diverse crowds entering the crypto space. And that’s exactly what we’ve delivered. All of this at an affordable price of €79.

Interested? Here’s a look at all the features the new Trezor Safe 3 comes with.


Trezor Safe 3 makes crypto self-custody easier than ever. Here’s how was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Exchanges Vs. Hardware Wallets: Risks of leaving your coins on an exchange

https://blog.trezor.io/exchanges-vs-hardware-wallets-risks-of-leaving-your-coins-on-an-exchange-de4f3d6dc66d

Key takeaways

  • Leaving crypto on exchanges puts your assets at risk.
  • Self-custody by way of a hardware wallet offers an option to 100% own your assets.
  • Hardware wallets securely generate and store your private key offline, providing a safeguard against online risks.

Heard of the Mt. Gox incident in 2014? That’s one of the most infamous bitcoin exchange hacks, where users lost approximately 740,000 bitcoins. Or, the unexpected closure of the QuadrigaCX exchange, leading to a significant loss of customer assets. More recently, the FTX exchange’s bankruptcy left many users in financial limbo. All these examples underscore the risks associated with leaving your assets on exchanges.

Yet, there are still over 400 million people who take the risk of keeping their crypto on exchanges 😕.

In this post, we’ll compare the benefits of self-custody over that of holding your coins on an exchange.

Your Crypto? Then why not Your Custody

When you purchase crypto on an exchange, those coins are not automatically withdrawn to your personal wallet. The exchange allocates your crypto funds to your account on their internal ledger but remains the custodian of it.

Think of it like your money sitting in a bank account. In traditional banking systems, your money and assets are under the control of third parties, making you susceptible to potential security risks, privacy breaches, and even access restrictions.

To truly own your crypto, you need a wallet that grants you full ownership of your assets. Self-custody.

In come, hardware wallets

Hardware wallets like Trezor offer an ideal solution for self-custody. A Trezor hardware wallet functions as your key manager. These wallets securely generate and store your private key offline, use this private key to enable crypto transactions, and generate public keys for receiving crypto. Most importantly, your private key never leaves the device, meaning it’s not exposed to the internet and potential hackers.

Ok. But exchanges are convenient

Despite benefits like convenience and liquidity, storing coins on an exchange comes with risks,

  • Exchange wallets are prime targets for hackers and cyber attacks. Billions of crypto assets have been lost in exchange breaches over the years. (Here’s a report by Cointelegraph that puts into perspective the funds lost to exchange hacks in the last decade)
  • As custodians, exchanges could suspend withdrawals or withhold your assets in case of insolvency or investigation. You must trust them to remain solvent and grant you access.
  • Exchanges routinely collect personal customer data like ID verification for regulatory purposes. This exposes you to privacy invasion if systems are compromised.
  • Exchange outages can deny you access to your funds when you need them most, especially during volatile price swings.

Negate these risks with hardware wallets

Self-custody through hardware wallets extends,

  • Security and Control: You have direct control over your crypto, reducing risks related to hacking or third-party failures.
  • Privacy: Transacting under self-custody allows you to maintain privacy as you don’t need to disclose personal information to a third party.
  • Freedom: Enjoy individual financial sovereignty, a core tenet of decentralization.

https://medium.com/media/0f384bc8eaa8859912d3517ae266d19e/href

So, who wins? 🥊

There’s just one winner in this competition — Hardware Wallets. Crypto exchanges provide convenience but come with significant centralized risks. To exercise true ownership of your coins, you must withdraw them to a hardware wallet where you control the private keys.

A hardware wallet Trezor functions as your key manager. These wallets securely generate and store your private key offline, providing a safeguard against hacks or third-party failures.

Don’t be lulled into a false sense of security by keeping coins on an exchange. Take control of your crypto now! Seen our latest Trezor model?


Exchanges Vs. Hardware Wallets: Risks of leaving your coins on an exchange was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Own your coins 100%: A quick guide to Self-Custody”

https://blog.trezor.io/own-your-coins-100-a-quick-guide-to-self-custody-a7696f38c0f9?source=rss----4b757f6fc8b0---4

Own your coins 100%: A quick guide to Self-Custody

Key Takeaways:

  • Self-custody extends full control and ownership of your digital assets
  • It brings Security and Control, Privacy and Freedom
  • Understand how a hardware wallet like Trezor can make self-custody easy

So you’ve finally taken a major step with a recent purchase of bitcoin, ethereum, or another coin or token. Congrats, you’ve now joined, as some reports estimate, over 420M crypto holders worldwide. But (there’s had to be one 😉), there’s only a fraction of these who have full control and ownership of their coins.

This act of personally managing and securing your coins is what is referred to as ‘self-custody’. “Self-what?”! If that was your first reaction to this, don’t worry; we’ve got your back!

What’s self-custody all about?

In the traditional banking system, your money and assets are under the control of third parties, making you susceptible to potential security risks, privacy breaches, and even access restrictions. But, can you imagine a system where you have full control and ownership? Welcome to the world of self-custody.

Think of it as being your own bank, with full control over your digital money without relying on third-party services such as exchanges or custodial wallets.

3 clear benefits that it comes with

These include:

  • Security and Control: You have direct control over your assets, reducing risks related to hacking or third-party failures.
  • Privacy: Transacting under self-custody allows you to maintain privacy as you don’t need to disclose personal information to a third party.
  • Freedom: Think decentralization and individual financial sovereignty.

The significance of self-custody becomes apparent when we look at real-world incidents — the Mt. Gox incident in 2014 where users lost approximately 740,000 bitcoins, to the closure of the QuadrigaCX exchange, and more recently, the FTX exchange’s bankruptcy. These incidents underscore the risks associated with leaving your assets on exchanges and the importance of maintaining control of your own digital assets. Self-custody.

Ok. So, how do I do ‘self-custody’?

In there, in a jiffy. But before that, here are three concepts you need to know,

  • Private Keys: These are the unique codes that allow you to access and transact your crypto. Think of it as a password granting you access to your coins and tokens.
  • Hardware Wallet: This is your digital safe for storing your crypto. A hardware wallet generates and stores your private keys offline. (More on this here).
  • Backup (Recovery Seed) & Passphrase: Think of these as your safety nets. They’re essential for recovering your crypto if you lose access to your wallet or private keys.

With that out of the way, we can come back to the question “How do I do self-custody?”. The answer is simple. With a hardware wallet. A hardware wallet like Trezor facilitates self-custody by offering secure offline storage for your private keys. It provides a user-friendly interface for transaction signing, and it guides you through the process of creating backup seeds, adding an extra layer of security.

Any risks of self-custody?

Yes, there is. While self-custody empowers you, it also requires careful management of your private keys and backup seeds. If you lose them, there is no recovery service to help you. And you lose access to your crypto. So, it’s essential to educate yourself, stay vigilant, and adopt security best practices when it comes to self-custody.

The Bottom Line

Having self-custody is like having your cake and eating it too (who doesn’t love that? 😉). Self-custody symbolizes a shift towards personal freedom in managing your own assets.

While it comes with increased responsibility, solutions like Trezor make the journey towards self-custody more secure and accessible for everyone. Be your own bank, with self-custody.


Own your coins 100%: A quick guide to Self-Custody” was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Introducing Trezor Safe 3 Bitcoin-only: Celebrating 10 years of trust

https://blog.trezor.io/introducing-trezor-safe-3-bitcoin-only-celebrating-10-years-of-trust-31d0f4fea07e?source=rss----4b757f6fc8b0---4

A decade ago, we began a journey with the creation of the world’s first hardware wallet. Since then, we’ve helped millions of people keep their bitcoin safe. Today, our mission to make bitcoin security simple and available to everyone is stronger than ever. To celebrate this journey, we’ve introduced the limited-edition Trezor Safe 3 Bitcoin-only. Made just for bitcoin.

Only 2013 units for sale

We founded the industry in 2013, and that’s how many units of the Trezor Safe 3 Bitcoin-only version we’ve manufactured.

Get yours here. ⏳

Packed with features

The limited-edition device comes with bitcoin-only firmware and is available in a color that perfectly symbolizes the spirit of the industry — bitcoin orange.

It upholds our commitment to making self-custody easier and more secure and comes packed with security features designed to keep your bitcoin safe. Here’s a look at some features,

  • Shamir backup compatible
  • Coinjoin ready for improved bitcoin transaction privacy
  • Passphrase feature for unhackable protection
  • Secure Element for enhanced protection against unwarranted physical access
  • PIN to ensure only you can access your funds
  • Bright OLED display for easy hands-on verification
  • Tailor-made bitcoin-only firmware for reduced risk of bugs or security issues

❤️ Bitcoin for good

We recognize that the potential of bitcoin extends far beyond financial transactions. It can play a major role in empowering individuals in underprivileged communities.

To support this, for each Trezor Safe 3 Bitcoin-only sold, we’ll allocate €21 to support our Bitcoin education initiative in Africa — Trezor Academy. This initiative is focused on providing reliable bitcoin education in Africa, offering study materials, know-how, and financial support for local meet-ups.

Bridging Past, Present, and Future

The Trezor Safe 3 Bitcoin-only is not just a celebration of our past. It’s also a beacon for the future, reflecting our commitment to make bitcoin security accessible to all. As the space continues to evolve and expand, we are making a conscious effort to ensure that our devices meet the needs of both newcomers and seasoned enthusiasts.


Introducing Trezor Safe 3 Bitcoin-only: Celebrating 10 years of trust was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

What is a Hardware Wallet? A 2-minute guide

https://blog.trezor.io/what-is-a-hardware-wallet-a-2-minute-guide-28024808b3f8?source=rss----4b757f6fc8b0---4

Key Takeaways:

  • Hardware wallets offer one of the safest solutions for storing cryptocurrencies
  • With hardware wallets being offline, you have complete ownership of your digital assets, and your data remains 100% anonymous
  • In the event of a lost or damaged hardware wallet, the seed phrase allows you to recover your crypto on a new device
  • Hardware wallets are protected from online threats and cyberattacks, ensuring the safety, security, and privacy of your digital assets.

In the world of cryptocurrencies, safeguarding your digital assets is paramount. As the popularity of cryptocurrencies soar, so do the threats from hackers and malicious actors. This is where hardware wallets come into play, offering a secure and reliable solution for safeguarding your crypto.

In this post, we’ll demystify the concept of hardware wallets and explain why they are considered one of the safest options for crypto storage.

What is a crypto wallet?

Put simply, a crypto wallet is a digital tool that enables you to send, receive, and store your crypto securely.

Broadly crypto wallets can be categorised as,

  • Hot Wallets: Cryptocurrency wallets connected to the internet. Web, mobile, and desktop wallets fall into this category. These wallets offer the convenience of being always online, making them suitable for small, everyday transactions. However, this even makes them vulnerable to cyber-attacks and hacks.
  • Cold Wallets: Cold wallets are cryptocurrency wallets not connected to the internet. This means they never expose your recovery seed or private keys to an online environment.

💡 Before moving on, you need to know this. Contrary to popular belief, a wallet does not store your coins. As a crypto owner, you don’t store crypto on your hardware wallet — you use it to store your private keys. More on this here.

Ok. So, what exactly is a hardware wallet?

A summary of what we know so far. A hardware wallets function as your key manager. These wallets securely generate and store your private key offline, use this private key to enable crypto transactions, and generate public keys for receiving crypto.

Think of it as a special, small safe for your digital assets. Here’s what it looks like,

A look at our hardware wallets portfolio: Trezor Model One, Trezor Model T, and the newest Trezor Safe 3

The important thing about this safe is that it’s not connected to the internet. It stays offline, not exposing your private key to the internet and potential hackers. When you want to use your crypto or add more to your safe, connect the wallet to a computer or a phone. Once it’s connected, you can buy, sell, or exchange your crypto.

#FunFact: The world’s first hardware wallet, the Trezor Model One, was launched in 2014.

Why Hardware Wallets?

You probably know this by now. It’s simple. Given that these wallets are entirely offline,

  • You own 100% of your coins
  • Your wallet is 100% safe offline
  • Your data is 100% anonymous

But, what if my wallet gets lost or damaged?

Your coins remain safe! If your device is lost, damaged, or stolen, you can use your recovery seed to restore access to your entire wallet, passwords, and other data associated with it. You only have to enter the words of your seed into your new Trezor device. Here are some of the best practices for keeping your recovery seed safe (you may want to bookmark this).

In Conclusion

In the ever-evolving landscape of cryptocurrencies, protecting your investments is non-negotiable. Hardware wallets provide a robust and reliable solution to keep your digital assets safe from online threats and cyberattacks. They also offer a solution that ensures you have full control and ownership of your digital assets.

Which wallet is best for you? Here’s more on that.


What is a Hardware Wallet? A 2-minute guide was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Discover the gen-next of crypto security with our latest innovations!

https://blog.trezor.io/discover-the-gen-next-of-crypto-security-with-our-latest-innovations-3800ef31d78e?source=rss----4b757f6fc8b0---4

Key Takeaways:

  • The Trezor Safe Family is designed to be future-proof, for when crypto is commonplace, and millions more have moved their assets to self-custody.
  • Our latest wallet, Trezor Safe 3, has been designed to make crypto self-custody easier than ever.
  • Safeguard your digital assets with Trezor Keep Metal — the mistake-proof backup solution for your crypto.
  • To celebrate a 10-year journey, we’ve launched a limited edition Trezor Safe 3 Bitcoin-only wallet.

A decade ago, in 2013, Trezor trailblazed a path that led to the birth of the crypto hardware wallet industry. Over the years, the industry has grown exponentially, yet an estimated 400 million people still risk their crypto assets by leaving them on exchanges.

As millions more people begin their crypto journey, the time is ripe to make crypto security simple, accessible, and effortless for everyone!

Introducing, the Trezor Safe Family! Our answer to the future of crypto — a future when crypto is commonplace, and millions more have moved their assets to self-custody.

🔒🚀 Trezor Safe 3

When designing the new Trezor Safe 3, our vision was crystal clear: we had to create a wallet that is easy to use, affordable for many, and meets the needs of the increasingly diverse crowds entering the crypto space.

The next generation of hardware wallets

Trezor Safe 3 has been designed to make crypto self-custody easier than ever. It comes in four premium colors: Cosmic Black, Stellar Silver, Solar Gold, and Galactic Rose. Besides making the Trezor Safe 3 a great-looking device, the colors also make your device instantly recognizable.

At a glance,

  • Manage your bitcoin, ethereum and over 8,000 other assets
  • Comes with a Secure Element, protecting your device against physical attacks.
  • Passphrase feature for unhackable protection
  • Fully open-source for transparent security
  • Trade, save, and transact in privacy using the Trezor Suite desktop app
  • Bright OLED display for easy & secure hands-on verification

Get the peace of mind for safekeeping your crypto at only $79. Click here to know more.

🔑🛡️ Trezor Keep Metal

The mistake-proof backup solution for your crypto.

Trezor Keep Metal ensures the safety of the most crucial item in your self-custody journey: your recovery seed.

If your Trezor is ever lost, damaged, or stolen, you can use your recovery seed to restore access to your entire wallet — and this is exactly why you must keep it safe!

With Trezor Keep Metal, we have created a backup solution that ensures the safety of your recovery seed under any conditions and eliminates mistakes when recording the words.

At a glance,

  • Made from aerospace grade stainless steel
  • Protects your backup against fire, water, acids, and impacts
  • Simplifies your backup process with an easy four-letter entry
  • Has a sleek, black surface treatment for improved corrosion resistance
  • Can be used for both 12-word and 24-word standard backups. It is also suitable for Shamir backup

Learn more about the Trezor Keep Metal here, and why it’s a useful ally in your crypto journey.

🎉🧡 Trezor Safe 3 Bitcoin-only

(We may be blowing our own trumpet here, but it’s truly something the entire team is proud of). We are celebrating a 10-year journey since pioneering the hardware wallet. To mark this occasion, we’ve launched the limited edition Trezor Safe 3 Bitcoin-only.

With exactly 2,013 (year Trezor started) units produced, this exclusive wallet pays homage to the foundation we laid for the industry.

Trezor Safe bitcoin-only comes with bitcoin-only firmware and is available in the only suitable color: bitcoin orange.

What more? We allocate €21 from each device sold towards supporting our bitcoin education initiative in Africa.

Get your hands on this limited-edition Trezor wallet before it’s sold out. Click here.

In summary

We understand that self-custody can be intimidating, especially for newcomers. That’s why we’ve gone the extra mile to create hardware wallets that are intuitively easy to use, affordable for many, and that meet the needs of the increasingly diverse crowds entering the crypto space.

If you’re ready to start your self-custody journey, we’ve got you covered. We have designed the Trezor Safe family of hardware wallets with beginners in mind, and they’re packed with security features to keep your digital assets safe. Start your crypto journey with confidence today!

Note: Where to get your Trezor?

  1. Our official Trezor e-shop is the best place to purchase a Trezor hardware wallet and accessories.
  2. Other than that, you can also buy Trezor devices from our official Resellers.
  3. We also have official Trezor Amazon stores. Click here for more.


Discover the gen-next of crypto security with our latest innovations! was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Why attend bitcoin conferences and meetups?

https://blog.trezor.io/why-attend-bitcoin-conferences-and-meetups-ddea06f563b4?source=rss----4b757f6fc8b0---4

News and comment

Wish you had someone to talk about bitcoin with? Go to a conference!

Conferences and meetups are the beating heart of the bitcoin social calendar. They range rom small, intimate affairs to large multi-day festivals that bring people from all over the world together in one hub.

Of course, not every bitcoin lover attends these events and some might not even see the value in them. But the truth is that going to a meetup can be valuable for anyone interested in bitcoin or even other cryptocurrencies. They’re the ideal place to find community, collaboration, and insights into the inner workings of the industry.

Keep reading and we’ll take you through just what to expect at your first real-world bitcoin event.

Be part of the biggest bitcoin conference in Europe this summer, get 15% off tickets to BTC Prague with voucher code satoshilabs15. Pay in bitcoin for an extra 5% discount.

Contents

  • Types of bitcoin events
  • What you’ll gain at a bitcoin conference
  • Networking
  • Education
  • Hackathons and side events
  • New ideas
  • Merchandise
  • Get involved in the bitcoin community

Types of bitcoin events

Before we go into what you’ll get out of attending a conferences, it is worth understanding the different types of events. Not all conferences are created equal, but each has something unique to offer.

Here are the different types of Bitcoin conferences:

Local Meetups

If you take a look at platforms like Eventbrite and Meetup, you’ll likely see posts about Bitcoin meetups in your area. Usually, these meetups have a few dozen Bitcoin enthusiasts in an area meet up periodically. Bitcoin companies and non-profits also tend to host regular meetups, so be sure to follow local bitcoin businesses.

Meetups are a great place to share ideas, hear from local experts, discuss industry news, take part in projects, or just build a community of bitcoiners. Most meetups are free and open to everyone unless stated, so don’t be afraid to sign up!

Regional Conferences

On a larger scale than local meetups, regional Bitcoin conferences usually focus on a handful of or states, a specific region, or involve a number of smaller clubs. While not as frequent as local meetups, they allow many different bitcoin enthusiast factions to meet and share ideas .

Oftentimes, keynote speakers and personalities within the industry are booked to speak and crypto companies might even provide sponsorship. Larger regional conferences also have expo areas with booths selling bitcoin products and merchandise, and are the perfect place to find contacts to grow local bitcoin initiatives.

Virtual Conferences

These types of conferences are held exclusively online and are often the brainchild of a single company, association, and so on. Usually, they are open to the general public and because they are virtual, these webinar formats allow for easier participation for people all over the world.

Online conferences became more popular during the COVID-19 pandemic and have continued to grow ever since. For keeping up on trends and products, online conferences can be great, but if you’re looking to connect with people you will be disappointed.

International Conferences

These are the biggest and most influential bitcoin conferences you can attend. They bring together hundreds, sometimes thousands, of bitcoin enthusiasts from all over the world and are usually supported by major companies.

Take BTC Prague, which is bringing together the Bitcoin community from all over Europe and beyond. It is being supported by industry heavyweights like us at SatoshiLabs and other major bitcoin companies like Braiins, Blockstream, and Wasabi Wallet. At conferences of this scale, you will find hundreds of booths covering every aspect of bitcoin, from mining to wallets to trading.

Conferences like BTC Prague in Europe and Bitcoin 2023 in the USA are as big as bitcoin conferences get, with peak numbers of up to 15,000 people. You will generally find every bitcoin business represented, but the scale of international conferences mean you will also miss out on a lot. For networking and workshops, regional conferences can be more productive.

What you’ll gain at a bitcoin conference

Networking

The first and most obvious benefit you can get from attending a bitcoin conference is that you get to meet other bitcoin enthusiasts, from people who have built global businesses to people who sold all their furniture just to stack more sats. Let’s face it, bitcoin and ‘crypto’ in general is still niche and finding people who share your passion, especially offline, isn’t easy.

Attending conferences and meetups, you will meet people who are guaranteed to share your interest in bitcoin and enjoy a sense of community that knows no borders! Want to talk shop about the latest market trends? Want to swap self-custody tips? Want to crack some bitcoin-specific jokes no one else gets? You can do all that and more, and you’ll always have someone to listen.

BTC Prague – The biggest bitcoin event in Europe

For those breaking into the bitcoin industry, you have a world of business opportunities at your hands. Among the attendees at these events are not only crypto lovers but entrepreneurs, funds, and investors as well. A five minute meet and greet with the right person could spell the next phase of your career or the seed funding for your next project. If you’re looking for bitcoin businesses to approach, you’ll find them at a bitcoin conference.

Attending a meetup will open your eyes to the sheer scale of bitcoin as a global movement, and helps you keep on top of the latest technology that’s about to hit the market soon. Whether you’re looking for opportunities or just want more bitcoin hobbies, a conference is a great way to get involved in one of these projects or start your own. Many great business partners and teams first meet at conferences and attending one could lead you to your next big career or business move.

Education

Bitcoin meetups are the best way to educate yourself more about bitcoin, custody and finance in general. Even if you’re on the fence about buying bitcoin, most meetups cater specifically to beginners and will give you the hands-on human support that we all need when we’re starting out.

Several meetups are specifically aimed at spreading adoption, Anita Posch set up Bitcoin for Fairness, a non-profit group that aims to empower local bitcoiners through kickstarting meetups and working directly with communities to benefit from bitcoin in their daily lives.

Bitcoin for Fairness – Make Freedom Go Up

At one of their most recent meetups in Ghana, Posch explained the importance of self-custody to attendees and even showed them how to set up their own wallets. All over the world there are similar initiatives to onboard new bitcoiners in a safe and fun environment, so if you’re looking to increase your confidence in bitcoin, a meetup might be for you.

Once you’re more comfortable with the basics, you might want to think about paying for a conference ticket to learn more about the specifics of what’s happening across the global industry. Conferences can have a huge spread of keynote speakers and panels branching into anything you could be interested in, from cutting-edge technology to social issues affecting the community.

While meetups are focused on beginners and community education, conferences tend to have something for everyone. For bitcoin enthusiasts who want to dive into a specific topic, get the latest industry and product news, and hear from leading figures in the industry, a conference is the place to be.

Hackathons and side events

Bitcoin events offer more than just panels and keynotes where you listen to people speak. Most of them infuse a bit of fun through all sorts of side activities.

For example, many conferences host hackathons where attendees divide themselves into various teams to complete tasks, often with a prize attached. These tasks could be to build a new project or improving an existing one, bringing together people from all disciplines: developers, project managers, designers and even marketers. By attending and taking part, you get to improve your current skills and enhance your conference experience while meeting new teammates.

dev/hack/day – BTC Prague

Other side events you can find at bitcoin meetups include team-building exercises and games, socratic seminars, screenings of bitcoin documentaries and films, pub quizzes and other standard social activities. Attending a meetup when visiting a new area or city is a popular way for bitcoiners to make their holiday more significant and is a great way to meet with locals for tips and chat.

No bitcoin meetup or conference is complete without breaking off in groups to explore a city’s nightlife, grab bingdinner or drinks with your new connections, or experiencing all sorts of wild side-events not found on the official programme. All in all, bitcoin events are a chance to exchange ideas, have some fun, and discover new people and places — rarely are they the stuffy, formal events you might envision.

New ideas

There is probably no better way to expose yourself to new and exciting ideas in the bitcoin space than by signing up for conferences. Entrepreneurs and founders on discussion panels and upcoming projects tend to begin their advertising efforts in these sorts of face-to-face forums, where the media is always in attendance.

That means you get to hear of the latest developments in the space as soon as they are announced, get a sneak-peak at what they’ll look like, and possibly get inspiration for a product of your own. If you already have a bitcoin project or idea in mind, this can also be an opportunity to share it with a wider audience.

BTC Prague, for example, will hold a startup pitch contest where creative entrepreneurs can pitch their ideas to the community during the conference. Those with the most votes during qualification will be presented before a panel with the opportunity to gain funding and raise awareness.

Startup Pitch Contest – BTC Prague

For innovative bitcoin projects, one of the biggest hurdles to overcome is getting the money they need to move forward. But by attending these conferences and meetups, you get to participate at any level that suits you: to develop an idea, to find inspiration, or to get involved in a project. One thing that is certain is that you will not be short of inspiration.

Merchandise

One relatively small but fun perk of bitcoin events is all the amazing merchandise you can get your hands on for free, just for attending. The organizations that participate come up with all sorts of merch from the mundane to the unique: clothing, mugs, smartcards, stationery, and much more.

Not everything you’ll find is free, of course. Bitcoin businesses such as mining companies, 3D printers and hardware wallet creators tend to bring a wide rage of products to sell with conference discounts, so if you’re looking to grab for a bargain make sure you check out who’s exhibiting at the next conference.

As the bitcoin space continues to grow, organizers are getting even more creative with the types of merchandise they offer. Best of all, it’s all bitcoin-specific. It isn’t the run-of-the-mill swag that you can find in any other type of conference, all of it is tailored to be a bitcoin lover’s and you’re sure to find the perfect memorabilia for to remember the experience.

Get involved in the bitcoin community

There are so many reasons you should go to at least one bitcoin conference or meetup. Tap into the community and meet new people, explore a new city, and let yourself be immersed in a world of new ideas.

If you’re looking to get inspired, learn more about bitcoin, or get a better idea of what projects are coming on the scene, a bitcoin meetup is exactly the place to be. Even if you don’t make a new contact, you get to leave with some awesome merchandise, which is always a win.

Inspired to try your first conference? Get your ticket to BTC Prague, which takes place in Prague, Czech Republic from June 8–12, 2023. With 100 speakers and thousands of attendees from all over the world, you’ll get both the community and education you’re looking for.

BTC Prague – The biggest bitcoin event in Europe

Use voucher code satoshilabs15 for 15% off your ticket, and another 5% off if you pay in bitcoin!

Among some of the speakers are Adam Back, CEO of Blockstream, and our very own Marek Palatinus, co-founder of SatoshiLabs. Besides the keynotes and panels, there will also be the startup pitch contest, a hackathon, and other great activities. You can even just visit the expo area for only 9 euros, and meet all the bitcoin businesses on a budget.

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Can’t make it? Sign up for our 3-day conference newsletter to stay on top of everything that happens, with video updates, daily summaries and more!


Why attend bitcoin conferences and meetups? was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Coinjoin: common misconceptions

https://blog.trezor.io/coinjoin-common-misconceptions-f8ae2d5a6522

Learn about bitcoin

Answers to some common misunderstandings and false rumors.

Following four years of research and development, Trezor recently implemented a major privacy feature, coinjoin. We consider this a significant advancement in bitcoin privacy and have been carefully collecting feedback from the bitcoin community to understand the cause for some misunderstandings about our new feature. In this article, we will address the most common questions about coinjoin in Trezor.

What is the architecture of Trezor coinjoin?

To properly address potential concerns, it is important to explain the architecture of Trezor coinjoin. Coinjoin is a collaborative transaction that combines multiple coins from many users into a single supertransaction in order to obfuscate the history and thus achieve greater privacy for the involved users.

For the best user experience and sufficient volume, the coinjoin needs to be centrally organized via a so-called coordinator. Trezor coinjoin uses a coordinator run by the company zkSnacks (the same coordinator that is utilized by the Wasabi Wallet), mostly for the reason that their coinjoins have the highest volume and user participation on the market, which allows us to achieve the best level of privacy.

To learn more about how coinjoin coordination works, see the Twitter thread below:

Wasabi Wallet on Twitter: “Confused about coordinators in a Wasabi Wallet coinjoin? Don’t be!A thread on coinjoin coordination 🧵👇1/8 pic.twitter.com/rBH3rDRGc2 / Twitter”

Confused about coordinators in a Wasabi Wallet coinjoin? Don’t be!A thread on coinjoin coordination 🧵👇1/8 pic.twitter.com/rBH3rDRGc2

Can Trezor or the coordinator report users to authorities?

No, and not only because we don’t want to, but because we would have nothing to report. The “zk” in zkSnacks stands for “zero knowledge”, and zero is precisely the amount of information the coordinator knows about its users.

Coinjoin runs strictly over the Tor anonymization network and relies on block filters rather than user XPUBs, so there is no way to learn who owns the coins entering the coinjoin. Therefore it’s technically not possible to share any user details with authorities.

To learn more about how zero-knowledge software works, see the Twitter thread below:

Wasabi Wallet on Twitter: “Our website says, “Wasabi Wallet is programmed to be a zero-knowledge software. Developers can’t collect any sensitive information about you.” How does the software work if it can’t collect any information on you?Here’s how🧵👇1/11 pic.twitter.com/afbLvAR8RO / Twitter”

Our website says, “Wasabi Wallet is programmed to be a zero-knowledge software. Developers can’t collect any sensitive information about you.” How does the software work if it can’t collect any information on you?Here’s how🧵👇1/11 pic.twitter.com/afbLvAR8RO

Can Trezor or the coordinator censor users’ transactions?

No, we cannot censor users’ transactions, as users are always in full control of their private keys and thus able to execute regular bitcoin transactions at will. The only thing the coordinator can do is deny entry to specific coins into a coinjoin, as the coordination of the coinjoin is a centralized service where the coordinator faces potential legal liability and thus reserves a right not to offer its services to coins that the coordinator evaluates as high-risk.

The coordinator makes its own judgement about a potential service refusal; contrary to some claims, neither an analytics company nor government agency has any say in the decision process.

Can Trezor or the coordinator freeze users’ funds?

No, neither Trezor nor the coordinator can freeze users’ funds, as the coinjoin is non-custodial and users always remain in full control of their coins. The worst thing that can happen is that certain coins might get refused by the coordinator from the coinjoin. If that happens, users can still use them to perform regular bitcoin transactions.

Can the coinjoin taint users’ coins?

Coinjoining through the zkSnacks coordinator should mitigate the risk of tainting one’s funds, as coins that could be deemed high-risk are refused from joining the coinjoin. That said, some exchanges may ask further questions when they encounter coins coming from a coinjoin, so we recommend learning about individual exchange policy before depositing coinjoined funds.

Is Trezor cooperating with a chain analytics company?

No, we are not cooperating directly with a chain analytics company. However, coinjoin in Trezor uses a coordinator run by zkSnacks which obtains risk scores of inputs entering the coinjoin from an analytics company. The company learns nothing new in the process, because the risk scores of these inputs have already been assigned by the analytics company earlier, when they were created.

Is coinjoin only for Model T?

Initially yes, but we plan to roll out coinjoin functionality for the Trezor Model One soon.

Privacy is one of Trezor’s core drivers

Privacy, along with security and usability, has always been a driving motivation behind Trezor products. Bitcoin privacy technologies evolve rapidly and we are proud to remain a pioneering force in this space. We understand that coinjoin is a complex topic and welcome discussion of the pros and cons of its various implementations, as long as it is conducted in good faith.

We understand that some might consider using the zkSnacks coordinator as less than ideal for various reasons. However, we still believe that this is the first of many steps in the right direction toward the goal of improving on-chain bitcoin privacy for everyone. Once a reputable coordinator with similar liquidity as the zkSnacks coordinator appears, we will consider it for inclusion.

Trezor Model T hardware wallet available on Trezor Shop


Coinjoin: common misconceptions was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

How much does it cost to use bitcoin?

https://blog.trezor.io/how-much-does-it-cost-to-use-bitcoin-b09c0aa8b610

Bitcoin is practically free to use but fees and other costs add up

If you haven’t been onboarded to bitcoin yet, you’ve probably wondered how much it costs to get started. The truth is that costs vary depending on how busy the network is, but it’s the service costs many of us pay for convenience which cost the most.

Bitcoin is pretty complex to use if you don’t have the right tools, so exchanges and other services charge their customers a premium to offset that complexity, often retaining control of their customers’ assets entirely.

With bitcoin now drawing more public interest than ever, the next wave of newcomers can start off the right way and buy bitcoin directly to their own wallet, making the industry as a whole more robust and bringing down the costs of using bitcoin.

What can bitcoin be used for?

One of the reasons why bitcoin is so popular is because it has all the necessary properties for digital money: it can be transferred cheaply anywhere in the world, stored without the need for a third party, and is not centrally controlled, making it resilient against political attack.

Bitcoin protects your right to protest

These attributes alone make it worth paying a bit extra for bitcoin, but when you compare it to the traditional fiat currency system, bitcoin is still cheaper to use.

Advances such as the lightning network mean it has never been quicker or cheaper to pay with bitcoin, and today’s inflationary climate makes bitcoin attractive to those wanting to store their savings somewhere decoupled from central banks, which has been bitcoin’s primary use case since block one.

Bitcoin for payments

Cryptocurrencies like bitcoin allow users to bypass the tedious and expensive process of sending and receiving money from others, especially across borders. For example, those living outside of their country of origin can send funds back to their families faster using bitcoin, without paying hefty fees or needing to travel to a physical branch. With the lightning network, bitcoin payments are equally as convenient as card payments, without geographic or political restrictions.

As cryptocurrency becomes more publicly visible and accessible, a greater number of merchants are accepting it as a means of payment for their products and services, where card companies currently charge fees that bitcoin eliminate. And while fiat currency is still more widely accepted, you can already spend your bitcoin at major chains around the world from Pizza Hut to hotel stays in Dubai.

Bitcoin as a store of value

Non-traditional assets like bitcoin can act as a hedge against inflation as bitcoin is designed to become more scarce over time. The number of bitcoin rewarded to miners with each completed block halves every 210,000 blocks, roughly every four years. Bitcoin becomes scarcer over time, while dollars, euros, pounds and other fiat currencies are increasing their supply by double-digit percentages each year.

Because it does not rely on a centralized system, bitcoin is not subject to transaction limits, account freezes, multi-day wait times, and other restrictions associated with fiat currency and can be a great way to send and receive funds. All this makes bitcoin a more economical alternative to using fiat currency, but what about the extra costs?

How much does it cost?

Now that you know all the things that bitcoin can do, you’re probably wondering what the catch is. Securing the bitcoin network costs billions of dollars in hardware, so where does that money come from?

The primary cost associated with using bitcoin is on-chain fees i.e. the fees that bitcoin users pay to miners to confirm their transaction. Other fees tend to come from the service providers that users often opt for. Let’s look at a few common uses of bitcoin and the typical costs you’ll encounter.

Purchases

The very first cost you will accrue when starting out is actually getting your hands on some bitcoin in the first place. There are multiple ways to buy bitcoin: you might buy from a centralized or decentralized exchange, or buy directly from a fellow crypto user (known as buying peer-to-peer), you could also use a bitcoin ATM, or some alternative platform such as PayPal.

On the most basic level, the major cost here would be the bitcoin itself, but newcomers are often surprised to learn that you don’t need to buy a whole bitcoin, you can by just a small fraction for several dollars if you want to.

The main way that your bitcoin-related costs can inflate well beyond the actual cost of the bitcoin is through transaction fees. These are the fees that your platform of choice charges you for buying or selling your cryptocurrency. Different exchanges calculate these fees in different ways, usually taking a percentage from both the buyer and the seller, or by inflating the asset cost itself and taking the difference as their cut. If you are purchasing your Bitcoin from any third-party platform, you should factor these costs into your overall expenses.

While these types of fees are inevitable to a degree, it would be in your best interest to compare the costs associated with several crypto exchanges before you make a commitment. Tools like Invity in Trezor Suite, for example, allow you to compare fees across dozens of crypto exchanges, so you can know in real-time, exactly how much bitcoin you will get for your money, and have them sent directly to the secure self-custody of your Trezor wallet, avoiding the withdrawal fees we cover below.

But why do these exchanges charge these extra fees? Whether they retain custody of the tokens or not, these platforms charge fees as part of their business models and if the customer is not buying the tokens directly into their own self-custody wallet, these fees are virtually inevitable.

Trading costs

While most experienced bitcoiners will advise you against trading, especially without professional experience, newcomers often turn to trading to chase greater profits. This may mean wanting to exchange a portion of your stash for fiat currency due to a cash crunch or simply swapping between cryptocurrencies in search of trading profits.

Whatever your reason, there may come a time that you will decide to trade your bitcoin for another asset. But just like buying bitcoin in the first place, this can attract a fee. Some exchanges charge a flat percentage while others charge a dollar amount for each transaction and once again, this must be factored into your costs.

These costs are largely arbitrary and are not used to pay for transaction fees, rather they are part of the platforms business model. With a number of exchanges suspected of counter-trading their own users, newcomers should be especially cautious about trading. Since crypto exchanges are less regulated than other markets, high amounts of leverage and easy access to complex financial instruments such as options trading poses a massive risk to inexperienced users and should be avoided, as using these recklessly could cost you your entire savings.

One way to get around trading fees is to exchange cryptocurrencies directly through your self-custody wallet using inbuilt decentralized exchanges. Several wallets, Trezor included, allow users to swap assets through their app. When assets are swapped, the only cost that is incurred is the network fee expended on the transaction. In the case of Trezor, you can also select what fee rate you wish to pay to confirm the transaction.

Because the bitcoin blockchain is incentivized to prioritize transaction requests that come with a higher fee, if you select a lower fee, it will take longer for your transaction to be completed. But if you are looking to incur as little cost as possible when dealing with bitcoin, this is often your best bet.

Withdrawals and transfers

Given that one of the most common uses of bitcoin is transferring funds from one wallet, or an exchange, to another, it is important to understand how much it costs to do so and where the charges can be avoided. And to understand this, you need to look at how the bitcoin blockchain works in the first place.

When a transaction is initiated, it waits to be validated by mining nodes. In return for validating transactions, the miners are rewarded in the form of transaction fees as well as a fixed block reward of 6.5 bitcoin. Because the validators are doing this for material rewards, they are incentivized to validate the transactions that pay higher fees.

When you initiate a transfer from your Trezor, you can choose the fee you pay according to how quickly you need the transaction validated, which can be higher during busy periods. Exchanges also pay transaction fees when you initiate a withdrawal, but they tend to batch many users’ transactions together and don’t show you the actual on-chain fee. Instead, exchanges tend to charge arbitrary withdrawal fees which are many times higher than the network fee itself. This may be a fixed amount or a percentage, so depending on which platform you use, this could significantly increase your expenses.

Bitcoin without middlemen

A way to get around this hidden premium is to simply use bitcoin as it was designed to be used: don’t rely on centralized, custodial exchanges and instead get a self-custody bitcoin wallet like Trezor which lets you buy peer-to-peer, helps you avoid hidden fees as well as enjoy a ton of benefits, like privacy features, automated buying, and having complete control of your funds.

Choosing a wallet

Obviously, if you are going to use cryptocurrency you will need a wallet to store it in. And just like with bitcoin transfers and purchases, this could cost you a little or a lot of money, because there are different types of crypto wallets with different features for users to choose from.

Paper crypto wallets are a simple way to take custody, where the user simply writes down their blockchain address and their private keys on a piece of paper. This type of wallet is completely free to set up as there are a plethora of services online that will help you generate your address and keys. The downside of this is that the paper on which these details are written could get lost or stolen, and the method for generating the keys can be fundamentally insecure.

There are also exchange wallets, which are more like email accounts. While you can set up a password and have access to a portfolio, exchange accounts don’t offer you any real ownership of your crypto. If your exchange goes bankrupt, any assets you leave there may be considered the exchange’s assets, and you may lose everything. For that reason, exchanges should never be used for long-term storage.

Then there are hot wallets which are programs that maintain a connection to the internet and let you create and manage your bitcoin keys yourself, giving you full control over your crypto. These are also typically free to set up and can be used as mobile apps, browser extensions, and so on. And while they are very affordable to set up, they are more susceptible to hacks and attacks because they are connected to the internet.

Finally, there are hardware wallets, which were first pioneered by Trezor in 2013 with the Trezor Model One. This cold storage approach is widely regarded as the safest and most cost-effective ways to secure bitcoin. Hardware wallets never connect your secure key data to the internet and keep your money safe from online attacks. This, however, is a bigger up-front cost as you will have to buy the hardware wallet for $60 or more. Despite this one-time cost, using a Trezor can help you avoid other costs such as withdrawal fees, inflated network fees, and lets you offset the risk of losing your assets entirely, which remains a constant threat for exchange and hot wallet users.

Save time and money

As a cryptocurrency user, it is important that you have as much information as possible, especially when it comes to spending your money. As the overview above shows, using bitcoin can cost a little or a lot of money depending on how much convenience you want and what sorts of services and platforms you make use of.

Engaging with third-party crypto businesses such as centralized exchanges tends to hike up the costs associated with bitcoin, as well as the risks! And while some may find these sorts of businesses to be essential and worth the extra costs they incur, others might not.

Ultimately, it is up to you to decide which options, whether wallet type or the amount of Bitcoin, that is best for your unique situation. What’s important to remember is that starting the right way, and buying bitcoin direct to secure self-custody, can mean big savings as you avoid hidden exchange fees. And it will also protect your privacy for the long-term.

Trezor Model T hardware wallet Available from Trezor Shop


How much does it cost to use bitcoin? was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Trezor Model T user interface changes

https://blog.trezor.io/trezor-model-t-user-interface-changes-52b5583a1ddd

An overview of recent design changes to your Model T experience

With the latest Trezor Model T firmware update 2.6.0, you may notice some improvements to the on-screen interface of your Trezor Model T hardware wallet. We have redesigned some components to allow you to interact with your device more intuitively, starting with support for a fullscreen background.

Customize your new fullscreen homescreen in Device Settings in Trezor Suite

What’s changed in the interface?

The most noticeable change is that homescreen images are now displayed in full-screen mode. Once you upgrade to firmware version 2.6.0 you will be able to set a new full-size homescreen, or keep using the circular one you had previously. Please note that once you change to the new format your old circular homescreen will no longer be available.

Confirming addresses and transactions has also been slightly redesigned to include an info button i which will show you a summary of the address derivation path and account type when receiving. In the sending dialogue, this info button will display information about the fee rate and account from which the coins are being spent.

Tap the i when sending a payment to see more information about it

Other selected user interface components have also been improved for visibility, ensuring a smoother experience when managing your coins.

Other changes in this firmware release

As well as improving the interface, this release includes several other improvements noted in the firmware release article on Trezor Knowledge Base.

Trezor device firmware update April 2023

Make sure you also try the new coinjoin privacy feature which is now live for the Trezor Model T. Coinjoin gives you renewed privacy by cutting the link between sensitive data and your bitcoin. Read more about how to use coinjoin in our dedicated blog Coinjoin: privacy for bitcoin.


Trezor Model T user interface changes was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Coinjoin: privacy for bitcoin

https://blog.trezor.io/coinjoin-privacy-for-bitcoin-11aaf291f23?source=rss----4b757f6fc8b0---4

Wallets and security

Make your bitcoin untraceable with coinjoin in Trezor Suite

Bitcoin is not anonymous by default. It is easy to see exactly how much bitcoin you have, and everyone you’ve ever sent it to, if you don’t use the right tools to protect your privacy. That’s we launched coinjoin in Trezor Suite, a completely optional feature that makes bitcoin easy to use privately.

Since each bitcoin transaction carries data about the coins’ history, when you use bitcoin you may accidentally be adding little bits of information that can be used to identify you. Now, you can use coinjoin to strip personal data from your bitcoin, and take back your right to financial privacy.

Using coinjoin in Trezor Suite

Open Trezor Suite to update and install the latest Trezor Model T firmware, and you can start right away. Just click the plus + select bitcoin and choose coinjoin from the account type dropdown. Send some bitcoin to the new account then select Start to begin.

Save 15% on a Trezor Model T hardware wallet to celebrate the launch of coinjoin. Offer ends April 26. Coinjoin will also be made available for the Trezor Model One in the coming months.

Privacy shouldn’t be complicated

Making your bitcoin private can be difficult, especially if you give crypto exchanges your identity documents. While you can and should withdraw your coins to your own wallet, the exchange will always know who you are and where you send that money afterwards. Even worse, if that exchange’s data is ever leaked, your identity and net worth become public information.

With coinjoin, you can choose to make some or all of your bitcoin private, just by sending it to your coinjoin account and pressing Start. In the background, your Trezor will send the bitcoin to itself in a series of joint transactions alongside hundreds of other coinjoin users, making it near impossible for anyone to later know what piece of bitcoin came from where, while you stay in control of your funds the whole time.

A screenshot of a coinjoin account in Trezor Suite
Select Start to make your bitcoin private

Even if you buy bitcoin without identifying yourself, there are many ways to leak data about yourself. Since bitcoin is so transparent, the blockchain itself can be analyzed in lots of ways to build a profile of individual users. Using coinjoin lets you start fresh without leaving a trail of data an attacker might use against you.

Why you need and deserve privacy

How to restore privacy with coinjoin

Ready to stop sharing personal information with every transaction? Get a wallet built to protect your privacy. Use coinjoin on Trezor today and pay with your money, not with your data!

https://medium.com/media/7b31328b3a104d20a1d86c03386d79af/href

Coinjoin has been implemented directly in the free Trezor Suite app and made as simple as possible: create a new coinjoin account and transfer some bitcoin to it. Once the funds have arrived, just press Start.

Any bitcoin you want to use privately after the coinjoin can be spent directly from the coinjoin account. This is the easiest way to select the coins with the highest privacy and to avoid relinking your funds to personal data. Some services including exchanges may restrict payments using coinjoined funds, so check the policy of any third-party providers you use and consider changing provider if necessary.

What to know before you coinjoin

Keep your Trezor connected

The full coinjoin process can take a couple of hours to complete on average, using default settings. You should leave your Trezor connected the whole time, but you can lock your laptop. Your Trezor will sign each coinjoin transaction automatically, always sending the funds back to itself.

You can cancel or pause coinjoin at any time unless you see the message ‘Coinjoin in progress. Do not disconnect your Trezor.’ Interrupting a coinjoin will not affect your funds but you may be prevented from coinjoining those UTXOs again for some time.

How much bitcoin should you coinjoin

Coinjoin works best with amounts from 0.1 through 1 bitcoin. Smaller amounts will be less economical due to mining fees, and larger amounts may result in too many small UTXOs to manage.

Fees related to coinjoin

There is a 0.3% service fee taken from the total amount coinjoined, as well as a mining fee for each coinjoin round. The service fee is taken only once: if, for some reason, not all funds are made private on the first attempt, the fee will only be charged on the remaining amount. Very small amounts will not pay a service fee but will still pay mining fees.

Tor connections may be slower

Coinjoin in Trezor Suite takes place over the Tor network to maximize privacy. Due to the multiple layers of connections, it may take a couple of minutes to connect and load your coinjoin account. To speed this process up, you can choose to have Trezor Suite remember your coinjoin account.

Trezor improves with feedback

As the first hardware wallet implementation of coinjoin, there will be lots to optimize in the coming months. We would be happy to hear your feedback via social media and our Support Team are ready to help with any issues or questions.

Avoiding risk with coinjoin

The coinjoin process uses a coordinator, run by zkSNACKs, which is in charge of selecting which pieces of bitcoin (UTXOs) to include in a transaction and ensuring there is enough liquidity for the coinjoin to provide the required level of privacy.

In rare cases a particular set of UTXOs may not be included if it was present in a previous round and caused the coinjoin to fail because the user disconnected their device. In this case, the UTXOs would be unable to participate in a coinjoin for 6 hours.

Some users may also have UTXOs which are known to be high-risk due to where they originated from. The coordinator may decide not to include UTXOs which are likely to result in other users’ UTXOs inheriting that risk. Owning a high-risk UTXO will not prevent other UTXOs in your wallet from being coinjoined.

What is coinjoin?

Coinjoin is the name of a large coordinated bitcoin transaction involving many unknown participants. Each participant decides how much bitcoin they want to make private and, once all inputs have been gathered, the coordinator splits the bitcoin into pieces of equal size, sending each participant the same total amount they put in, at a new unlinked address.

To learn more about coinjoin and how it works, check out the video above or read our article What is coinjoin? on the Trezor knowledge base.

Why use coinjoin?

Taking the time to make your funds private can help you close off potential data issues like data leaks from centralized exchanges, balances shared with merchants, or money used in supporting sensitive causes such as funding journalists. Wherever you may have shared identifying information, coinjoin can minimize the impact of that information becoming public.

No privacy tool is able to guarantee anonymity on its own, which is why Trezor Suite provides coinjoin as part of its complete privacy offering. Using Tor, which is essential for coinjoin, will protect your connection from observers, while block filters keep your addresses restricted to your app. You can even connect to your own node via Electrum server to validate your funds on your own infrastructure for ultimate discretion.

Privacy in the palm of your hand. Get 15% off a Trezor Model T hardware wallet.


Coinjoin: privacy for bitcoin was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Why you need and deserve privacy

https://blog.trezor.io/why-you-need-and-deserve-privacy-ea62bf3112c7?source=rss----4b757f6fc8b0---4

News and comment

How your data is being used and what you can do to protect it — by Jack Filiba

Many people have come to accept that sacrificing privacy is, in many ways, just the cost of modern living. As the commodity that we most often unwittingly trade, we surrender our privacy in exchange for using services, interacting with online platforms, and just being part of society. Yet this does not have to be the case, and it is not too late for us to regain some of the privacy that we desperately need and deserve.

How our privacy is being eroded

Tools like Have I Been Pwned? allow you to see how many times information connected to your email address has circulated online. Your email address has probably been connected to all sorts of breaches in the past few years, due to a website or service losing your information.

According to Cyber Security Hub, there were more than 4,100 publicly disclosed data breaches in 2022 alone. The largest data breaches to take place in 2022 impacted Twitter, Uber, Twilio, DoorDash, Optus, the Los Angeles Unified School District, and Medibank.

As one of Australia’s largest medical insurance providers, the Medibank breach garnered significant attention last year. According to The Guardian, it impacted 9.7 million users. Information exposed in the leak included personally identifiable data and worse still, for many Medibank customers, the company believes that information such as codes related to the diagnoses and procedures they received and the names of their practitioners were accessed as well.

Expert tips to protect yourself from remote attacks.

In a world where it is clear that our private information is often not kept safe, the massive amount of data collection that we are subject to is concerning. Companies collecting — and failing to safeguard — our information, however, is only one of many ways in which our privacy is being worn away.

According to the Electronic Frontier Foundation (EFF), one of the most widely known advocate organizations for digital rights, new technologies are enabling “unparalleled invasions of privacy.” In particular, our privacy is under significant threat due to the increasing ways in which users’ personal data is being collected and exploited, widespread government surveillance programs, and the use of facial recognition technology.

A report last year from the United Nations found that threats to privacy and human rights are growing. Among the report’s findings, it states: “Before the advent of large-scale automated surveillance and data analytics tools, there were practical limitations to surveillance that provided a certain level of protection for individuals, even when in public. Sophisticated digital tools render those past “natural” protections moot. Today, a single officer can monitor the social media accounts of dozens of people and, with the assistance of advanced software and big data analytics, small teams can observe and profile thousands of accounts.”

Even the way that we spend money is under increased opportunity for surveillance. While cash is unlikely to disappear completely in a global context within the next few years, many parts of the world are trending towards an increasingly cashless society. According to Insider Intelligence, cash is projected to account for just 10% of point-of-sale transactions by 2025.

While moving away from cash may not inherently put our privacy at risk, the alternatives that we are being pushed towards might. While it is no secret that the way we spend money through our credit and debit cards is widely tracked, the birth of Central Bank Digital Currencies (CBDCs) could amplify privacy concerns.

Why governments will always rescue banks

Central Bank Digital Currencies were born from the popularity of bitcoin and its underlying technology. Like bitcoin, CBDCs attempt to create digital money using blockchain technology. Yet unlike leading bitcoin, CBDCs are not decentralized. Rather, true to their name, they are entirely controlled by government institutions. According to research cited by the International Monetary Fund (IMF), 105 countries and currency unions are currently exploring the possibility of launching a CBDC.

Many designs for CBDCs that are being explored in the world today involve the centralized collection of data relating to payments and transactions. As a consequence, there may be an increased risk of both unethical levels of government surveillance and increased information breaches. On this topic, the World Economic Forum writes that the development of CBDCs could pose a significant threat to our everyday privacy, particularly if policymakers do not work with experts on privacy to protect users.

Are we right to care about our privacy?

Having established the scale at which our privacy is being compromised today, the question becomes how much we should reasonably care about this issue.

In 2021, an internal Facebook email was accidentally leaked to the press. As the BBC reported, this email revealed that the company’s long-term strategy in regards to data scraping incidents is to frame them as a “broad industry issue and normalize the fact that this activity happens regularly.”

By all accounts, it appears that the fact that our personal information is commonly exploited in the world today has left many of us feeling largely indifferent towards these types of incidents. Unfortunately, it appears that companies and governments are exploiting our apathy in order to continue invading our privacy.

Encouraging us not to care about privacy is not a new strategy by any means. Arguments such as the infamous quote “if you’ve got nothing to hide, you’ve got nothing to fear” have been used for years to defend widespread surveillance programs and other intrusions into our personal lives. Yet, in the words of NSA whistleblower Edward Snowden, this argument is “no different than saying you don’t care about free speech because you have nothing to say.”

Losing our privacy means losing our intrinsic human rights. Per Article 12 of the Universal Declaration of Human Rights, “No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honour and reputation. Everyone has the right to the protection of the law against such interference or attacks.”

Bitcoin is freedom

Even national security — one of the reasons most often touted against privacy — cannot be reasonably used as a catch-all to justify increasing privacy intrusions. According to a recent UN report on growing threats to privacy and human rights, new technologies are enabling the public to be surveilled in a range of online and offline contexts while often failing to be proportional, based in law, and necessary to achieve a legitimate aim.

It is important to remember that privacy is not just an immaterial concept. Breaches of our privacy can have tangible real-world consequences. In addition to the role of digital breaches in increased incidences of threats such as stalking, harassment, and identity theft, the loss of privacy can even fundamentally undermine democracy.

As stated in the UN’s report, systematic public surveillance can threaten the ability of citizens to peacefully express themselves and participate in the democratic process. The report found that some governments in the world today are using public surveillance measures to identify critics, allowing those in opposition to a government’s agenda to be harassed, detained, or denied essential services.

For example, protestors in China last year were reportedly identified by police based on information gathered from their phones and facial recognition technology. In one story covered by The New York Times, a protestor attempted to protect his identity by wearing a balaclava and goggles. The next day, however, police officers showed up at his home and told him his phone had been active in the area of the protests.

According to The New York Times’ reporting, the Chinese government has spent a decade building mass surveillance systems that allow protestors to be identified by law enforcement. Once identified, these protestors are often intimidated, which prevents them from continuing to object to the government’s actions.

Bitcoin protects your right to protest

While many people in the West frequently acknowledge these types of privacy intrusions when they happen abroad, it can be easy to ignore how widely this technology is abused across many parts of the world. Brookings, a major American research group, states that Americans are all affected by mass surveillance, with surveillance methods disproportionately affecting communities of color. In particular, facial recognition is being used by about half of the country’s federal agencies that employ law enforcement officers. One out of every four state and local law enforcement agencies in the US reportedly have access to this technology as well.

There are currently a growing number of private companies in the US and many other countries across the world that partner with government agencies to collect and process personal information on a mass scale. As these technologies continue to develop, so does their potential for abuse and their ability to undermine democracy.

In the words of the United Nations Deputy High Commissioner for Human Rights, “pervasive surveillance comes at a high cost, undermining rights and choking the development of vibrant, pluralistic democracies. […] The right to privacy is more at risk than ever before.”

Where do we go from here?

Forward-thinking regulators across the world have attempted to protect our digital rights by introducing acts such as the GDPR in the EU and the CCPA in California. Still, the fact remains that regulation is lagging behind the new technologies that are being used to erase our right to privacy.

As individuals, we often contribute to this issue by trading privacy for convenience when it comes to the businesses that we interact with online. While this has become incredibly common, we do not have to accept this as a new status quo. By being more mindful of who we give our information to, and condemning the digital services that are failing us, it is possible to remind companies that privacy is something we demand and intend to maintain.

Trezor’s USP = Usability + Security + Privacy

Realistically, however, this is a tall order as many large data collection platforms have become increasingly difficult to avoid. In addition, while guides like the Electronic Frontier Foundation’s Surveillance Self-Defense guides can help mitigate the role of unethical government surveillance, this is an issue that we need to be fighting for on a larger global scale in order to see meaningful and lasting change. As surveillance technologies rapidly develop, these issues appear more timely than ever before.

In the fight for the right to privacy in a world that is increasingly insistent on taking it away, the most important thing of all is that we do not give in by becoming apathetic. After all, when a right is eroded, very rarely is it returned.


Why you need and deserve privacy was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Why governments will always rescue banks

https://blog.trezor.io/why-governments-will-always-rescue-banks-ab510ab95070

NEWS AND COMMENT

What the latest banking collapse means for bitcoin and your savings

Over the past month, the world was shocked by news that a major bank collapsed in the span of just 48 hours. But in the aftermath of this collapse, it seemed almost inevitable that the US government would step in and play clean up yet again.

This relationship between financial institutions and their caretaker (the government) is part of a broader pattern that reinforces the importance of leaving the current financial system behind.

How the government cleaned up SVB’s mess

On March 9, Silicon Valley Bank’s customers withdrew $42 billion USD in a single day. This bank run — ignited by fears of a bank run — left SVB with a negative bank balance. The following day, federal regulators shut down Silicon Valley Bank.

Thanks to the Federal Deposit Insurance Corporation (FDIC), anyone who deposits money in an FDIC-insured bank is promised a return on all of their funds up to a limit of $250,000 USD in the event that their bank fails. People and businesses who had more than $250,000 deposited in SVB, however, quickly looked to the government for help in recuperating the portion of their funds that were not covered by this insurance.

Rather not take out insurance on your own money? Be your own bank with Trezor. Get yours today!

Account holders have come to expect that even the portion of their funds that are not covered by insurance will be returned to them, which placed significant pressure on the US government to step in and help those who lost money as the result of SVB’s collapse. At the same time, however, bailouts have become broadly unpopular in the current US landscape in the wake of the 2008 financial crisis.

In fact, a recent poll released by Reuters found that the majority of Americans oppose bailouts. 84% of the two-day poll’s respondents believe that the duty of resolving problems caused by irresponsible bank management should not fall on taxpayers. At the same time, only 49% of Americans favor the government bailing out financial institutions.

In other words, in the wake of the SVB mess, the government was left attempting to design a remedy that needed to do two key things. First, it had to ensure that people and businesses could still access their uninsured funds in order to maintain faith in the broader banking system. Second, any intervention would have to take place without the stigma that surrounds bailouts in the current political landscape.

On March 12th, Treasury Secretary Janet Yellen said that the government would not bail out Silicon Valley Bank but was working to restore faith in banks and get people their money back. Their solution was to pass the expense on to other FDIC-insured banks, allowing SVB to fold in the US while making sure that people could still get their money back.

Whether or not this intervention is seen as a bailout is up for debate. Many argue that only SVB’s customers were bailed out and point to the fact that taxpayers were not directly expensed in this process. Unlike the banks that survived the 2008 financial crisis thanks to bailouts, SVB is no longer afloat in the US. Overseas, it is worth noting that SVB’s UK arm has since been acquired by HSBC for just £1.

Regardless of if we should label the government’s intervention in this instance as a bailout, a much larger debate needs to take place: Why should decisions made by individual banks have the power to throw financial systems into chaos and essentially force the government to play clean up?

Financial institutions hold too much power

In an illuminating article published by The Atlantic, journalist Annie Lowrey emphasized that mitigating the potential consequences of SVB’s collapse should not be seen as a “success story.” “The complexity of financial regulations and the dullness of balance-sheet minutiae should not lull any American into misunderstanding what has happened,” she wrote. “Nor should the lack of a broad meltdown make anyone feel confident. The bank failed. The government failed. Once again, the American people are propping up a financial system incapable of rendering itself safe.”

True to her words, it can be easy to get lost in the weeds of trying to define whether or not this was a bailout or focus only on the end result of people getting their money back. Instead, we need to focus on the fact that the entire US financial system was thrown into crisis as a result of financial institutions yet again.

Banks on the brink of bailouts

SVB’s collapse was one of the largest bank failures in the US’ history. The top spot belongs to Washington Mutual, which collapsed during the 2008 financial crisis. At that time, banks were deemed “too big to fail” and were bailed out as a last ditch effort to save an economy that seemed on the brink of collapse.

For now, it appears that the way in which the 2008 financial crisis was handled has made the idea of directly bailing out the financial institutions politically inadvisable. However, the SVB crisis nonetheless highlights that many of the same flaws that contributed to the crisis still exist in our current financial system more than a decade later.

In the near-immediate wake of SVB’s collapse, the bank run spread to other financial institutions. This led to federal regulators closing Signature Bank as well. As with SVB, the government returned funds to Signature Bank clients beyond just the $250,000 insured by the FDIC. Without any intervention, it is likely that this bank run would have spread to other financial institutions as well.

These recent interventions emphasize why governments will always essentially be pressured to intervene when banks fail. Despite the fact that the FDIC clearly only insures up to $250,000 and that consumers should be able to trust FDIC-insured banks to not suddenly go up in flames in the first place, the government felt an obligation to take action. If not, there would likely have been broader consequences as a result of the damage done to the financial systems that we have built our lives around.

The consequences of banks having so much power is by no means confined to the United States. In fact, the collapse of SVB and Signature Bank had a domino effect overseas. Credit Suisse, a 167-year old bank, was recently sold to Switzerland’s largest bank (UBS) after fears that the bank collapsing could take the broader financial markets down with it. As a quick solution, Swiss regulators issued an emergency ordinance that allowed the merger to take place without the approval of the shareholders.

As experts debate the root causes of these failures, there will be many retrospectives written about why these financial institutions collapsed. One contributing factor worth paying attention to is the fact that regulation passed in 2018 increased the threshold at which banks like Silicon Valley Bank have to receive enhanced supervision. According to The Guardian, regulators justified raising the threshold to $250 billion USD by arguing that banks of this size could never prove “too big to fail”.

Not even five years later, the government had to step in to stop SVB’s failure from taking the rest of us down with it. This dynamic is particularly concerning as financial institutions know that the government will essentially be forced to intervene when they slip up and hurt the public. As a result, there is little motivation for these major institutions to not behave recklessly when presented with opportunities to maximize their earnings.

The true cost of bank bailouts

When the government uses money to bail out banks, it has to come from somewhere. If the government borrows money, this could increase national debt, and taxpayers would ultimately be responsible for repaying it over the years or decades to come. Alternatively, the government could raise taxes or cut back on funding for public services which could be especially burdensome for lower-income taxpayers.

Most often, the government will simply print more money, which results in inflation and a subsequent decrease in purchasing power. This has been especially prevalent in recent years, as thirty percent of all dollars in existence were printed since 2020, meaning your savings have lost a third of their value. Banks may be ‘saved’ and governments may be praised but at the end of the day, there are long term consequences that, more often than not, ordinary citizens will suffer. Fortunately, there is another option.

Escaping our current financial system with bitcoin

From its inception, bitcoin has stood in opposition to the overwhelming power that financial institutions hold over both the economy and our lives. Stored within bitcoin’s very first transaction is a hidden message that states:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

This message is a reference to an article published in The Times in the year that bitcoin launched. At that time, regulators were deciding how to inject life into an economy that had been badly wounded by the reckless actions of banks leading up to the 2008 financial crisis.

Bitcoin is, in most every sense, designed in a way that is completely contrary to how that crisis was handled. Unlike fiat currencies such as the US dollar, bitcoin has a strictly limited supply. While more money can always be printed, there will never be more than 21 million bitcoin. Further, lost and destroyed bitcoin further limits its supply.

As a result, bitcoin is often likened to a digital form of gold; one of its core use cases is as a store of value. Importantly, each and every person who holds bitcoin serves as their own individual bank — preventing any entities from becoming “too big to fail.”

If you fail to store your bitcoin safely and correctly, it is not the government’s job to bail you out. While this can be a scary concept and has long been used as a critique against the crypto industry by some, it is actually a very powerful feature of decentralized spending networks.

When you store your bitcoin, you can (and should) do so independently by using a hardware wallet. From there, your transactions take place through an open and transparent peer-to-peer network that exists without the involvement of financial intermediaries like banks.

With banks constantly forcing the government to help clean up their messes, there is no reason to believe that those in charge have walked away from these failures having learned any real lesson about risk management. In fact, these failures have only reinforced how much power banks actually have. Until more is done to take power away from them, banks can continue putting us all at risk in the pursuit of their own gains.


Why governments will always rescue banks was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Banks on the brink of bailouts

https://blog.trezor.io/banks-on-the-brink-of-bailouts-94b712bcfdf2

News and comment

Despite widespread reforms following the 2008 financial crisis, American banks face new bailouts.

Just over a decade since the mortgage crisis led to one of the largest economic recessions in history, bitcoin’s reason for being has once again been thrown into the spotlight. On the brink of another global economic crisis, let’s take a look at how and why one bank’s financial mismanagement proves the the need for bitcoin, and why it’s best to bank on yourself by holding your money in self-custody, safe on a Trezor.

What happened with Silicon Valley Bank?

The sudden catastrophic collapse of Silicon Valley Bank (SVB) brewed up a storm in mainstream financial media over the weekend. Until last week it had been the 16th largest bank in the USA, but poorly-managed interest rate risk, and a reduction of banks’ reserve requirements, led to the SVB needing to sell off assets, which in turn signaled to depositors that the bank’s position may not be as stable as they had believed. This triggered a bank run which SVB was unable to cover, having a large portion of its assets tied up in long-term bonds which could not be cashed out without taking an unplanned loss.

Genevieve Roch-Decter, CFA on Twitter: "Silicon Valley Bank took a $1.8B loss on its available-for-sale (AFS) bond portfolio. But it’s the held-to-maturity (HTM) bond portfolio that is the real problem. Short 🧵 / Twitter"

Silicon Valley Bank took a $1.8B loss on its available-for-sale (AFS) bond portfolio. But it’s the held-to-maturity (HTM) bond portfolio that is the real problem. Short 🧵

While the headlines today portray a shocking story which “no-one could have predicted”, the truth is that this event is much the same as has happened in the past: banks mismanaged user deposits by relying on fractional reserves (holding only a portion of customer deposits as cash), and failed to account for worst-case scenarios such as the global pandemic. The inflation crisis sparked by the pandemic has been attributed as one of the root causes for SVB’s collapse, since the bank had bought long-term assets based on pre-pandemic rate predictions and is now heavily under water, along with much of the US banking sector.

CRE Analyst on Twitter: "The Fed stepped in to send a message: Depositors no longer have to worry about this chart…SVB was a unique bank. Lots of loans to startups and early-stage companies, big concentrations in the large VC fund operators, and an outsized bond portfolio that was primarily… https://t.co/z4MPNZBGh1 pic.twitter.com/FfmDeyCemw / Twitter"

The Fed stepped in to send a message: Depositors no longer have to worry about this chart…SVB was a unique bank. Lots of loans to startups and early-stage companies, big concentrations in the large VC fund operators, and an outsized bond portfolio that was primarily… https://t.co/z4MPNZBGh1 pic.twitter.com/FfmDeyCemw

Yet, even without the external effects of the pandemic, SVB’s collapse can also be tied to the financial system not making enough significant changes since 2008, if anything it’s been managed even worse, with more money printing, less predictable monetary policy, and more moral hazard. The current fragility of the sector means it doesn’t take much to trigger a crisis.

What it means for banking and bitcoin

Banking bailouts and the systemic financial mismanagement are endemic to the fiat economy. Inscribed in bitcoin’s very first block is a headline taken from The Times newspaper, “Chancellor on brink of second bailout for banks”, because corrupt officials have long manipulated the economy at the expense of citizens who foot the bill for bailouts and who endure the financial hardships that come in the wake of collapse. Bitcoin stands to eliminate the practice of fractional reserve banking, by eliminating the need to trust deposits to a third party at all.

After the collapse of SVB, opinions were split when it came to deciding whether to bail it out or to let it collapse completely, where most deposits would be lost as they exceeded the $250,000 FDIC insured amount. Ultimately, the risk that SVB’s collapse would cause bank runs at other smaller banks led to a bailout being agreed upon by Monday morning, even for deposits above the insured amount, though those behind the decision are attempting to not describe it as a bailout.

More positive headlines have already come to light claiming the “US banking system is safe”, but fail to highlight the systemic risks that led to the collapse, instead pointing to the newly-established Bank Term Funding Program, which aims to make it easier for banks to borrow money in a crisis, without making any attempt to fix the root causes.

The Jericho Report on Twitter: "Breaking: More than 30 banks have been placed under trading halts.#Bankcollapse #BankRuns pic.twitter.com/4UgHYCpuA3 / Twitter"

Breaking: More than 30 banks have been placed under trading halts.#Bankcollapse #BankRuns pic.twitter.com/4UgHYCpuA3

What the future holds is yet to be seen. While the bailout may serve its purpose and prevent further bank runs, it is likely that small banks will see customers move their accounts to larger banks now that the risks have been shown, as there is no incentive that might offset that risk. The major downside of this is that it further centralizes the banking system and adds further risk, should those ‘too big to fail’ institutions collapse in future.

This entire saga underscores bitcoin’s use case as a neutral, decentralized monetary system where bailouts are simply not possible and nobody is forced to carry the costs for the irresponsible actions of a few bank executives. Under a bitcoin standard, inefficient and corrupt institutions would be soon priced out of the market and replaced by more efficient and responsible actors.

Did crypto cause the SVB collapse?

Cryptocurrency had nothing to do with SVB’s collapse. A number of crypto-related companies were clients of the bank, such as the notorious Sequoia Capital, one of FTX’s investors, but the underlying cause of the issue was deeply ingrained in the banking system.

It was SVB’s illiquid portfolio — of government bonds — and their reckless approach to reserves that caused the collapse, as the bank didn’t have enough cash on hand to cover several large withdrawals and was forced to sell longer-term assets to cover them, unintentionally revealing to external observers that the bank was having trouble managing its funds.

While crypto and bitcoin companies did not cause this issue, they will feel its effects. There are very few banks in the USA that offer their services to crypto companies, and SVB was one of them. This crisis will make it more difficult for projects to find banking partners, which, combined with the ongoing bear market, could spell the end for many.

ODELL on Twitter: "The four main banks of bitcoin and "crypto" are Signature, Prime Trust, Silvergate, and Silicon Valley Bank.Silvergate and SVB have already stopped withdrawals. More banks will go down before the chaos stops. None of them have sufficient reserves to meet withdrawals. https://t.co/pnDi3U1IFq / Twitter"

The four main banks of bitcoin and "crypto" are Signature, Prime Trust, Silvergate, and Silicon Valley Bank.Silvergate and SVB have already stopped withdrawals. More banks will go down before the chaos stops. None of them have sufficient reserves to meet withdrawals. https://t.co/pnDi3U1IFq

What happens now?

The story is not yet resolved, so it is yet to be seen how the economy will react, and whether the government intervention will have it’s desired effect of preventing ‘contagion’ that could spread to other banks. What’s certain is that the measures put in place to protect investors following the last financial crisis have not done their job. The system, built on printed money with no backing, is not robust and can not support indefinite expansion without causing severe economic harm, especially to the purse of the regular public.

Gabor Gurbacs on Twitter: "This is how the Fed rug-pulled banks and depositors, 4 times in a row:1. Keep rates at near zero for too long,2. Hike too slowly,3. Emergency cut to zero (covid) + print $6+ trillions,4. Hike to 5% too quickly because money-printing nuked purchasing power (inflation high). pic.twitter.com/LvHLrm5jYb / Twitter"

This is how the Fed rug-pulled banks and depositors, 4 times in a row:1. Keep rates at near zero for too long,2. Hike too slowly,3. Emergency cut to zero (covid) + print $6+ trillions,4. Hike to 5% too quickly because money-printing nuked purchasing power (inflation high). pic.twitter.com/LvHLrm5jYb

Continuing to trust in a system which regularly fails is reckless. While large tech companies have little choice but to rely on a bank as part of everyday operations, you as an individual have no such obligation. With bitcoin, you can opt out and choose a fairer system where bailouts and inflation are prevented by design.

As a self-custodial solution, Trezor users manage their own assets completely independently. Fractional reserve banking is simply not possible with bitcoin held in self-custody so Trezor users can’t be affected by the events which are currently unfolding. The same cannot be said for centralized exchanges, where there is always a risk that deposits are not backed, as was the case with FTX, who held less than 1 bitcoin to cover more than a billion dollars’ worth of liabilities.

As inflation continues to pick up pace, the effects of a banking crisis will only make it worse. The money to bail out SVB has to come from somewhere, and if the taxpayer doesn’t foot the bill directly, they may still pay for it indirectly through knock-on effects leading to further increase of the money supply, resulting in more inflation and eroding your purchasing power. Thirty percent of all dollars in existence were printed in the last few years, meaning your savings have lost a third of their value since 2020. SVB is just another stark reminder to start using bitcoin today, or watch your wealth be diluted to nothing.


Banks on the brink of bailouts was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.