a trezor device is a hardware wallet, or cold storage, that looks like a usb. This small and compact storage holds the public and private keys that give you access to your cryptocurrency. this was launched in 2013 as the first cryptocurrency cold wallet on the market.
the ultimate security feature of a trezor is that as a cold wallet the software is offline and the keys are hard to duplicate because they are locked in that little device you can carry around or keep in a safe corner of your home or office. think of it this way: sending or accessing your cryptocurrencies through trezor is like opening a delicate package in a private room away from the prying eyes of malicious people, while online cryptocurrency transactions are similar to opening that delicate package in a public place for all to see. In addition, the company that offers trezor periodically updates the hardware to guarantee maximum security.
coinbase to trezor
having discussed the nature of coinbase and trezor, here are some instructions on how to transfer from coinbase to trezor:
- Set up your trezor device by following the instructions that come with it and create an account on wallet.trezor.io.
- Connect your trezor device to your pc or laptop and go to wallet. trezor.io. A word of caution: make sure the site you are visiting is the correct site, with the correct url, and not some phishing site that mimics or reads like the correct trezor website, with very subtle variations.
- encode your pin.
- select the trezor account to which you will transfer your coins.
- click ‘receive’ displayed on the top menu.
- choose ‘display full address .’ Please ensure that you do not send or receive transactions from cryptocurrency addresses other than your own. always check the coin dropdown menu to make sure you are sending or receiving the correct coins based on the generated address.
- verify the address. see that the address displayed on your computer screen is the same as your trezor device. an important note about address verification: read each character and see if they match. you can’t afford to check just the first and last character, trusting that everything in between isn’t compromised.
- after checking a couple of times, click ‘continue ‘ on your trezor device.
- Copy the address as shown in wallet.trezor.io on your computer screen to paste it later in the steps below.
- Now, launch log into your coinbase account.
- once you’re logged in, click ‘accounts’ at the top of the dashboard.
- then under accounts, choose the account you want to retrieve the coins from, then press ‘send’.
- this time, enter the trezor address you copied earlier in step 9 in the ‘recipient’ field.
- enter the amount of coins you wish to send to trezor, with a note attached for easy reference. click “continue”.
- click “view details” to confirm the status of your transaction, as well as to track its progress.
another option to follow the progress of your transfer from coinbase to trezor is through the blockstream block explorer. In addition to showing you the details and status of your transaction, it also offers you security tips as an added value. but for now, this is only available for btc transactions.
please note that the transfer from coinbase to trezor takes a little time and not soon. Wait a few seconds for your transaction to travel to your trezor node. in case the notification says that your transaction is “pending”, wait a moment, same. how to transfer from coinbase to trezor works like this: coinbase advertises your send request to all nodes in the network for the trezor node to pick up. when the trezor node finally sees this transaction, it starts the transfer process and is informed of this via a “pending” notification. Perhaps the choice of the word “pending” is adequate to manage user expectations. but the idea is that your wallets keep you informed every step of the way, so you’re sure where your assets are. learn more about coinbase and trezor here!