Clueless crypto guy: My Trezor wallet

in LeoFinance2 months ago

I've never made representations about being a cryptocurrency expert; In fact I've been very clear that cryptocurrency, magic internet money as I call it, is a bit of an anomaly to me. If it wasn't for my brother @tarazkp I'd probably know nothing about it at all.

Over the three years I've being involved with cryptocurrency I've come to realise how complicated it can be; I've started trading on exchanges a little, have been gathering crypto-currency through blogging on hive and have become a bit of a crypto-squirrel as I store some away for a rainy day. I know a lot more now than I did back three years for sure.

It's all good right? Well no, not really. You see, I learned recently that storing my cryptocurrency online is not the smartest thing to do. OK, so here we go again...A whole new learning curve.

After speaking with the most knowledgeable @meesterboom some weeks ago I decided to follow his recommendation and purchase an offline storage device for my cryptocurrency - He suggested the Trezor and after a little research I decided it was the way to go. I purchased it directly from the Trezor website and within about a week or so it arrived at my door. That was about 3-4 weeks ago and it has sat, unopened, on my desk since.

I'll be honest, I've been avoiding transferring my cryptocurrency over to it mainly through a little nervousness about the process; This, despite even knowing what the process actually is. I've been told it's a quite simple process but in the last few weeks I've not been in the right frame of mind and so have not attempted it; I just don't want to get it wrong.

I will probably tackle the task this week though and decided to open the box tonight. You can see the contents in this image. Trezor white, strap, USB cable and Trezor sticker. Seems quite a simple collection of items I guess.

The way I understand it, a person simply goes to the Trezor site, choses the Trezor they have, connects it to the computer and steps through the process from there. Once done I assume I'd have to go to my Exodus wallet and transfer my cryptocurrency to the Trezor wallet, connect it to my Trezor white device and boom...I'm done. Seems pretty simple.

Of course, I'd be following instructions rather than making it up as I go and will only transfer a very small amount to start with as I'd not want to lose all of my holdings if an error was to occur. Despite being a pretty analogue sort of guy I reckon I could get it sorted. What do you think?

So, I'll be getting it done in the next few days I think and you'll either see a yay I did it post or a fucking hell I lost all my crypto post. I'm hoping it's the former.

If anyone out there has done this process please feel free to comment below as I'd love to hear some real-life stories which may help get me through the process more easily.


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I'd love to hear some real-life stories which may help get me through the process more easily.

I never had that much money to store it in a wallet. A friend of mine had. He made some $500-600k in 2017 from altcoins. Bought Trezor. And in 2018, lost all money.

Then in a rage quit tweet, he made a video of it destroying his trezor device. Lol, the funniest thing I remember about Trezor.

I've got a bit...Billions really. (Not really.)

I have enough to want to secure it. I have gained it through blogging here and I've put a lot of work and effort into that so am loathe to lose it through failing to secure it offline.

Lol, I am sure that in the next decade, that wallet will have millions, if not billions.

The next decade? Jeez, I'm unlikely to live that long! I hope it happens for you though.

Lol, next year then....Hive to $10...

That's more like it..I'll probably see next year.

Lol

I am new to this,what can you suggest what should i do?

I'm not really the best person to ask as I'm not an expert in the field...Just a novice.

Hehe, I think you can download a trezor extension for Chrome. I can't quite remember if I did that or it is just a bookmark to their site.

You will love it, it's a breeze... I swear!!

Lol...A breeze to an analogue dude like me means difficult! Lol.

I'll work it out I'm sure. Yep, I think there's an extension and I believe Exodus are linked somehow with Trezor as a preferred offline wallet so I think they have an interface to send it right there also. I'll just take my time and step through it...Send a little, make sure it works and then go boonta! (crazy).

See, you are a bloody cryptonaut already, send a little etc!!! :0D

Lol.

Check
Double check
Triple check
Check again
Have Faith check for you
Ask your dog
(Don't ask your neighbor)
Check a few more times
Transfer
👍

So...You're saying...Check?

It would be good if you were more clear. 😂😂😉

Yes, and remember - wallet addresses ARE Case Sensitive. Upper case must be upper case, lower case must be lower case, number case.. well.. I guess that's just a number.. I think you'll be fine.

I have anxiety every time I transfer funds on the blockchain, even if it's $5.. so I feel your pain 🙂👍

I'll get there...Will take it slow. I don't have millions, but I've worked hard for what I've got so don't want to risk losing any.

I have been using my ledger nano S for over a couple of years. I've never used a Trezor but I believe its software is quite similar to the Ledger one.
I use my ledger every now and then and every time I have to do so, I have that same feeling you do but honestly, the software keeps improving and things get easier every time. I love having my crypto completely "offline" and controlled only for me.
I have been lucky enough for not being scammed in all these years but I have been close to a couple of times. It is risky out there so I try to keep my investment as safe as possible.
In the crypto world, easiness means risk or less control as everyone says "not your keys, not your money". I would add to that, "not your hardware wallet, not your money" as any site can be hacked. So, just relax, make an initial tiny small amount transfer and once you feel comfortable with the transfer process, move the rest of your assets. They will be safe. But still, that is only the first part of the game, shit happens, so you also want someone you have big confidence to have a copy of your Trezor keys in a piece of paper. If you lose them, you can always ask for them to your buddy.

This is good advice. I'll probably send my Trezor Keys to my brother...Or just post them on hive...A good reference point if I need them. 😂

The more I read and experience in the crypto space, the more I love having the complete control of my assets, no matter if they are big or small. It is risky but the satisfaction to know you are in absolute control is just a pleasure.
We just need to earn security habits we have been given by centralized service providers all our life.

As the industry evolves, new services will grow bringing easiness and security. One project I follow is FIO , a new crypto transfer protocol that introduces easy account naming as well as transfer requests, making the whole process much safer.

I like simplicity but with crypto simplicity isn't a thing yet I think. It will evolve though, I'm sure. I'll just keep plugging away at it little by little and hope not to make any mistakes.

Oh cool. I have a Ledger nano S. As long as you write down your 24 words, then test it, youbare safe to go because if the thing breaks, you can recover it. Just don't write those words down somewhere foolish like in a hive blog.

Oh yeah, a hive blog is probably not a good place to keep the recovery words.

Yes, don't write jump magic comic hobbit science icecream ... Wait...

Lol

Great... Just like when I wrote my 24. Too many tasty treat words. I had to have a bowl of ice cream. Now reading this, I am thinking Root Beer Float. Thanks... LOL

Lol...I'm going to have some fun with those words when the time comes.

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Awww I loved the crypto squirrel term hahhaha. So cute!
I am so happy I know you guys because I am down right clueless about this. No idea about wallets transfers and market trading.

I have it on my list to find out more. Now I know which crypto squirells to ask for help😂

Oh you will do just fine, you're way too smart to lose it all.

!ENGAGE 10

I'm sure you're a little more understanding than you make out. You have exactly 300 million social medias listed on your posts...So anyone with that level of understanding clearly knows more than you're saying here and am not totally clueless. There's nothing wrong with a little modesty though.

Hey! Oh I find crypto to be more challenging for me from a technical point of view, but I will watch and learn.

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

It's not so bad. I'm a tech newbie as well but bought aedger this year. There are plenty of videos to help you set it up and it's simple after that.
Log in every so often. Send a little bitcoin and store safely until the next time. I'm shooting for all hive and bitcoin so I don't have too much to mess with. Power up one and ledger the other.

I do always send a tiny amount first when trying something new. It might cost me a few dollars in fees but better than a few hundred.

I only have a few assets rather than many. I like diversifying but if I don't know much about the asset I'll stay away from it. I got involved with some alt coins a long time ago but I didn't go so well with them, they cost me very little but a loss is a loss. I would be talking differently if they went well though I guess.

I'm hoping to have the Trezor done today or tomorrow and will watch a video or two prior to setting it up.

Of course, I'd be following instructions rather than making it up as I go and will only transfer a very small amount to start with as I'd not want to lose all of my holdings if an error was to occur. Despite being a pretty analogue sort of guy I reckon I could get it sorted. What do you think?

Smart move I would say. Lucky you who are not in Vzla to enjoy the big adventure and great privilege to face a sudden large drop in your internet connection or one of those tasty frequent blackouts we relish so often over here. Although in any case, I advice you to have a good UPS handy before roll up your sleeves with that Trezor process. };)

It's always wise to have an UPS available for these surgical procedures. Otherwise, do this in the Vzlan way. As they say: "Not your keys, not your... you know?"

I'm fortunate to have a fairly stable internet service. I can't recall the last time it dropped out to be honest. It's not that fast, but stability is probably preferable to speed if I could have only one. I'll be working through the process slowly and deliberately to ensure no problems.

I'm fortunate to have a fairly stable internet service.

Yeah! that's basically all you'll need to come out triumphant from that daredevil mission. Mainly ...but never forget the usefulness of an UPS to be doubly covered against the odds. };)

I've looked into a UPS but to date haven't felt enough need to spend the money. Our power is stable here, mostly, especially since the massive Tesla battery was installed here in South Australia. It stores about 150 mega-watt hours of power which helps mitigate power outages when our temperatures reach into the high 40C range and draw is increased through air conditioner usage. It's something I have considered though and maybe one day I'll go down that track.

Oh! that's fine then. And I'm very glad it's the case. On other hand, I also forgot that you can do this intricate neurosurgery through a lappy which already has its own battery to keep you safe from undesired suddenly power outages.

So, no need to waste do$h on an UPS at the moment. Just send me its cost amount to my wallet instead. :D

Lol...A UPS for home use is about $800AUD here...Not sure if I can afford to transfer that to your wallet...But let me investigate the opportunity.

Well, you already know what people say: "The opportunity is always painted bald and to succeed you always have to grab her firmly by the mane" };)

Hey...Trezor is all set up...No hiccups. :)

We now see an old man, trying to work his way around electronics 😆. Sorry mate, can't help it! I don't much know my way around a physical wallet either, so best of luck with that, mate.

I guess the important thing is to keep your password and keys safe, and memorised! I've seen people put huge sums of crypto in there, only to no longer have access to it after they've lost their access codes.

Best wishes, and don't cark it up!

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I won't fuck it up...If I do I'll be a bit upset...No one wants an upset G-dog, trust me on that.

Hopefully so! I don't need an upset G-Dog stress-eating on the Oreos. The global supply chain of chocolatey snacks is running strained already.

Did you do it?

Lol, not yet. Been working all day. Bloody work gets in the way!

We (@pooky-jax & I) purchased 2 of the Safe-Pal hardware wallets. It is 100% air gapped. They had a BOGO sale and free shipping. I been playin' round with the crypto, trying to get Kelly interested in it also. I figured out how to use the Bittrex exchange. I am signed up with BinanceUS also, waiting on them to attain permission to do business in FL. As they are directly connected to the Safe-Pal and also to the BAT (Brave Browser) that I earn around $20usd a month using.

https://m.safepal.io

I'm yet to load my Trezor with tokens, but I think Friday will be the day.

I use Bittrex and sometimes Huobi but I prefer the former. I don't trade too much, just in fits and starts I guess. I should do more. I think it's the way of the future, on some for or another, and whilst I'm not going to be around in 50 years it's probably something that might provide me some additional funds in the next 20 or so.

I'll do a I trezor'ed the fuck out of my crypto post...Or a fucked up and lost my crypto post...Let's hope the former. Lol.