Now that you have your new TREZOR wallet, you will want to set it up so that you can safely store your bitcoin without having to trust a third party. The TREZOR is designed to sign bitcoin transactions with private keys generated offline within the wallet itself. That means you can sign transactions on 'unsafe' computers without the risk of keyloggers or other digital threats accessing your information.
In the box you should find:
- Your new TREZOR
- USB cable for your TREZOR
- A little booklet where you’ll write down your recovery seed
It is important to note that the TREZOR does not contain a battery. It won't light up until you plug it into your computer.
Setting up your TREZOR for the first time is pretty straight forward. The whole process will take approximetely 10-15 minutes.
1. Connect the TREZOR to your computer
Connect your TREZOR wallet to your computer using the USB cable. You will then see a LOCK ICON on the TREZOR screen and an instruction to go to trezor.io/start.
2. Download a browser plugin
Once you get to the start page, you will need to decide whether you want to subscribe to their newsletter, after which you can click through to TREZOR Wallet. In order for TREZOR to communicate with your wallet you can either install the TREZOR Chrome Extension, or the TREZOR Bridge if you prefer to use a different browser.
Once you have the TREZOR Bridge or the Chrome extension installed go back to TREZOR Wallet.
3. Install latest firmware
For safety reasons, no firmware will be installed when the device is shipped. Click “Yes, Install” to begin installation of the firmware for the first time. After the firmware installs, you need to unplug your TREZOR and plug it back in again. You will then be sent back to TREZOR Wallet
4. Give your TREZOR wallet a label.
Once the firmware and browser plugin are installed you should see a welcome page. Simply give your device a label and CONTINUE.
5. Choose a PIN
At this point you will be asked to choose a PIN.
The way you set up your PIN is to click on the obscured numerical pad by matching the position of each number displayed randomly on your TREZOR. Every time you enter the PIN you will need to check your TREZOR for the layout. This provides a layer of security making it impossible for an attacker using a keylogger to determine the numbers, as they are only displayed on your TREZOR.
6. The recovery seed - This step is IMPORTANT!
Now it is time to save the recovery seed for your TREZOR. This is 24 words that make up your secret passphrase. It is the same principal as setting a "Forgot Password" question, except in this case the system generates the phrase for you to make sure it is secure from digital attack.
Your TREZOR will generate one word after another. Keep pressing the right key and note down every word. Once you have done that make sure you keep it in a safe location. Anyone can gain access to your wallet with a copy of this recovery passphrase.
Only ever keep your recovery seed on paper. Never store it on your computer.
KEEP YOUR RECOVERY SEED SAFE FROM:
Theft - The security of your passphrase is much more important than the physical security of your TREZOR. if your device is stolen it is highly unlikely that the thieves will be able to crack your PIN. However if your recovery seed is stolen your bitcoins or other currency could be accessed quite easily.
Flood / Fire - If your TREZOR is lost or stops working, your recovery seed is the only way to get your bitcoins back. It is very important that your recovery card with your passphrase is not destroyed as well.