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What Information Do I Need to Access the Coins Currently on my Trezor Wallet?
257 sats \ 2 comments \ @spiderman 7 Sep bitcoin_beginners
So, I have set up my Trezor One Wallet with
  • 24 BIP 39 Words (on pieces of paper)
  • A numerical pin (the device asks me to enter it each time I connect it to trezor suit)
But that all I have recorded. Is this a secure arrangement for a beginner? I do not have experience with any other wallet than the Trezor Suite.
So, I understand it is theoretically a cold wallet, but is the company Trezor itself a single point of failure? Trezor is not the blockchain, they can stop operating, their device may stop working, as can their Trezor suite?
If the company Trezor goes bankrupt or anything, how do I get my coins back without any dependency on Trezor? Are the above information enough to recover my coins? In particular, I read there are also things called derivation path and passphrase (is it same as the words)? But I have no record of them as such. How do I find them to record them?
I have performed the mock recovery procedure on the Trezor suite, and it was successful, as in the end the screen flashed me everything is good. That gave me some confidence, but, needless to say, the whole procedure is still dependent on the Trezor eco-system.
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121 sats \ 0 replies \ @optimism 7 Sep
Trezor uses (and for some parts helped develop iirc) open standards for:
  • BIP39: to decode your words into a binary seed.
  • BIP32: to deterministically derive keys from the seed
  • BIP44/84: that specifies the derivation path under BIP32
Most wallets implement these standards, even software wallets.
With the 24 words you can regenerate your secret keys to your coin. For example you could import it into a coldcard or some other hardware wallet and scan the chain for your past txs and the utxoset for your spendable coin, and then sweep your funds into a new set of keys from a seed (at the loss of privacy/pseudonymity)
The passphrase is only applicable if you decided to encrypt your words, to not store these in clear text. If you could recover from your seed without passphrase on Trezor then you didn't use that feature. So be aware that your seed phrase is cleartext and this should never be exposed anywhere, especially not digitally.
The pin is to gain access to the device, not your seed backup and is specific to the device you're using.
You don't depend on Trezor as long as you have the 24 words and you're reasonably secure as long as no one else has them (as they don't depend on trezor either.)
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100 sats \ 0 replies \ @SimpleStacker 7 Sep
You only need the 24 seed words. Even if Trezor goes out of business, or your hardware device fails, you can still recover your funds using those 24 words, using any wallet software.
Passphrase is like an additional secret word in addition to your 24 words. If you didn't set up a passphrase wallet, you won't need to use the passphrase. If you did set up a passphrase wallet, you will also need to use the passphrase in addition to the 24 words.
The Trezor PIN is only for accessing the Trezor device itself. You don't need it for accessing your funds using non-Trezor software.
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