2

I'm considering a Trezor wallet. I've read through their info about recovering if I lose the device or forget my PIN. What if the company were to go out of business. Would I still be able to recover my coins?

3

Yes. Trezor uses BIP39 and is compatible with any other wallet that would. You can in fact import your seed into electrum, though this to some extent defeats the purpose of having a hardware wallet.

0

This is answered in their documentation:

What happens if the SatoshiLabs shuts down?

There are no such plans because we love bitcoin, but even if we had to close down, there’s nothing to worry about. You can use your TREZOR together with other BIP32, BIP39 and BIP44 compatible wallets. Since our code is opensource, developers from around the world can maintain it and add new functionalities.

-2

You will loose all your coins*.

The Trezor wallet relies on the trezor software running from their website (wallet.trezor.io) for all user interaction.

Yes - your private keys will be safe inside that blob of plastic, but *unless you made a copy of their python github before they went away, there will not be anything you can plug your trezor into in order to get those keys out of there.

Also take a look at the Trezor CTO's replies on their website as to why they do not digitally sign their executable: They refuse to produce identification documents to Apple: https://www.reddit.com/r/TREZOR/comments/6kzj7z/trezor_bridge_mac_version_why_isnt_it_available/

IMHO: Their security and firmware are nice. Their business practices and risk exposure is horrific.

  • There is no risk, if they indeed use BIP39 as Thax says so. I cant say much about the Trezor itself, I'm using ledger(which also uses BIP39) and there's a wordlist you get that's basically your private key that they highly recommend to write down on a piece of paper they even provide, in order you lose your ledger or even if ledger stops existing. – Loko Nov 7 '17 at 14:49
  • 2
    Downvoting because this is entirely incorrect. There are several other software that support the Trezor (connecting to it and creating transactions with it) that are not created by Trezor themselves or associated with them in any way. You do not need to use their web wallet at all. Furthermore, the Trezor follows the BIP 39 and BIP 32 standards for seed mnemonic generation and private key generation, so the mnemonic that you write down when initializing the Trezor can be used in any wallet which supports BIP 39 and BIP 32, and there are lots of those. – Andrew Chow Nov 7 '17 at 15:39
  • This is incorrect. Since posting my question I've done a bit more research. There are reports of users recovering their Trezor wallet with Mycelium on Android. I also found a guide for recovering a Trezor wallet with Copay. And in their docs Trezor themselves provide a list of compatible wallets & instructions on how to recover without a Trezor device. – Lenwood Nov 8 '17 at 9:57

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.