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I just want to confirm if my logic is correct. If I send Bitcoin to my Trezor address while the Trezor is unplugged does the web wallet then receive the private keys from the transaction and only once the Trezor is plugged in again are the keys taken offline? Also access to the web wallet is impossible without the Trezor I assume (ignoring recovery seed). Technical answers are welcomed!

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Yes.

When you initialize your Trezor, it generates a private and a public key. Private key never leaves the device (that's the core value proposition). That means you can't sign transactions (spend coins) without Trezor plugged in. However, the web wallet can remember your addresses (derived from the public key). Even without the Trezor plugged in, you can check your balance and send coins to your addresses from elsewhere.

  • Ah, so it has just one private key and can generate many public keys? – Josh Aug 3 '17 at 14:04
  • @Josh It derives the master private key from your 24 backup words, and can generate many key pairs / addresses from that. – Sergei Tikhomirov Aug 3 '17 at 14:11
  • Thanks so just to double check I understand. Your Trezor never has to be plugged in for deposits to your public addresses. It is only required when you want to spend/send? – Josh Aug 3 '17 at 14:26
  • @Josh yes (after it is initialized). – Sergei Tikhomirov Aug 3 '17 at 14:52

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