Trezor’s Pioneer Hardware Wallet Celebrates Its Decade Anniversary: Is It Still Relevant?

Ten years ago, Trezor introduced its first hardware wallet, once priced at up to $1,800, which remains operational within Trezor’s software ecosystem.

This week marks a significant milestone in the cryptocurrency world, not only celebrating the tenth anniversary of Trezor’s initial offering but also coinciding with other major events in the blockchain space.

In July 2014, the Czech company Trezor launched the Trezor Model One, which was the first hardware wallet available for public purchase. This innovative device allowed users to securely store cryptocurrencies like Bitcoin offline, providing a self-custody feature that was revolutionary at the time.

The Launch Pricing and Early History

Pavol “Stick” Rusnak, the Chief Technology Officer and co-founder of Trezor’s parent company, Satoshi Labs, noted that the project began as a hobby. He explained, “We wanted to create hardware wallets for ourselves, our families, and our friends.”

The initial prototypes of the Trezor wallet were developed using basic circuit boards, a display, two buttons, and a USB connection linked to a Raspberry Pi.

Though the original plan was to launch via Kickstarter, the funding platform denied Trezor’s application without explanation. As a result, Trezor utilized a pre-order model to bring their wallet to market.

The first two Trezor models were available in plastic and aluminum variants, priced at 1 and 3 BTC respectively. Based on Bitcoin’s value on July 30, 2014, the plastic model was approximately $600, while the aluminum version could cost as much as $1,800.

Assessing the Relevance of Trezor Model One

Now, with a decade passed since its release, many might question whether the Trezor Model One remains a sound choice in 2024.

As of July 2024, the Trezor Model One continues to be functional and is supported within the Trezor ecosystem, as confirmed by Trezor’s CEO, Matej Zak.

However, the original model is just one of several hardware wallets produced by Trezor, similarly to offerings from competitors such as Ledger.

With frequent new hardware releases in the market, questions arise regarding whether it’s time to replace a hardware wallet, particularly one that was once priced at $1,800.

Trezor analyst Lucien Bourdon suggests considering an upgrade if a hardware wallet no longer receives firmware updates. He stated, “Without updates, you risk missing out on crucial security patches and new features.”

Bourdon continued, “For instance, if Bitcoin introduces a new address standard, an outdated device may not support it, potentially leaving you behind in the rapidly evolving crypto landscape. Upgrading ensures you stay current and secure.”

Bitcoin advocate and Jan3 CEO Samson Mow argues that there isn’t a fixed timeline for updating a hardware wallet unless there’s a specific security issue. “For example, if your hardware wallet is dependent on a secure element and has been compromised,” Mow emphasized. Additionally, he pointed out that changing manufacturers or inadequate support could signal the need for an upgrade.