How to get Bitcoin in under five minutes… and actually own it

Two Trezor executives have taken part in a live ask-me-anything session on Cointelegraph — revealing how their suite of crypto hardware wallets are set to evolve in the future.

Head of development Tomas Susanka and head of product Matej Zak said one of their biggest priorities is ensuring that technical hurdles are removed for Bitcoin beginners — meaning that it’s never been easier to keep digital assets safe.

During the broadcast, they proudly showed off the Model T, which supports more than 1,000 cryptocurrencies. An intuitive touch screen offers an interface that’s not dissimilar to a mobile phone — offering a high degree of familiarity.

Susanka explained that Trezor is introducing Trezor Suite — a completely new wallet interface. The software is currently available as a public beta as a desktop and browser app and in time will be available on Android and iOS devices.

“The most important thing is that people use hardware wallets and that you don’t keep cryptocurrencies on exchanges”, he told Cointelegraph’s Rachel Wolfson. “We’re building a whole ecosystem — we’re trying to push the usability even more to lure in all beginners and make it friendly for anyone.”

Your first Bitcoin in five minutes

Crucially, the app enables beginners to buy and exchange crypto directly — as well as send and receive digital assets.

“I believe if you are able to use internet banking, I’m pretty sure you can use Trezor Suite,” Susanka said.

Zak added that Trezor is determined to spur adoption of cryptocurrencies, and this involves building an in-depth, accessible knowledge base directly in its apps — meaning that information about a coin’s specific features is never more than a tap away.

Trezor’s head of product went on to say that a newcomer can easily buy Bitcoin for the first time in under five minutes, with one crucial point of difference: They will be the only person who owns the private keys that provide access to the blockchain, where funds are stored.

“Other apps are popular, but if you purchase the Bitcoin there, you ‘bought’ it. But if that company goes bust tomorrow, then you lost the funds for sure — there’s no way to recover them.”

Security is a vital tenet of the Trezor Model T, and one of the features championed by Susanka was the Shamir Backup, which enables users to take an extra step to keeping their keys secure.

“You can have three sets of 20 words, or you can have for example five sets of 20 words. You define the threshold and the number of shares — the default that Trezor recommends is three out of five. That means we give you five shares of 20 words. You give one set to your mom, one set to your girlfriend … and keep the remaining ones for yourself. You need three of those sets to combine together to get back to your cryptocurrencies,” he explained.

This helps ensure that there’s a safeguard in place if a device is lost — and even if you accidentally run it over with your car. It can also help address concerns about inheritance.

A range of features are also designed to appeal to “hardcore” users who have plenty of experience with crypto and seek privacy when completing transactions.

Plenty more features to come

During the live AMA, viewers asked a plethora of questions about what’s in the pipeline for the future.

Both executives made clear that they focus on embracing new developments in the industry when it’s clear that they are here to stay, rather than a passing craze. This means that — although Trezor Model T owners can’t have an NFT as a wallpaper right now — they could do in the future.

A top priority for 2021 concerns localization into native languages to draw in crypto enthusiasts whose first language is not English.

“We believe that localizing brings great potential because that way we can increase the mass adoption and ease the onboarding process for all the people around the world,” Susanka added.