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In the second of our series of articles on the Trezor Model T, we look at how you can set up your wallet from scratch, and what cryptocurrencies are available for you to hodl on your wallet. You can read our article on how to buy a Trezor Model T and Unboxing.
Once you have wallet, you first need to connect it to a computer (or Android smartphone) using the cable. We’re using a PC using Windows in this guide.
Once you connect the wallet, you’re welcomed by a bright white screen with the Trezor Logo, and a welcome message telling you to go to Trezor.io/Start. On this screen, you need to choose which model Trezor you’re using, so we select the Model T. The first thing it does now is shows an animated gif of the hologram, to confirm that the device hasn’t been tampered with. Once you’re happy with this, can you can continue to the wallet.
Out of the box, the Model T doesn’t have firmware, so you’ll need to install this first. This takes a couple of minutes to download the firmware, and install it on the device. Once it does, it reboots, and the wallet then gives you the option to set up a new device or recover an existing wallet.
In this article, we’ll look at how to set one up from scratch as a new wallet.
Selecting a new wallet, it then prompts you to read the terms of service. You can accept this by pressing the touch screen on the Trezor. It then asks you if you’d like to enable labelling. This enables you to connect your wallet to Dropbox, so that you can store notes about your wallets and transactions (encrypted of course) and secured by the private key on your device. In order to do this, you need to the connect to a dropbox account.
Once you’ve made that decision, you’re now into your wallet. You can commence generating your first bitcoin address to send funds to, but it prompts you to do a backup first, and this is highly recommended.
In the first step, you accept to make a backup. This is where the paper copy that comes in the accessory pack comes into play, or if you’re shelled out on a cryptosteel. There are 12 words which are displayed on your device, 4 at a time. You write these down in the order given, and it will then prompt you to type in two random ones to confirm you have it saved ok. This means that should you lose your device, or forget your encryption password in the future, you can get back into all your various crypto (and if you’ve enabled labelling, all the transaction notes too).
Once you have swiped through the 12 words and written the down, you then hold the button on the screen for a few seconds to confirm. Next it will ask you to type two words on the screen. You touch the letters and press till you get the right letter. It’ll auto suggest a word, and as you work through the letters, it’ll get you to the word you want. Once you’re at it, you then confirm by pressing the word which brings up a tickbox. Hold the word on screen for a second and it’ll prompt for the next.
You can then choose not to continue, and start using your device, or proceed to add a Pin lock. The pin lock gives a second level of security in a few ways. Firstly when you load up your device or do any actions, it’ll prompt you for the pin as a double check you want to do any actions (open the wallet interface, send funds, enable labelling etc). It’ll prompt you on the device to enable a pin, and you can type one in. As with the older device, Trezor uses a slight variation on the pins to prevent your pin being seen. Instead of showing the numbers in 1-9 order like on a phone keypad, it randomises the positions. So you’ll need to make sure you know the number, and then enter them in the right order on the screen, and then confirm them to add your pin.
Once that’s done, you can then name your device (handy if you have several and want to know which is which), and once that’s done you’re prompted to bookmark the wallet address in your browser, sign up to the newsletter and follow Trezor on Social Media.
Once you’ve finished these steps and decided if you want to, your backup is complete.
On the homescreen option of the device, you an then decide if you want to change the default image that’s shown on your Model T, and you can choose from one of the default ones, or upload your own 144×144 image which will be displayed instead.
Next up., you’ll want to go into Wallet settings, and choose your base currency. It defaults to dollar, but you can choose from all the major currencies, in my case Euro. Once you choose this and click save and reload, it’ll restart the wallet in your browser.
If you really want to secure your wallet further, if you click on your device, and into advanced there is the option for Passphrase security. What this does is to put a second, hidden layer of wallet addresses behind a further level of encryption. So for instance, if you enable this, when you load the device without it, it’ll show blank wallets, while if you have it enabled, you can ensure that your wallets are doubly protected. Also, this adds another factor of authentication when you’re doing transactions, enabling labelling.
A word of warning, if you forget your passphrase key, there is no way to get into your wallets without it, so here be dragons. When you choose this, it’ll prompt you to confirm you want to on the device, and then it’ll restart your device. You need to then disconnect and reconnect your device. It’ll first prompt you for your pin. Once you enter that, you can choose to enter your passphrase on the Trezor itself or on your computer. Once you have done this, it’ll then set the password, and you can choose to enable labelling or not.
With this complete, you now have a fully set up and secured crypto wallet!
So next up is to start generating some addresses. You can generate up to to 20 bitcoin wallet addresses initially. If you want more, you just have to make sure that there is a confirmed balance on some of the addresses you’re using, and then you can generate more. You can click show full address to see the full address on-screen and on the device (again another level of security to prevent any malicious plugins on your browser from hijacking crypto wallet addresses), and if you have labelling enabled, you can edit the label, for instance if a specific wallet is for a particular purpose. This lets you keep track of things.
Once you select your first wallet, and send it some crypto, then you’re ready to go!
In a separate article we’ll look at restoring an existing wallet, such as if you’re upgrading from the Trezor One to a Model T.
Ethereum Co-Founder Vitalik Buterin Burns $6.7 Billion in Shiba Inu (SHIB) Tokens
Vitalik Buterin, who was gifted half of Shiba Inu’s total supply, has burned 90% of his holdings worth nearly $7 billion. The Ethereum co-founder further said he would allocate the remaining 10% to charitable organizations while also praising the “dog token community” for its generosity.
Buterin Burns $6.7B in Shiba Inu
The Dogecoin rise to the top led to the creation of numerous copycats that garnered significant attention in the past several weeks. Perhaps none became more popular than the self-described DOGE-killer – Shiba Inu.
One of the compelling features came from the anonymous developers who decided to send half of the total supply to Vitalik Buterin – the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.
Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India Covid Relief Fund last week, has decided to burn the majority of his Shiba Inu holdings now.
“I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.” – he explained in the transaction hash.
Buterin outlined the severe problem COVID-19 has created for the entire world and added, “it’s important to think about the longer term future too.”
Upon the time of the transaction, the 410,24 trillion SHIB tokens Buterin sent from his wallet had a value of about $6.74 billion.
The booming popularity of SHIB caused a massive price surge in the past few weeks. It culminated in an all-time high at nearly $0.00004 after a listing on the world’s leading crypto exchange – Binance.
The Generosity of Dog People
Ethereum’s co-founder touched upon his aforementioned decision to donate a substantial amount of his dog tokens to charity organizations.
“Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.”
However, he also attracted some heat following his actions as some angry developers created coins with offensive names. As such, he urged the community to refrain from sending him new tokens without his consent in the future.
“I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first.)”
Legacy Records, The First Record Label Paying Music Artists In Crypto
From painters to digital artists to musicians, crypto continues to find integration across artistic mediums. Music continues to be a field that is ripe for revitalization, from a business standpoint. Accordingly, a number of different musicians have been releasing songs and albums as NFTs. Now, we have what’s being reported as the first official record label looking to get involved. The label looks to have artists join the ranks of other musicians getting involved in crypto.
In a press release issued to start this week, Legacy Records CEO Keishia McLeod said it came down to “either get involved or get left behind”. McLeod cited unique income stream opportunities for artists and closed by saying that “this is the future, not a trend”. McLeod has stated previously her intent to drive the label to be at the forefront of leveraging emerging technology in music.
There are two major buckets contributing to Legacy’s approach. The first is the most notable, as the label will become the first to offer artists an opportunity to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans around NFTs, and number of artists seeking to get paid in crypto, have not yet been disclosed.
As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com
Legacy Music’s Broader Business Growth
Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will look to take advantage of the potential press buzz from the announcement. However, in tandem with the release, the label also announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The label also merged with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’, to provide legal guidance around digital execution.
McLeod has noted previously that the label has desired being a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.
Related Reading | Reviewing Topps MLB’s First Swing At NFT Tech
Music Artists Emerging Into Crypto
Legacy’s roster has the potential to join a growing list of music artists that continue to engage with crypto and NFTs. Last month, we wrote about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live promptly had a sketch explaining the digital collectibles parodying Eminem’s “Without Me”.
Other musicians engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.
Each week, our team recaps the week’s NFT action with ‘NFTs In A Nutshell‘ – covering everything NFT, from sport, music, and more.
Featured image from Pixabay, Charts from TradingView.com
Coinsmart. Beste Bitcoin-Börse in Europa
XRP, Dogecoin, Chainlink Price Analysis: 17 May
Dogecoin required to counter bearish conditions before a jump above $0.569 resistance. Lastly, Chainlink needed to push above $45.5 to trigger a bullish comeback after a descending triangle breakdown.
Gains made over the last three days were impressive especially considering a bearish broader market, but sellers returned at $1.52-resistance. At press time, the cryptocurrency traded within the channel $1.52-$1.31 and reflected a degree of equilibrium between the buyers and sellers. For those hoping to make profits from a volatile XRP market, ADX’s movement dimmed expectations. Since mid-April, ADX has been on a steady decline and a period of consolidation seemed likely.
RSI hovered in the neutral territory around 50. A symmetrical triangle awaited a breakout to the upside and the Fibonacci tool presented a few target levels above the 200% extension level north of $3 (not shown).
On the daily timeframe, Dogecoin showed some sideways movement as bulls prepared for the next upswing. The channel between $0.523 and $0.373 was bolstered by the 20-SMA (blue) and formed a reliable buy zone should another dip occur.
As mentioned earlier, breaking above $0.569 resistance could trigger another rally in the DOGE market. Steering clear of $0.73-resistance would heighten the chances of DOGE touching $1. However, bearish conditions still presided and had to be countered first before any talks of an upswing. Awesome Oscillator noted bearish pressure after a series of red bars. MACD line remained below the Signal line but a bullish crossover could signal the onset of an uptrend.
Chainlink broke south from a descending triangle and a single candlewick dropped as low as $35.1- representing losses of 14% from the bottom trendline. Now below its 50-SMA (yellow) on the daily timeframe, bearish sentiment could lead to another sell-off towards $31 for LINK. On the other hand, some buying volume was noted on the 4-hour timeframe. A pickup in volumes and buying pressure could lead to a resurgence above $45.5 and this would likely push LINK beyond $50. A broader market recovery could act as a catalyst for such a price swing.
Meanwhile, RSI’s lower highs confirmed weakness after LINK formed a peak at $52.9. Even though Chaikin Money Flow dipped over the past couple of days, the index was still well above the half-line as capital inflows outmatched outflows.
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