Trezor Model One Hardware Wallet Review

Trezor Model One Review: The Original Hardware Wallet

The Trezor Model One is the device that started it all — the world's first hardware wallet, launched in 2013 by SatoshiLabs in Prague. A decade later, it remains a highly capable and affordable option for securing Bitcoin and other cryptocurrencies.

Background

SatoshiLabs was founded by Marek "Slush" Palatinus (creator of Slush Pool, the world's first Bitcoin mining pool), Pavol Rusnák, and others. The Trezor One launched in August 2013 and fundamentally changed how people store cryptocurrency. At $69, it remains one of the most accessible premium hardware wallets.

Hardware

The Trezor Model One is deliberately simple:

• Two physical buttons for navigation and confirmation
• Small OLED display (128×64 pixels) for transaction verification
• USB-A connector for computer connection
• No battery — powered via USB
• Open-source hardware design (all schematic files publicly available)
• Plastic case

Security Philosophy

Trezor takes a fundamentally different approach from Ledger:

• No proprietary Secure Element chip — instead uses open-source cryptographic approach on standard MCU
• Fully open-source firmware — every line of code is publicly available and community-audited
• Security through transparency vs Ledger's security through certified hardware

This trade-off is philosophical: Trezor argues that open-source auditing by thousands of researchers provides better security guarantees than closed-source certified chips.

Supported Coins

The Model One supports 1,000+ cryptocurrencies, including:

• Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash
• Ethereum and all ERC-20 tokens
• XRP, Stellar, Monero
• Many altcoins via Trezor Suite or third-party wallets

Trezor Suite

The companion desktop app (Windows, Mac, Linux) + web interface:

• Portfolio management and transaction history
• Send/receive crypto
• Coin join for Bitcoin privacy
• Buy/sell via Invity (partner exchange aggregator)
• Tor integration for enhanced privacy
• Labelling and account management

Trezor Model One vs Model T vs Safe 3

Verdict

The Trezor Model One is the best budget open-source hardware wallet. At $69, it delivers proven, decade-tested security in a straightforward package. If you're starting with hardware wallets and prioritise open-source transparency, the Model One is an excellent choice. For a touchscreen, consider the Model T. For a Secure Element at near-Model-One price, consider the Trezor Safe 3.

• World's first hardware wallet — proven decade-long track record
• Fully open-source hardware + firmware
• Affordable ($69)
• Coin join / privacy features

• No Secure Element chip
• Small display (hard to verify long addresses)
• No touchscreen