Trezor’s first hardware wallet turns 10: But is it still any good?

The cryptocurrency community is today celebrating the ninth birthday of a major blockchain network, Ethereum, but it’s not the only significant industry anniversary happening this week.

This week in July 2014, the Czech hardware wallet firm Trezor launched the first ever commercially available cryptocurrency wallet, called Trezor Model One.

The Trezor Model One is one of the world’s first hardware wallets, allowing users to store cryptocurrencies like Bitcoin (BTC) offline and featuring self-custody.

First Trezor wallet retailed for 1 BTC, worth about $600 at launch

According to Pavol “Stick” Rusnak, chief technology officer and co-founder of Trezor’s parent company, Satoshi Labs, Trezor started operating 10 years ago as a hobby project.

“We wanted to create hardware wallets for ourselves, our families and our friends,” Rusnak said.

The first Trezor wallet was prototyped using rudimentary circuit boards, a display unit, two buttons and a USB port attached to a Raspberry Pi.

Originally, Trezor was expected to launch via a Kickstarter campaign, a funding platform for creative projects. However, Trezor’s application was denied without explanation, leaving the only option of a pre-order model to bring Trezors to market.

The first Trezor devices, one in plastic and one in aluminum cases retailed for 1 and 3 BTC, respectively. Based on BTC prices on July 30, 2014, the plastic Trezor Model One cost around $600, while the aluminum one retailed for as much as $1,800.

When to replace a hardware wallet?

As the Trezor Model One was commercially launched a decade ago, one may wonder whether the wallet is still good in 2024.

As of July 2024, Trezor Model One is still intact and is supported in Trezor’s software ecosystem, Trezor CEO Matej Zak told Cointelegraph.

However, the Trezor Model One is far from being the only hardware wallet offered by Trezor, which makes it similar to multiple wallet products by rivals like the French hardware wallet firm Ledger.

With new hardware wallets regularly arriving on the market, consumers might wonder whether it’s time to replace an old cold wallet, especially if it cost $1,800 ten years ago.

According to Trezor analyst Lucien Bourdon, it’s likely time to upgrade a hardware wallet if the device no longer receives firmware updates.

“Without updates, you risk missing out on crucial security patches and new features,” Bourdon told Cointelegraph, adding:

“For instance, if Bitcoin introduces a new address standard, an outdated device will 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 believes that there’s no such thing as the best time to update a hardware wallet unless there is a security reason.

“For example, if your hardware wallet is dependent on a secure element and has been compromised,” Mow told Cointelegraph. Another reason could be that the manufacturer is no longer supporting the wallet or is no longer around, he added.