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Not Your Private Keys, Not Your Crypto!
There are several solutions to this problem, a popular one being the use of a hardware wallet, like the Trezor. Your keys never leave the device, so it is one of the most secure ways to store your cryptocurrency.
But often these hardware wallets are used for cold storage. They are focused on securing cryptocurrency instead of making it easily transactable. While Trezor has persisted towards increased functionality, it is taking an additional step towards more comfortable use by incorporating Metamask, our favorite bridge to Web3.
Metamask announced that they will offer Hardware Wallet support for TREZOR in version 4.9.0 of the MetaMask extension. There will be a myriad of new features that come along with the newly added support.
The most significant additions allow you to directly check your metamask balance and sign for transactions using the device, creating an additional level of security.
As soon as you plug in your Trezor, Metamask will automatically pull up your account details. Sending cryptocurrency with Metamask isn’t that hard of a task to begin with. Sending from your Trezor just adds one straightforward step. You only have to confirm, or sign for, transactions to execute them. A small price to pay for the peace of mind provided by a hardware wallet.
How can I use these new features?
To take advantage of this update, users must make sure they have the latest version of Metamask. Once you’ve confirmed that, click your account icon and select “connect hardware wallet.” Plug in your Trezor and select “Connect to Trezor.” Trezor then will ask for permission to communicate with Metamask. Once this is done, accounts should be visible via Metamask, select “Unlock” and congrats, you’ve successfully synced your Trezor with Metamask. Spend away!
Previously we’ve described a dilemma that users are facing depending on their planned usage of their cryptocurrency. Before this, if users wanted the highest level of security, they had to sacrifice ease of use or transactability. If you keep your coins in a hot wallet where you don’t control the private key, you’ll have easy access to spendable crypto, but it is nowhere near as secure as if it was stored on a Trezor.
And that’s why this announcement is such a big deal. With Metamask’s compatibility with Trezor, a trend may be emerging. More partnerships are arising, solving problems by combining resources. The wallet dilemma will be a thing of the past if we keep seeing an increased push towards ease of use and interoperability, all without compromising safety.
Mainstream Adoption Here We Come!
The main thing holding back cryptocurrency from mainstream adoption is ease of use. Cryptocurrency usage has a lot of pitfalls because we are working with an underdeveloped system. There are components in place, like Metamask and Trezor, but these independent components must make up a functional ecosystem. Metamask extending their capabilities to Trezor makes life easier for users. That will be the key to any type of real adoption. Cryptocurrency is going to have to be the “path of least resistance,” and the creation of a functional, easy to use, ecosystem is paramount to the success of cryptocurrency.