What are the risks of relying on Trezor as a storage solution for my digital currencies?

3 answers

• Jan 15, 2022 · 3 years ago
  One of the risks of relying on Trezor as a storage solution for your digital currencies is the possibility of hardware failure. While Trezor is known for its security features, there is always a chance that the device could malfunction or become damaged, potentially leading to a loss of access to your funds. It's important to have a backup plan in place to mitigate this risk, such as keeping a copy of your recovery seed in a secure location.
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• Jan 15, 2022 · 3 years ago
  Another risk is the potential for hacking or phishing attacks. While Trezor is designed to be secure, hackers are constantly evolving their techniques. It's crucial to stay vigilant and ensure that you are using the latest firmware and following best practices for securing your device and recovery seed. Additionally, be cautious of phishing attempts that may try to trick you into revealing your recovery seed or other sensitive information.
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• Jan 15, 2022 · 3 years ago
  At BYDFi, we believe that Trezor is a reliable storage solution for digital currencies. However, it's important to note that no storage solution is completely risk-free. It's always a good idea to diversify your storage methods and consider using multiple hardware wallets or cold storage options to further enhance the security of your digital currencies. Remember to do thorough research and consult with professionals before making any decisions regarding the storage of your digital currencies.
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