But is it still good?
The cryptocurrency community today is celebrating the ninth birthday of the main blockchain network, Ethereum, but this week is not the only significant industry anniversary.
This week in July 2014, Czech hardware wallet firm Trezor launched the first 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 such as Bitcoin (BTC) offline and self-maintain.
First Trezor Wallet was sold for 1 BTC, at launch the price is around $600.
According to Pavol “Stick” Rusnak, chief technology officer and founder of Trezor's parent company, Satoshi Labs, Trezor started as a hobby project about 10 years ago.
“We want to create hardware bags for ourselves, our families and our friends,” Rusnak said.
The original Trezor Wallet was designed using the standard circuit boards attached to the Raspberry Pi, a display unit, two buttons and a USB port.
Initially, Trezor is expected to launch through a Kickstarter campaign, a funding platform for creative projects. However, the pre-order model was the only option to bring Trezor to market, Trezor was rejected without explanation.
The first Trezor devices were sold in plastic and aluminum cases for 1 and 3 BTC. In the year Based on the BTC price on July 30, 2014, a plastic Trezor model costs around $600, while an aluminum one sells for up to $1,800.
When to replace the hardware bag?
As the Trezor Model One went into business a decade ago, one would think that the wallet would still be good in 2024.
As of July 2024, the Trezor Model One is still intact and will be supported in Trezor's software ecosystem, Trezor CEO Matt Zack told Cointelegraph.
However, the Trezor Model One is far from the only hardware wallet offered by Trezor, putting it on par with a number of wallet products from rivals such as French hardware wallet company Ledger.
With new hardware wallets hitting the market all the time, consumers may wonder if it's time to replace an old cool wallet, especially one that cost $1,800 a decade ago.
According to Trezor analyst Lucien Borden, if the device is no longer receiving firmware updates, it may be time to upgrade the hardware wallet.
Related: 10 years on: How Ethereum's ICO changed the crypto landscape
“Without updates, you could miss critical security fixes and new features,” Borden told Cointelegraph.
For example, even if Bitcoin introduces a new address standard, an outdated device won't support it, leaving you stranded in a rapidly evolving crypto landscape. Ensures that upgrading is timely and secure.
Bitcoin advocate and Jan3 CEO Samson Mou believes that there is never a good time to update a hardware wallet unless there is a security reason.
“For example, if your hardware wallet is based on a secure element and it gets hacked,” Mou told Cointelegraph. Another reason may be that the manufacturer does not support the wallet or it is not available now, he said.
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