Are there any risks involved in resetting Trezor for storing Ethereum and other altcoins?

3 answers

• Benamar MohApr 11, 2021 · 5 years ago
  Resetting a Trezor device for storing Ethereum and other altcoins can have some risks. One potential risk is the loss of funds if the reset process is not done correctly. It is important to follow the instructions provided by Trezor carefully to avoid any mistakes. Additionally, there is a small chance of encountering technical issues during the reset process, which could temporarily prevent access to the stored cryptocurrencies. However, as long as the backup seed phrase is properly saved and secured, the risk of permanent loss of funds is minimal. It is always recommended to double-check the backup seed phrase and store it in a safe place.
  649

  325
• Alex VedmidskyiOct 14, 2021 · 4 years ago
  Resetting a Trezor device for Ethereum and altcoin storage carries some risks, but they can be mitigated with proper precautions. One risk is the potential exposure of the backup seed phrase during the reset process. It is crucial to ensure that no one else can see or access the seed phrase during this time. Another risk is the possibility of encountering a counterfeit or tampered device during the reset process. To minimize this risk, it is recommended to purchase Trezor devices directly from the official website or authorized resellers. Overall, while there are risks involved, following the recommended security practices can greatly reduce the likelihood of any negative outcomes.
  690

  230
• C RodriguezSep 05, 2020 · 5 years ago
  Resetting a Trezor device for storing Ethereum and other altcoins is generally considered safe if done correctly. Trezor is a reputable hardware wallet that prioritizes security. However, it is important to note that any device reset carries some inherent risks. It is crucial to follow the instructions provided by Trezor and ensure that the device is purchased from a trusted source. By resetting the device, you can start with a clean slate and ensure that your private keys are secure. Remember to always double-check the backup seed phrase and keep it in a safe place to avoid any potential loss of funds.
  610

  153