3 - 5 minute read
Trezor Model T Enables Bitcoin Privacy with CoinJoin Feature
Trezor has joined forces with Bitcoin privacy company zkSNACKs to introduce CoinJoin to its flagship Model T hardware wallet. CoinJoin, which allows users to combine multiple Bitcoin transactions to improve their privacy, will make the Model T the first-and-only wallet to offer this feature. While many software wallets, such as Wasabi, already utilise CoinJoin, the hardware-based Model T offers investors a unique option for enhancing privacy. The company plans to roll out the feature to its Model One products in the future.
Bitcoin offers a relatively transparent ledger, with most transactions being public. Tools such as a block explorer can be used to identify the transactional history of a particular Bitcoin wallet, potentially identifying the user behind it. By employing CoinJoin to combine several transactions in one, users can obfuscate the history of their transactions, improving their privacy. Wasabi is one of the most prominent software wallets to utilise this method, but Trezor’s Model T means that investors can take advantage of the security benefits of a hardware wallet while improving their privacy through the same method.
According to Trezor’s release statement, using the CoinJoin feature is relatively easy. Users click the ‘anonymise’ button, then opt for the number of CoinJoin rounds they want. Each round increases the level of privacy, requiring no active participation from the user beyond confirming their choices on the Trezor device.
Including the Shamir Backup and Tor, Trezor has several other privacy features to offer users. CEO of Trezor, Matěj Žák, remarked that the company places great value on user privacy, and is pleased that they can now offer the community an option for keeping their Bitcoin history private.
Enter a new era of privacy with Trezor. Pay with your money, not with your data!— Trezor (@Trezor) April 19, 2023
We’re proud to be the first hardware wallet to implement coinjoin in collaboration with @wasabiwallet
To celebrate, get 15% off a Trezor Model T between April 19 and 26🔒https://t.co/eu2j47vuLl
The Bottom Line
Hardware wallets, again and again, have proven to be the go-to for storing crypto-assets due to their enhanced security. Trezor’s latest offering in the form of the Model T adding CoinJoin to its core features, improves user privacy from transparent transactions. While the technology is classic, the way Trezor added the CoinJoin feature to its Model T enhances the user experience by providing an easy-to-use, automated process that requires no active participation. When it comes to traders, the integration of the new feature by Trezor is yet another step in enhancing the security of Bitcoin holders’ investments.