This is probably one of the most used terms you will see in the cryptocurrency world. While it may seem quite straight-forward, confusion can arise when the term is used in a wrong context. Let’s have a closer look at what we mean by the word “wallet”.
Compare your Trezor with the wallet that you carry with you on a daily basis. In your wallet, you may have debit cards to different bank accounts, credit cards, personal documents, fiat bills, maybe even different currencies. The wallet in your Trezor is similar — there are separate pouches for different currencies: one for Bitcoin, one for Ethereum, also one for your U2F identity, etc.
Sounds a bit like the Recovery Seed described in our previous article, doesn’t it? , and your Trezor lets you manage its contents. trezor Wallet login Therefore, under normal circumstances*, you have exactly one wallet “in” your Trezor.
This wallet is further subdivided into currency-specific wallets, such as your Bitcoin wallet, Ethereum wallet (incl. ERC-20 tokens), Litecoin wallet, Zcash wallet, and so on. All are derived from the same seed, but managed separately for better orientation.
* If you use each passphrase generates a separate wallet which can only be recovered with both the seed and the passphrase. Using two passphrases creates three wallets in total — the two behind passphrases, and the one without a passphrase.
This chart shows how each cryptocurrency you use is derived from the same seed. Using a passphrase would create a new set of wallets completely unrelated to the ones above. Trezor login
Unlike a wallet, of which you only have one per seed, you can have multiple separate for each currency. Compare this to your bank accounts — you might have a Checking account and a Savings account. As they are separate accounts, they are completely independent, save from the fact that they are generated from the same seed. Account A does not see what is in Account B, etc.
Trezor Suite, the desktop and web interface for your hardware wallet allows This is a practical limitation, as it decreases the load on our servers.
Bitcoin has several account types reflecting technological changes over time. Taproot P2TR, SegWit P2WPKH, Legacy SegWit P2SH-P2WPKH and Legacy P2PKH Account types are each counted as a single account type, and therefore 10 of each can be used at once.
Notice that for Ethereum this might be a little different. Technically, both ETH and ETC do not use multiple accounts, instead they separate accounts by addresses. More details in the next section.