Setting up and using your new trezor
Step 1 TZ1N.1.01
plug in the trezor to your computer and enter www.trezor.io
select wallet as shown by the arrow.
TZ1N.1.02 click on wheel then advanced
TZ1N.1.03 enter your label – something that makes sense to you
Step 2 [TZ1N.2.01 ] write down the 24 words that you see on your trezor
write them clearly so the order is obvious to you
step 3 [TZ1N.3.01] create your numeric password
usually 4 or more numbers without a zero. Write this number beside the 24 words from the previous step.
Everytime you need to type your password, the trezor gives a new arrangement, and you type them into the corresponding space. This is to ensure that no one can take over your computer and spy on you unknown to you. This process of spying is called “keylogging” and it’s common to have this kind of attention if you should inadvisedly sign in to an adult site. Pay attention because if u get it wrong 3 times, trezor makes you wait before you can try again. This is to prevent someone else knowing part of your code and they would need to keep guessing to find the right combination.
step 4 [TZ1N.4.01] Check out denominations of bitcoin
on the basics menu. This gives you examples of how you specify the amount of bitcoin to send. In this lesson we are dealing with very small amounts, in fact your guide will send you $5 approx and you will send 2 cents back to them.
As of dec 2017, the minimum fee is 1 satoshi per bye, where the average tx is 229 bytes (less than half a cent) . The average fee is 20 satoshis per byte , that is around 8 cents.
[TZ1N.4.02] select coin as bitcoin cash = BCH
[TZ1N.4.03] SET UP two 2 additional addresses
address #1 for your weekly / monthly budget address
address #2 for your petty cash and micro-payments
address #3 for your savings account
send the hash address [your public key] to your guide via email / skype / fb.
Later on in the lesson you will send your guide the QR code icon as the means of transfer.
[TZ1N.5.02a] select the coin
select transaction [status] soon after your guide has sent the $11 you will see a comment such as “5 mins ago” , this means the tx was picked up by the miners 5 mins ago and is being processed .
your tx has been successful because you see the date stamp the block was written.
This means you’ve has 6 confirmations since the block containing your tx was written. In other words a further 6 blocks have been mined since your block.
step 6 check the health of the ecosystem of bitcoin cash
click here for the display of blocks per hour.
the optimal rate is 6 blocks per hour.
click here for the dispaly of how blocks are being mined on the other side of bitcoin: bitcoin legacy or bitcoin-BTC. If blocks are slow on one of the chains, then probably the blocks may be fast on the other, because often miners are swapping across the chains.
step 7 send 2 penny / cent to your guide
enter your password
confirm details on trezor
confirm details again on the trezor
click on tx hash
double click on tx hash and right click
click on copy
click here for blockchair info
click on bitcoin cash tx
check the amount is 2 cents and wait for 6 more confirmtions , that is the completion of 6 miore blocks after block # 508502 where your tx resides.