Just getting started with crypto, and as per some advices I read, a hardware wallet is the way to go for bullet proof security from malicious actors. After some research, think I will go with the Trezor model one as a cost-effective option. (Recommendation on any cheaper option, that does not compromise on the security, is welcome)
But, as a beginner, I have a few questions pertaining to different scenarios
Scenario 1
The hardware is lost, but I retain the seed phrase (combination of 40 words, right?). What’s the exact process to recover my bitcoins? Simply buying another trezor one?
Scenario 2
Now suppose, in addition to the above scenario (hardware lost, retaining seed phrase), somehow, the company Trezor went bankrupt as well, i.e. their products are not available. What then? Will any hardware wallet work with the same seed phrase? And do I necessarily need a hardware wallet?
Scenario 3
The hardware is stolen. Does it have any security in place to at least make it difficult for the thief to spend the coins? Can I lock/destroy (I mean contents in it) it remotely (like, how I can lock my iPhone if it is stolen)?
Finally, if I am in possession of the wallet, and the seed phrase, can I do something like a factory reset of the wallet, i.e. restoring it to the same state when it was delivered and generating a new seed, again, like I can do on a smartphone? I know the funds inside (if any), will be lost, but just wondering if it is possible.
