User manual:Advanced settings
There are several advanced settings that can be configured after setting up your Trezor device. For the most part, these settings can be accessed by pressing the Advanced settings button right after you have plugged your Trezor.
Disable PIN protection
It is possible to disable PIN protection using the Disable PIN button, however, we do not recommend to do so, as PIN protection reduces the risk that a person with physical access to your Trezor device will be able to steal your bitcoins. Trezor Wallet will ask you for your PIN the first time you try to make a transaction after plugging in your Trezor and it works in such a way that even the computer you use with your Trezor never finds out your PIN.
Using passphrase encrypted seeds
See section in Security best practices section.
Security researchers have a habit of coming up with spicy names for simple attacks. One such attack is referred to as the $5 wrench attack.
(Image credit: Randall Munroe xkcd.com. Used under the terms of the Creative Commons Attribution license)
If you have your passphrase memorized and you haven't written it down anywhere, attackers with physical access to your Trezor may still be able to extract the passphrase with a $5 wrench. In order to mitigate this risk, it is possible to set up your Trezor multiple times with multiple passphrases. The goal is to have one "spoof" setup that only holds a few bitcoins or bitcents and one "real" setup that holds your fortune.
In order to do this all you need to do is setup your Trezor with a passphrase, then unplug and replug your Trezor and enter a different passphrase. Here's an example:
I setup my Trezor with the passphrase "lonelypumpkins" and load a large number of bitcoins onto my device. I unplug/replug my Trezor and enter the passphrase "funnyspirit". I then send a few bitcents to the "funnyspirit" account. When the thugs come and steal my Trezor, I can now safely tell them that my passphrase is "funnyspirit". They will be able to steal a few bitcents from me, but they won't be able to get at my fortune or even determine that a second passphrase exists.