If you are not a busy trader, you’re probably not rushing into your wallet every single day. In our daily routine, we may accidentally forget where we saved the private key to our wallet or what the seed phrase is. The New York Times reported that 28% of Bitcoins in circulation are lost because of forgotten private keys. Sounds crazy, huh?
There are noticeably more wallet users in the cryptocurrency world now, thanks to the development of GameFi, DeFi, and NFT markets. As the number of users grows, the likelihood of losing private keys to wallets also grows. In such situations, MasterKey helps, which we will talk about later. Now, let’s tell you a couple of stories about an unexpected private key rescue.
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When MasterKey Saves a Life (and Money)
Mike didn’t use the Tron Wallet often. After a while, he wanted to enter it, but he realized that he had forgotten where he had put the recovery phrase. He almost said goodbye to $4,000 in TRX. It sounds like the end of the world, right? Luckily, Mike realized that he had the phrase saved in MasterKey. After that, he put all his private keys and seed phrases sequentially in MasterKey.
Mike told us this story, and he insisted on putting his quote about security measures in crypto:
Dear cryptocurrency investors, keep this in mind. You should take measures to keep recovery phrases in various ways, and don’t just look at online storage as an unsafe method — it can be a good tool. I learned this from my own experience. In a way, it may be a small amount, but I’m relieved I didn’t lose my precious money.
Up next: Ryan and his brilliant brother. Ryan got into cryptocurrencies thanks to his elder brother, who invested in Bitcoin back in 2011 (a lucky man). Ryan’s brother first discovered MasterKey and recommended it to Ryan, who was not the man of responsibility, though. You might have guessed the outcome! He forgot where he put his seed phrase. God bless his brother, who stopped Ryan’s panic and reminded him about the MasterKey subscription.
How Does MasterKey Keep the Precious Info?
MasterKey is a service that can reduce your anxiety if your private key or seed phrase is lost or forgotten. MasterKey supports the storage of various types of mnemonic keys (12, 24, 36 recovery characters or more), regardless of which network it is, so there are no restrictions on the type and number of wallets you can store.
MasterKey implemented the R3 Corda blockchain node, which specialized in the financial sector. All mnemonic keys stored in MasterKey are encrypted, distributed, and stored in the cloud. So, it is safe from various hacks and loss threats. When encrypted, it requires the users’ 3-factor authentication details to control their private key. 3FA includes:
- SMS;
- email;
- name and birth date.
Find out more about MasterKey on their website.
How to Store a Mnemonic Phrase via MasterKey?
Launching a MasterKey app is as easy as ABC. There are only five steps to initiate it:
- Download an app on your mobile device. Then, open it and select your wallet so that you can sign up/sign in.
- Choose the subscription plan that will suit your needs. There are four types of subscriptions: 1, 3, 6, and 12 months. Please, pay attention to the fact that you won’t be able to cancel your subscription once it’s paid. If you just want to give it a try, take a one-month subscription.
- On the next screen, fill in the gaps with your mnemonic phrase.
- By the next step, you should turn on the 3FA: indicate your name, date of birth, email address, and mobile number.
- Voilà! Your MasterKey is all set to remember the info you might forget!
Share your experience with us! In the comment section below, tell us about the problems caused by password or mnemonic phrase loss (until 23:59 on 26/12). We will randomly choose ten users and give them an annual subscription to MasterKey.
It’s too bad I was unaware of such an amazing service. Keeping crypto assets safe and secure are paramount. Had I have had such a service I would have never lost the 10,000 rvn when the rvn wallet I used upgraded and I lost access to the coins. Had I have used this service I would not have lost access to the 13.88 AETH valued at approximately $55,000
Having a service like this available is so reassuring!
I was so close to losing so much money, I had to flip my house upside down and luckily I was able to find it. I never want to experience the blood rush and heart pumping i felt that day. I would love to use MasterKey!
Hi, I am new to crypto and do not have a story to tell as I have not lost funds. But I want to learn as much as I can to keep my crypto safe! So thanks for the opportunity!
I was dabbling in bitcoin several years ago in 2017-18 and all the guys at work thought I was crazy buying pieces of a bitcoin at around $1,500. I didn’t know a whole lot about it and had even less experience with wallets and the pneumonic phrases as pass keys. Over time I had several different wallets with the phrases written on post it notes, random pieces of paper, and even napkins. Naturally we all know how this goes as those papers got lost in the shuffle as do most papers and notes in due time. Moral of the story I lost around a thousand dollars because I didn’t have a program like master key to help me recover those wallets that I had misplaced a stray napkin with the pneumonic phrases scribbled on them. Hopefully this bit of Information can be Read and lessons learned from by some other newcomers to the cryptocurrency world. Merry Christmas and maybe I can get a little bit of my stupid loses back in the form of the subscription and the $100 lol.
I have never had any such experience but only lost access to an online account which is linked to an email i have lost access to with a phone number in another country I am no longer leaving in. Right now, I have too many mnemonics phrases I need to get a steel plate and etch them on it as my funds in them grow. I know i will not be using most of them at some point
My husband, new to crypto, tried to buy an NFT on Opensea from a friend, Peter Strid, who is a fabulous artist. Did I mention he’s new to the space? He somehow figured out to buy eth on coinbase and put the eth in their wallet….That’s it. He didn’t read the part about storing your phrase, couldn’t buy the NFT, sad Christmas in our household! He’s definitely a STRONG candidate for a Masterkey annual subscription and I’ll help spread the good word once he starts using it, if he wins the random draw!!! (Hopefully a soon to be masterkey happy wife!)
hi
i lost my 3 YEARS account(KYC PASSED) access to Binance, and there is no way recovering it. I dont actually care about the account it self but i need my assets. All of my deposits were legit and came from my wage bank account card which was beeing used from the beggining
do you think the creation of msterkey whould help?
i have allready createed a new fresh 8988
I can’t access one of my wallet at Polkadot.js extension at the moment and I feel so pained to have misplaced the seed phrase and password. I can’t access the json file as well. I really wish there is a service out there that helps people recover their seed phrase and password.
It’s a good service thanks for protecting cryptocurency or many people would have suffered and and end in anxiety
Once I’ve lost around 30 AVAX, cause I forgot a mnemonic phrase from my Avalanche Wallet. It was not a big loss for me at that time, but now when AVAX’s price is more than $100 it has turned out to be very disappointing.
I kept my mnemonic phrase on my PC written up in a text format on the desktop. One day, my PC got down and couldn’t be fixed. Hence, I’ve lost access to my wallet and funds. I know it is my bad. I wish I knew about Masterkey earlier.
I just lost my seed phrase because my computer is broken.