How to Restore Lost Bitcoins?

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.

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

  1. Download an app on your mobile device. Then, open it and select your wallet so that you can sign up/sign in.
  2. 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. 
  3. On the next screen, fill in the gaps with your mnemonic phrase.
  4. By the next step, you should turn on the 3FA: indicate your name, date of birth, email address, and mobile number. 
  5. 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 05/12). We will randomly choose five users and give them an annual subscription to MasterKey. 

The post How to Restore Lost Bitcoins? appeared first on Cryptocurrency News & Trading Tips – Crypto Blog by Changelly.

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Author: Sophie Roots