diff --git a/doc/release-notes.md b/doc/release-notes.md
--- a/doc/release-notes.md
+++ b/doc/release-notes.md
@@ -6,3 +6,4 @@
 
 - The `getwalletinfo` RPC method now returns an `hdseedid` value, which is always the same as the incorrectly-named `hdmasterkeyid` value. `hdmasterkeyid` will be removed in V0.21.
 - The `getaddressinfo` RPC method now returns an `hdseedid` value, which is always the same as the incorrectly-named `hdmasterkeyid` value. `hdmasterkeyid` will be removed in V0.21.
+- The `inactivehdmaster` property in the `dumpwallet` output has been corrected to `inactivehdseed`
diff --git a/src/wallet/rpcdump.cpp b/src/wallet/rpcdump.cpp
--- a/src/wallet/rpcdump.cpp
+++ b/src/wallet/rpcdump.cpp
@@ -894,10 +894,10 @@
     // add the base58check encoded extended master if the wallet uses HD
     CKeyID seed_id = pwallet->GetHDChain().seed_id;
     if (!seed_id.IsNull()) {
-        CKey key;
-        if (pwallet->GetKey(seed_id, key)) {
+        CKey seed;
+        if (pwallet->GetKey(seed_id, seed)) {
             CExtKey masterKey;
-            masterKey.SetSeed(key.begin(), key.size());
+            masterKey.SetSeed(seed.begin(), seed.size());
 
             file << "# extended private masterkey: " << EncodeExtKey(masterKey)
                  << "\n\n";
@@ -920,8 +920,8 @@
                 file << "hdseed=1";
             } else if (mapKeyPool.count(keyid)) {
                 file << "reserve=1";
-            } else if (pwallet->mapKeyMetadata[keyid].hdKeypath == "m") {
-                file << "inactivehdmaster=1";
+            } else if (pwallet->mapKeyMetadata[keyid].hdKeypath == "s") {
+                file << "inactivehdseed=1";
             } else {
                 file << "change=1";
             }
diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -3279,6 +3279,9 @@
             "/kB\n"
             "  \"hdseedid\": \"<hash160>\"          (string, optional) the "
             "Hash160 of the HD seed (only present when HD is enabled)\n"
+            "  \"hdmasterkeyid\": \"<hash160>\"     (string, optional) alias "
+            "for hdseedid retained for backwards-compatibility. Will be "
+            "removed in V0.21.\n"
             "}\n"
             "\nExamples:\n" +
             HelpExampleCli("getwalletinfo", "") +
@@ -3315,6 +3318,7 @@
     obj.pushKV("paytxfee", ValueFromAmount(pwallet->m_pay_tx_fee.GetFeePerK()));
     if (!seed_id.IsNull()) {
         obj.pushKV("hdseedid", seed_id.GetHex());
+        obj.pushKV("hdmasterkeyid", seed_id.GetHex());
     }
     return obj;
 }
@@ -4299,7 +4303,10 @@
             "  \"hdkeypath\" : \"keypath\"       (string, optional) The HD "
             "keypath if the key is HD and available\n"
             "  \"hdseedid\" : \"<hash160>\"      (string, optional) The "
-            "Hash160 of the HD master pubkey\n"
+            "Hash160 of the HD seed\n"
+            "  \"hdmasterkeyid\" : \"<hash160>\" (string, optional) alias for "
+            "hdseedid maintained for backwards compatibility. Will be removed "
+            "in V0.21.\n"
             "}\n"
             "\nExamples:\n" +
             HelpExampleCli("getaddressinfo",
@@ -4353,6 +4360,7 @@
         if (!meta->hdKeypath.empty()) {
             ret.pushKV("hdkeypath", meta->hdKeypath);
             ret.pushKV("hdseedid", meta->hd_seed_id.GetHex());
+            ret.pushKV("hdmasterkeyid", meta->hd_seed_id.GetHex());
         }
     }
     return ret;
diff --git a/src/wallet/wallet.h b/src/wallet/wallet.h
--- a/src/wallet/wallet.h
+++ b/src/wallet/wallet.h
@@ -1278,17 +1278,17 @@
     /* Returns true if HD is enabled */
     bool IsHDEnabled() const;
 
-    /* Generates a new HD master key (will not be activated) */
+    /* Generates a new HD seed (will not be activated) */
     CPubKey GenerateNewSeed();
 
-    /* Derives a new HD master key (will not be activated) */
+    /* Derives a new HD seed (will not be activated) */
     CPubKey DeriveNewSeed(const CKey &key);
 
     /**
-     * Set the current HD master key (will reset the chain child index counters)
-     * Sets the master key's version based on the current wallet version (so the
+     * Set the current HD seed (will reset the chain child index counters)
+     * Sets the seed's version based on the current wallet version (so the
      * caller must ensure the current wallet version is correct before calling
-     *  this function).
+     * this function).
      */
     bool SetHDSeed(const CPubKey &key);
 
diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -194,8 +194,8 @@
 void CWallet::DeriveNewChildKey(WalletBatch &batch, CKeyMetadata &metadata,
                                 CKey &secret, bool internal) {
     // for now we use a fixed keypath scheme of m/0'/0'/k
-    // master key seed (256bit)
-    CKey key;
+    // seed (256bit)
+    CKey seed;
     // hd master key
     CExtKey masterKey;
     // key at m/0'
@@ -205,13 +205,12 @@
     // key at m/0'/0'/<n>'
     CExtKey childKey;
 
-    // try to get the master key
-    if (!GetKey(hdChain.seed_id, key)) {
-        throw std::runtime_error(std::string(__func__) +
-                                 ": Master key not found");
+    // try to get the seed
+    if (!GetKey(hdChain.seed_id, seed)) {
+        throw std::runtime_error(std::string(__func__) + ": seed not found");
     }
 
-    masterKey.SetSeed(key.begin(), key.size());
+    masterKey.SetSeed(seed.begin(), seed.size());
 
     // derive m/0'
     // use hardened derivation (child keys >= 0x80000000 are hardened after
@@ -783,7 +782,7 @@
         Lock();
         Unlock(strWalletPassphrase);
 
-        // If we are using HD, replace the HD master key (seed) with a new one.
+        // If we are using HD, replace the HD seed with a new one
         if (IsHDEnabled()) {
             if (!SetHDSeed(GenerateNewSeed())) {
                 return false;
@@ -1557,26 +1556,26 @@
     int64_t nCreationTime = GetTime();
     CKeyMetadata metadata(nCreationTime);
 
-    // Calculate the pubkey.
-    CPubKey pubkey = key.GetPubKey();
-    assert(key.VerifyPubKey(pubkey));
+    // Calculate the seed
+    CPubKey seed = key.GetPubKey();
+    assert(key.VerifyPubKey(seed));
 
-    // Set the hd keypath to "m" -> Master, refers the masterkeyid to itself.
-    metadata.hdKeypath = "m";
-    metadata.hd_seed_id = pubkey.GetID();
+    // Set the hd keypath to "s" -> Seed, refers the seed to itself
+    metadata.hdKeypath = "s";
+    metadata.hd_seed_id = seed.GetID();
 
     LOCK(cs_wallet);
 
     // mem store the metadata
-    mapKeyMetadata[pubkey.GetID()] = metadata;
+    mapKeyMetadata[seed.GetID()] = metadata;
 
-    // Write the key&metadata to the database.
-    if (!AddKeyPubKey(key, pubkey)) {
+    // Write the key&metadata to the database
+    if (!AddKeyPubKey(key, seed)) {
         throw std::runtime_error(std::string(__func__) +
                                  ": AddKeyPubKey failed");
     }
 
-    return pubkey;
+    return seed;
 }
 
 bool CWallet::SetHDSeed(const CPubKey &seed) {
@@ -4491,11 +4490,11 @@
         }
         walletInstance->SetMinVersion(FEATURE_LATEST);
 
-        // Generate a new master key.
-        CPubKey masterPubKey = walletInstance->GenerateNewSeed();
-        if (!walletInstance->SetHDSeed(masterPubKey)) {
+        // Generate a new seed
+        CPubKey seed = walletInstance->GenerateNewSeed();
+        if (!walletInstance->SetHDSeed(seed)) {
             throw std::runtime_error(std::string(__func__) +
-                                     ": Storing master key failed");
+                                     ": Storing HD seed failed");
         }
 
         // Top up the keypool
diff --git a/src/wallet/walletdb.h b/src/wallet/walletdb.h
--- a/src/wallet/walletdb.h
+++ b/src/wallet/walletdb.h
@@ -63,7 +63,7 @@
 public:
     uint32_t nExternalChainCounter;
     uint32_t nInternalChainCounter;
-    //!< master key hash160
+    //!< seed hash160
     CKeyID seed_id;
 
     static const int VERSION_HD_BASE = 1;
@@ -101,7 +101,7 @@
     int64_t nCreateTime;
     // optional HD/bip32 keypath.
     std::string hdKeypath;
-    // Id of the HD masterkey used to derive this key.
+    // Id of the HD seed used to derive this key.
     CKeyID hd_seed_id;
 
     CKeyMetadata() { SetNull(); }
diff --git a/test/functional/wallet_dump.py b/test/functional/wallet_dump.py
--- a/test/functional/wallet_dump.py
+++ b/test/functional/wallet_dump.py
@@ -32,7 +32,7 @@
                     addr_keypath = comment.split(" addr=")[1]
                     addr = addr_keypath.split(" ")[0]
                     keypath = None
-                    if keytype == "inactivehdmaster=1":
+                    if keytype == "inactivehdseed=1":
                         # ensure the old master is still available
                         assert(hd_master_addr_old == addr)
                     elif keytype == "hdseed=1":
diff --git a/test/functional/wallet_hd.py b/test/functional/wallet_hd.py
--- a/test/functional/wallet_hd.py
+++ b/test/functional/wallet_hd.py
@@ -31,6 +31,8 @@
 
         # Make sure we use hd, keep masterkeyid
         masterkeyid = self.nodes[1].getwalletinfo()['hdseedid']
+        assert_equal(masterkeyid, self.nodes[1].getwalletinfo()[
+                     'hdmasterkeyid'])
         assert_equal(len(masterkeyid), 40)
 
         # create an internal key
@@ -58,6 +60,7 @@
             hd_info = self.nodes[1].getaddressinfo(hd_add)
             assert_equal(hd_info["hdkeypath"], "m/0'/0'/" + str(i) + "'")
             assert_equal(hd_info["hdseedid"], masterkeyid)
+            assert_equal(hd_info["hdmasterkeyid"], masterkeyid)
             self.nodes[0].sendtoaddress(hd_add, 1)
             self.nodes[0].generate(1)
         self.nodes[0].sendtoaddress(non_hd_add, 1)
@@ -90,6 +93,7 @@
             hd_info_2 = self.nodes[1].getaddressinfo(hd_add_2)
             assert_equal(hd_info_2["hdkeypath"], "m/0'/0'/" + str(i) + "'")
             assert_equal(hd_info_2["hdseedid"], masterkeyid)
+            assert_equal(hd_info_2["hdmasterkeyid"], masterkeyid)
         assert_equal(hd_add, hd_add_2)
         connect_nodes_bi(self.nodes[0], self.nodes[1])
         self.sync_all()
diff --git a/test/functional/wallet_keypool.py b/test/functional/wallet_keypool.py
--- a/test/functional/wallet_keypool.py
+++ b/test/functional/wallet_keypool.py
@@ -19,6 +19,8 @@
         addr_before_encrypting_data = nodes[
             0].getaddressinfo(addr_before_encrypting)
         wallet_info_old = nodes[0].getwalletinfo()
+        assert_equal(wallet_info_old['hdseedid'],
+                     wallet_info_old['hdmasterkeyid'])
         assert(addr_before_encrypting_data['hdseedid'] ==
                wallet_info_old['hdseedid'])
 
@@ -30,6 +32,7 @@
         addr = nodes[0].getnewaddress()
         addr_data = nodes[0].getaddressinfo(addr)
         wallet_info = nodes[0].getwalletinfo()
+        assert_equal(wallet_info['hdseedid'], wallet_info['hdmasterkeyid'])
         assert(
             addr_before_encrypting_data['hdseedid'] != wallet_info['hdseedid'])
         assert(addr_data['hdseedid'] == wallet_info['hdseedid'])