Withrdawing bitcoin from web-based exchange wallet to local wallet. My wallet passphrase is requested- is this necessary?

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I understand (maybe incorrectly) this is the seed passphrase/ the 12 words generated when wallet is created. Is this normal to provide this information to the web-based wallet when sending it, to receive it in a local wallet?

When withdrawing the funds from the "cloud" wallet to my local wallet.. wouldn't providing my seed/passphrase be a security flaw as a wallet can be recovered from it? Or am I interpreting this as the wrong passphrase...? I am using Electrum as my local wallet.

xiph

Posted 2017-11-22T20:51:33.753

Reputation: 3

Answers

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NEVER share your seed pass phrase/mnemonic. Anyone that has it can steal your bitcoins, and there is NO reason a web-wallet would need it in order to transfer your funds.

If the web-wallet is requesting a password in order to withdraw funds, it is most likely the password to log in to your web wallet account, or a secondary password you set up to spend funds from your web wallet account.

chytrik

Posted 2017-11-22T20:51:33.753

Reputation: 10 276

Thank you, this has saved me... This makes me wonder - What is stopping a brute force dictionary attack?! – xiph – 2017-11-23T09:09:53.673

The library of words used to generate mnemonics is very large, so the entropy of a 12 word phrase generated using that list is sufficiently large enough to make brute force attacks not worth the time. There are some explanations of this with numbers available online if you do a quick google search – chytrik – 2017-11-23T21:50:38.860

Asked: 2017-11-22T20:51:33.753

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Active: 2017-11-22T21:45:00.020