Understanding how a seed translates to each currency
Hello! Hoping to get clarification as my own searches wasn't bringing up anything specific to what I'm asking.
The question arose when creating a new wallet (Atomic wallet) sending a very minimal amount of BTC and Nano to it, then trying to restore the wallet on a different program (Exodus just to confirm to myself that the seed phrase wasn't specific to the wallet program) to confirm I knew the restore procedure.
That worked out fine and my BTC balance was there. Of course Exodus doesn't support Nano, so no balance to show. Restoring on Atomic shows me the nano balance as well.
This begged the question for me, of, are the private keys generated by that deterministic seed, universal to every currency?
I suppose all I understand is that the seed generates an (ordered?) List of public and private key pairs. Does that mean the same pair can correspond to both a nano account and a bitcoin address? And when clicking a currency's balance on a wallet app it enumerates (I suppose a sensible number of) the key pairs generated by the seed to find non zero balances on the corresponding blockchain? Is my understanding correct?
Thanks so much.
**Edit:** thanks for such informed and well explained replies! I have learned a lot. This is all ultimately for me to confirm if there is one value I can keep to give me everything. I'm looking to buy a steel key holder and was hoping to just keep one value. I suppose the safest thing will be to buy two. One for my BTC private key and one for my nano private key as those are the only balances I will be keeping for now.