As far as I understand, hardware wallets generate a deterministic key space using standard algorithms: starting with a (random) passphrase (and more security tokens?), they are able to rebuild the wallet.
I do not have a hardware wallet, nor do I plan to buy one at the moment, but I would like to keep the option open of transferring my wallet to a hardware wallet. Basically, I want a paper wallet transferable to a hardware wallet.
I assume that if I follow standard procedures to generate my paper wallet, I will be able to import it into any hardware wallet as long as it follows the relevant standards.
I have three questions:
- What standards should I be looking for?
- How can I generate such a paper wallet?
- What would be the best way to test my paper wallet? I am thinking on generating a test paper wallet and use a desktop wallet to verify that this can be imported. I assume that if a desktop wallet can import the paper wallet, a hardware wallet will be able to import it too. By "testing" I mean to generate the "first" key in the paper wallet and checking that it also exists in the desktop wallet too (once the wallet has been re-generated in the desktop wallet using the passphrase).