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Find answers to commonly asked questions, more information on Kurant, and help on how to use our products and services.

Buy Cryptocurrencies



Using our ATMs

How do I get started using a Kurant ATM?

  1. To begin, register at Kurant and follow the instructions to begin the KYC & AML process. You will need a valid ID to verify your identity and Proof of Address (Meldebescheinigung) if you do not have a German ID.
  2. During the registration process you will be asked to provide your cell phone number. A code will be sent to this number which you will have to enter during the registration process.
  3. After you have submitted your information, and chose a confirmation PIN, you will need to complete a video identity check. This can be done by downloading the IDnow app or from your web browser.
  4. You will be guided through all the necesarry steps by an IDnow agent. During the verification, you will have to show your ID and follow the instructions of the agent. This step should take about 10 minutes.
  5. Once you have completed the Videoident process, it may take about 4 hours for our banking partner to process your personal information. If you submit your registration outside our business hours, e.g. in the evening or on weekends, please be aware that the process may take longer as it is only carried out during business hours (Mon-Fri, 09h-18h).
  6. After you have been successfully verified, you will receive a notification that you can now use our ATMs.

Will I get a receipt after purchasing my cryptocurrencies?

A digital version is sent to you via email. You can view your complete transaction history at any time by logging into your Kurant account.

What do I need to purchase cryptocurrencies at your ATMs?

Before you can buy cryptocurrencies at our ATMs, you will need to go through the registration process at Kurant. You will need a valid form of ID such as a passport or an ID card. If your ID is not German, you will also need a Proof of Address. Once you have completed your registration, you can buy cryptocurrencies with cash at any of our ATMs. To use the ATM, you need access to the mobile device you used to log in to create an account at Kurant. You also need a wallet. If you don't have a wallet yet, you can find instructions on how to set one up in the section "Wallets".

I've never used a Crypto ATM before. How do I use your ATMs?

  1. To begin buying cryptocurrencies with a Kurant ATM, you will need to go through our customer registration process.
  2. Go to and enter your address to find the nearest ATM.
  3. Go to the ATM near you and tap the ATM screen to start buying your cryptocurrencies.
  4. Click "Buy".
  5. Please read our Terms & Conditions and click "Agree" to continue.
  6. Click "Yes, I'm already a registered customer". If you haven't registered yet, click here to register.
  7. Read our Privacy Policy and click "Agree".
  8. You will now be asked to enter your cell phone number which you have already entered during the registration process, along with the corresponding country code.
  9. You should receive a text message with a unique passcode which you will have to enter into the device.
  10. Scan the QR code of your public address for your wallet. You can either use your paper wallet, a digital wallet or a hardware wallet. Please note that you cannot type in the address, it needs to be in a QR code format.
  11. You will now be asked to enter your confirmation PIN which you chose during the registration process.
  12. The ATM is now ready to accept your cash. Our ATMs only accept €10, €20, €50, €100, €200, or €500 bills and do not give change. Therefore, you will need to insert the exact amount for your order. The minimum amount for Bitcoin or Ether is 50€. If you want to deposit 50€ or more, the minimum amount must be covered. This means that the first bill you deposit must always be a €50 bill or higher. For example, if you want to deposit 60€, you must first enter a 50€ bill and then a 10€ bill. If you want to deposit 100€ or more, the first bill can be either a $50 bill or a 100€, 200€ or 500€ bill.
  13. Click "Print receipt" to get a receipt. You can review all your transactions again by logging into your Kurant account.
  14. Click "Done" to complete the process.

I have a wallet address in text format on my cell phone. Can I enter it manually into the ATM?

Our ATMs do not currently accept public keys in text format. Therefore, you have to present it in the form of a QR Code, either with your printed paper wallet or by using another service that generates a QR Code for you. The best way to do this is to visit a block explorer, such as, and enter your wallet address there. It will then generate a QR code for your address that you can scan at the ATM.



Can I get my money back if I scan another QR code or wallet?

All cryptocurrency transactions are final, meaning that no refunds are possible. Please make sure that you scan the correct QR code and wallet address before you complete the purchase.

Where can I spend my digital assets?

A number of companies and online stores now offer you to pay for goods and services in cryptocurrencies. An internet search should help you find companies in your area or online merchants and service providers that accept cryptocurrencies.

Which payment methods do the ATMs accept?

Our ATMs only accept euro bills in the denominations €10, €20, €50, €100, €200, or €500.

Can I use a credit or debit card to purchase my cryptocurrencies?

No, at the moment you cannot purchase cryptocurrencies from our ATMs with a credit or debit card. However, we are working on providing this feature for you soon.

Do I have to wait for confirmations on the blockchain before I receive my cryptocurrencies?

You may have to wait for at least one confirmation on the blockchain before you can see your cryptocurrencies in your wallet. This can take about 10 minutes depending on how busy the network is.

What is a reference ID number?

The reference ID number is used internally by Kurant to identify customer transactions in case there are questions or problems.

Why do my cryptocurrencies not show up?

All transactions with a Kurant ATM should happen immediately. This means that you should recieve your Bitcoins right away, provided you have sent them to the correct address. You may need to reopen your wallet to see incoming funds. Some wallets do not display incoming cryptocurrencies until they have at least one confirmation on the blockchain. This can take about 10 minutes depending on the cryptocurrency and the network you have chosen. If you have tried all the above options, please contact our support team.


Technical Issues

Why haven't I received my cryptocurrencies yet?

After puchasing digital assets from our ATMs, the coins are sent to you via a network called blockchain. Depending on the currency and wallet you have chosen, a certain number of confirmations may be required before the cryptocurrency reaches your account and can be spent. The time required may vary depending on the cryptocurrency you purchased. On average, Bitcoin can take 5 to 30 minutes and Ethereum 15 seconds to 5 minutes. In exceptional cases, it may take up to an hour or more for the digital asset to reach your account and be spent.

I've sent my cryptocurrencies to the wrong address (QR code). Can I get a refund?

All cryptocurrency transactions are irreversible. The only way to get back misplaced cryptocurrencies is for the owner of the receiving wallet to return them to you. Unfortunately, Kurant cannot give you a refund in such a case.

You should always make sure that you use the correct QR code/ wallet address before scanning with the ATM.

Why have I not received a text message with a verification code?

A text message verification code is sent to the cell phone you used to register with your Kurant account. Please make sure you have reception when using our ATMs. If you are still not receiving the text message, there may be a problem with the ATM. Please contact our support team.



Why should I use a Kurant ATM to buy cryptocurrencies?

Our ATMs offer the first fully legal and compliant way to purchase cryptocurrencies from an ATM in Germany. When you use our ATMs, you can be sure that your transaction is in compliance with German financial laws. They also offer one of the fastest and most convenient ways to buy Bitcoins with cash. Our service is also completely secure as our customers must go through a KYC and AML registration process before using the ATM.

What are Crypto ATMs?

A Crypto ATM is a machine that allows you to purchase a number of different cryptocurrencies physically with cash. The ATM is connected to a stock exchange which executes the order. After choosing the type and amount of cryptocurrency you wish to purchase, you insert your cash and the machine completes the transaction online. Your digital assets are then transferred to a wallet. To use our ATMs, you will need to register at Kurant and complete our KYC and AML process.

Where can I find Kurant ATMs?

You can find the locations of all our ATMs under ATMs. There you will find a list of all locations or you can use the ATM map to find a location near you.





As Bitcoin (BTC) was the first cryptocurrency that captured the world’s imagination, all other coins were subsequently termed "altcoins", as in "alternative coins".

Anti-Money Laundering (AML)

Policies and regulations that require financial institutions to proactively monitor and check their clients and their activities to prevent money laundering and possible corruption. AML laws also require financial institutions to report any suspicious financial activity or crimes they find, and to do everything in their power to prevent them.

Application Programming Interface (API)

A data interface standard term used for connecting separate systems and data sources.

ATM Manufacturer

A company that provides the physical hardware and infrastructure for automated teller machines (ATMs).

ATM One-Way

A machine from which you can only deposit cash in exchange for cryptocurrencies.

ATM Operator

An individual or company other than a bank that owns an ATM. They are provided access by an Independent Sales Organization (ISO) that is registered as an agent by the bank.

For example, Kurant would be considered an ATM Operator.

ATM Two-Way

A machine where you can deposit cash in exchange for cryptocurrencies, and provide cryptocurrencies in exchange for cash.

Automated Teller Machine (ATM)

A terminal that allows people to withdraw cash from their bank account typically with either a debit or credit card. ATMs that dispense cryptocurrencies or cash in exchange for cryptocurrencies are now also available and commonly referred to as Bitcoin (BTC) / Crypto ATMs.

A wallet is essential to store, send, and receive cryptocurrencies. It works like a digital account, where you can check your balance and manage your funds.

A wallet is essential to store, send, and receive cryptocurrencies. It works like a digital account, where you can check your balance and manage your funds.

Your wallet has two key addresses associated with it:

  1. Public Key is an address which allows you to view your balance and provide a wallet address where people can send you cryptocurrencies. For example, similar to a bank account # where you can ask for your balance or deposit funds. However, in this case anyone can do it if they know the Public Key address.
  2. Private Key looks similar but is a longer string of digits and numbers which allows you to withdraw funds from the wallet address, similar to your signature on a bank account withdrawal slip. However, in this case anyone can do it if they know the Private Key address. Keep it safe and do not share it.



The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) better known by its abbreviation BaFin, is the financial regulatory authority in Germany. They provide rules, regulations, and guidelines on all financial action, including cryptocurrencies.

As of March 2020, BaFin has ruled that Bitcoin (BTC) is to be treated as a financial instrument, and all entities that facilitate the exchange, sale, or storage of Bitcoin must be subject to the same regulations as any other financial entity.

As of January 2020, BaFin has also published guidelines for those seeking authorisation for a crypto custody business, meaning that crypto funds stored with these custodians will be backed up by BaFin in the event of an emergency.

Bitcoin (BTC)

A digital cryptocurrency that was launched in January 2009 by the pseudonymous developer Satoshi Nakamoto, with the publishing of his infamous Bitcoin (BTC) whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System". Unlike other currencies, it does not physically exist. It is only stored as balances on a large online database called the "blockchain". This blockchain is shared over a very large number of decentralized computers and is not stored in one place.

The network, known as a blockchain, securely encrypts all transactions on the distributed ledger. These transactions are then verified by other users to make sure they are accurate and not fraudulent. To withdraw your Bitcoins, you need a special code known as a private key that only you should know. This is connected to a public key, which acts as an address that people can deposit to or query the balance with. All of this together is known as cryptography, making Bitcoin a cryptocurrency.

Bitcoin Cash (BCH)

A coin which forked from Bitcoin (BTC) in 2017 in order to improve transaction times and other original features of the Bitcoin (BTC) network. Often mistaken for the original Bitcoin (BTC) network, the project in fact has no ties to the original project other than the name. For example, it is sold on various websites with Bitcoin (BTC) in their name, but in fact it is not related.

Bitcoin Cash increases the size of blocks, allowing more transactions to be processed. Bitcoin Cash differs from Bitcoin Classic in that it increases the block size from 1 MB to 8 MB. It also removes Segregated Witness (SegWit), a proposed code adjustment designed to free up block space by removing certain parts of the transaction.

Bitcoin SV (BSV)

A cryptocurrency championed by Craig Wright which emerged in 2018 as a result of the Bitcoin Cash hard fork. SV stands for "Satoshi's Vision", as the cryptocurrency seeks to reestablish the original Bitcoin (BTC) protocol (as laid out by Bitcoin's anonymous founder Satoshi Nakamoto in his 2008 whitepaper).


Computer files that store transaction data. These blocks are arranged in a linear sequence that forms an endless chain of blocks - hence, the term blockchain.

Thus, all information about blockchain transactions is gathered and recorded inside these blocks, and every newly generated block is connected to the previous one through the use of cryptographic techniques.

The chain of linked blocks stores all the transaction data generated since the launch of a particular blockchain. So the records go all the way back to the first block, which is referred to as the block zero or genesis block. The number of confirmed blocks since the genesis block is denoted as the block height.

Taking the Bitcoin (BTC) blockchain as an example, blocks are made up of multiple elements. Bitcoin blocks contain (among other things) a list of recent transactions, a timestamp, and a reference to the block that came right before it. This reference is a cryptographic hash of the previous block’s data.


In the context of cryptocurrencies, a blockchain can be seen as an open or public database in which digital information is stored. This technology is based on a chain of blocks, in which the blocks would be the digital information about transactions and the chain would be the public database. Blockchain technology is very difficult to manipulate as it is decentralized and secured by cryptography.

Blockchain Confirmation

When your transaction is recorded on the blockchain, it will be confirmed by the network. Each time a new block of transactions is added and verified, the transaction receives another confirmation as part of the ledger history. For example, a Bitcoin (BTC) transaction confirmation currently takes between 1 to 30 minutes. The number of confirmations required to complete a transaction can depend on the size / amount of the transaction. Typically it takes 6 confirmations.

Blockchain Governance System

The structure and rules of a blockchain that define who gets the power to make decisions within the network. It defines and lays out the interactions between network participants, validators, nodes, and other actors in the network. Governance systems try to make a balance between the following two arguments: 1. centralized vs. decentralized and 2. on-chain vs. off-chain.

The first pair deals with authority structures and how much power a single individual is allowed to have in making decisions within the market. The second pair refers to how much human involvement takes places in making decisions and how much the network processes are automated on the blockchain. These decisions make up the governance system of a blockchain, and are usually implemented and changed by affecting network access, the size of a block, reward and mining systems, voting mechanisms, and funding allocation.

Blockchain Platform

A platform with a scripting language that can solve many use cases other than just cryptocurrencies. This property of blockchain led to smart contracts, an innovation presented by the cryptocurrency known as Ethereum but now used by many others.


Casper FFG

Casper FFG, aka Vitalik Casper, is a hybrid POW / POS consensus mechanism in use on the Ethereum network. It was designed to ease the transition of the network into Proof of Stake. It works by overlaying a Proof of Stake protocol on top of the normal Ethash Proof of Work protocol.


A centralized network has a single intermediary to facilitate its operations, much like a financial institution that keeps track of your transactions and financial information. This centralized entity holds your data, and means you have no choice but to trust them.


A text based chat system which allows users the ability to communicate with a technical system (and / or other users / agents).


A coin is a cryptocurrency with its own blockchain platform. For example, the Ether (ETH) coin native to the Ethereum platform. Coins are often looked at in comparison to tokens, which are cryptocurrencies that are developed on an existing blockchain. For example, Tether (USDT) is a token on the Ethereum platform.


A Kurant partner offering tailored risk analytics and data on counterparties, transactions, wallet addresses, and the history/lineage of a cryptocurrency's transactions. This partner is key in meeting compliance requirements from global Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

Cold Wallet

A wallet where both the private and public keys are stored offline. For example, this includes paper wallets and cold storage USB wallet devices when they are not connected to the internet.

Confirmation PIN (Personal Identification Number)

A secret sequence of numbers that should only be known by the customer. For example, it will be used to confirm a customer's transactions within the Kurant applications.

Counter Finance Terrorism (CFT)

Rules and regulations in place to prevent he misuse of the financial system for the purpose of money laundering, terrorist financing and other criminal offences, which can lead to a threat to assets of an institute."

Crypto ATM (Automated Teller Machine)

A terminal from which you can deposit and withdraw cryptocurrencies in exchange for cash. In the future, Kurant intends to also support the use of debit and credit cards.

Crypto ATM Manufacturer

A company providing the physical terminals and infrastructure for a Crypto ATM business. These can be either:

  1. One-way, providing only buy or sell features
  2. Two-way, providing both buy and sell features

Depending on the model used, they may take cash, debit / credit card, or both.

For example, General Bytes is one of the top Crypto ATM manufacturers: General Bytes

Crypto ATM Network

A group of Crypto ATMs run by the same operator, providing specific products and services to their customers in various retail merchant locations, cities, and countries.

Crypto ATM Operator

An individual or company that owns a Crypto ATM or network of Crypto ATMs. They are provided access by an Independent Sales Organization (ISO) that is registered as an agent by the bank.

Crypto Banking

Banking that has incorporated cryptocurrencies and digital assets into traditional banking products and services.

Crypto Credit

Crypto Credit gives users spending power by enabling them to monetize their crypto assets without the need to sell it.

Crypto Custody

A third party providing products and services to store and safeguard cryptocurrencies and digital assets independently from other financial service providers, e.g crypto banks.

Crypto Lending

The practice of lending digital assets at a rate of interest via crypto exchanges or platforms. Blockchain technology powers these cryptocurrencies, digital asset fiat alternatives, and tokenized commodities and securities.

Crypto Savings

A type of account that allows the holder to earn interest on their cryptocurrencies and digital assets. Service providers often give different interest rates for different types of assets based on current supply and demand. Higher rates are often provided when the account holder agrees to a lock up period.


A digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology - a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

This decentralized structure allows them to exist outside the control of governments and central authorities.The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network.

Blockchain, an organizational method for ensuring the integrity of transactional data, is an essential component of many cryptocurrencies.

Many experts believe that blockchain and related technology will disrupt many industries, including finance and law. Cryptocurrencies face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. However, they also have been praised for their portability, divisibility, inflation resistance, and transparency. For example, Bitcoin, Ethereum, or the upcoming Kurant SP9 security token.

Cryptocurrency Wallet (aka Crypto Wallet)

A cryptocurrency wallet is a device, physical medium, program, or a service which stores the public and / or private keys and can be used to track ownership and receive or send cryptocurrencies. The cryptocurrency itself is not in the wallet. The cryptocurrency is decentrally stored and maintained in a distributed ledger called the blockchain.


A field of study interested in protecting information through the use of codes and encryption. This means that only allowed parties can access and read the cryptographically protected data. Cryptography constructs protocols that stop third parties from reading private messages and communications and improve data confidentiality, integrity, and authentication. "Crypt-" means "hidden"and the suffix "-graphy" stands for "writing."


A medium of exchange for goods and services in the form of paper or coins, usually issued by a government and generally accepted at its face value as a method of payment.

Currency is the primary medium of exchange in the modern world, having long ago replaced bartering as a means of trading goods and services.

Custodian (aka Custodian Bank)

A specialized financial institution responsible for storing and holding a firm or individual's financial assets. This includes the public and private keys of a customer's cryptocurrencies and digital assets from another financial service provider (e.g. crypto bank). The custodian may also provide a guarantee and/or insurance of the cryptocurrencies in custody, should they be hacked, stolen, or lost. Custodians are often regulated under local laws and regulations.

Custody Wallet

A wallet in which your private keys are stored by a third party. Thus, you do not have full control over your cryptocurrencies. Your custody wallet provider stores and secures your private keys and also takes responsibility for the security of your cryptocurrencies. Custodians who provide these wallets can be regulated or unregulated depending on local laws and regulations.



A peer-to-peer cryptocurrency forked out of Bitcoin (BTC) to offer faster and more private transactions to its users. Dash (DASH) is the first digital currency with a decentralized blockchain governance system. DASH is an alternative name for Digital Cash, and the ticker symbol of the coin on exchanges. DASH was launched in January 2014 as Xcoin and then changed its name to Darkcoin. In March 2015, Darkcoin was rebranded to Dash.

Debt Token

A security token that represents debt or a bond in some form, with all the responsibilties and guarantees that come with the usual issuance of debt. For example, the BB1 token from Bitbond.


Blockchain is a decentralized ledger that can store information securely and immutably by using cryptographic encryption methods and hashing. The network has no single entity and is run and validated by users of the network in a peer-to-peer manner.

As explained by Vitalik Buterin in his blog, decentralization can be viewed from three perspectives:

Architectural – How many physical computers are present in the network?

Political – How many entities have control over these computers?

Logical – Does the data structure of the system behave like a single structure or more like a swarm?

Decentralization is the process of distributing power away from a single central authority. This is the opposite of how most financial and governmental systems are currently run.There is usually a single authority in charge of managing these systems, such as a central bank or government party. This has a number of disadvantages, as a central authority can become a single point of failure in a system. Any issues with the central authority will then affect all users of that system.

Bitcoin (BTC) was conceived as a decentralized alternative to fiat and has no single point of failure. This makes it more resilient and efficient as well as more representative of the userbase. Blockchain allows this decentralization to take place, as every user has the opportunity to verify transactions on the network. A whole host of cryptocurrencies have appeared since, and mostly use Blockchain to replicate this decentralization.

Decentralized Applications (Dapps)

A type of application that runs on a Blockchain or P2P network of computers instead of a single computer, and is outside the purview and control of a single authority. This avoids a single point of failure. These apps are built using smart contracts and are available on Blockchain based platforms, e.g. Ethereum.

Decentralized Finance (DeFi)

Refers to the ecosystem comprised of financial applications developed on top of blockchain systems.

DeFi may be defined as the movement that promotes the use of decentralized networks and open source software to create multiple types of financial services and products. The idea is to develop and operate financial DApps on top of a transparent and trustless framework, such as permissionless blockchains and other peer-to-peer (P2P) protocols.

Currently, the three largest functions of DeFi are:

  1. Creating monetary banking services (e.g., issuance of stablecoins)
  2. Providing peer-to-peer or pooled lending and borrowing platforms
  3. Enabling advanced financial instruments such as DEX, tokenization platforms, derivatives and predictions markets

Digital Asset

A digital form of investment, in contrast to traditional assets such as stocks, bonds, or currency. These are also known as virtual assets. For example, Bitcoin (BTC) and other cryptocurrencies fall into the category of digital assets. They do not exist physically, only within the network, computer, or system that they are stored on.

Digital Banking

A move from traditional, branch based banking to online banking. Banking services are delivered over the internet through mobile devices or home computers / laptops. This has allowed for a large scale banking service digitization, and the provision of new services that were previously impossible to offer such as instant payments.

Digital Currency

Also known as digital money, electronic money or electronic currency, this is a type of currency available only in digital form, allowing for instantaneous transactions and borderless transfer-of-ownership. These aren't necessarily all blockchain based. Some forms are controlled centrally by banks and other financial institutions, whilst others are based on decentralized blockchain platforms.

Digital Identity

An individual's, organization's or single device's personal data and actions stored online. This digital identity can be further broken down into two categories: 1. Data Attributes and 2. Account Actions / Activities:

1. Data Attributes include:

  • Username and Passwords
  • Date of Birth
  • ID Numbers
  • Transaction History
  • Nationality
  • Bank Details

2. Account Actions / Activities include:

  • Social media activity
  • Search queries
  • Geotagging
  • A digital identity is linked to a digital identifier such as an email address or domain name. Digital identity authentication becomes increasingly important as identity fraud and cyber theft becomes more common.

An individual's, organization's or single device's personal data and actions stored online. This digital identity can be further broken down into two categories: 1. Data Attributes and 2. Account Actions / Activities:

Digital Identity Blockchain Based

Blockchain allows for a high level of secure management and storage of digital identities by giving an immutable and transparent history of who has accessed, verified, or altered data. A blockchain based self-sovereign digital identity is cryptographically stored on a blockchain and safeguards all personal details. This allows for them them to only be accessed by people with explicit permission.

Digital Money

Also known as digital currency, electronic money or electronic currency, this is a type of currency available only in digital form, allowing for instantaneous transactions and borderless transfer-of-ownership. These aren't necessarily all blockchain based. Some forms are controlled centrally by banks and other financial institutions, whilst others are based on decentralized blockchain platforms.

Distributed Ledger

A database that is consensually shared and synchronized across multiple sites, institutions or geographies. It allows transactions to have public "witnesses," thereby making a cyberattack more difficult. The participant at each node of the network can access the recordings shared across that network and can own an identical copy of it.

Further, any changes or additions made to the ledger are reflected and copied to all participants in a matter of seconds or minutes. Underlying the distributed ledger technology is the blockchain, which is the technology that underlies Bitcoin (BTC).

To summarize:

  1. Underlying the distributed ledger technology is the blockchain, which is the technology that underlies Bitcoin.
  2. It can be described as a ledger of any transactions or contracts maintained in decentralized form across different locations and people.
  3. It eliminates the need for a central authority to keep a check against manipulation.

Distributed Ledger Technology (DLT)

The technological infrastructure and protocols that allows simultaneous access, validation, and record updating in an immutable manner across a network spread across multiple entities or locations.

Distributed Ledger Technology, more commonly known as the blockchain technology, was introduced by Bitcoin (BTC) and is now a buzz word in the technology world given its potential across industries and sectors. In simple words, the Distributed Ledger Technology is all about the idea of a ‘"decentralized" network against the conventional "centralized" mechanism, and is deemed to have far-reaching implications on sectors and entities that have long relied upon a "trusted third-party."

The Distributed Ledger Technology (DLT) is made of keywords:

  1. Distributed reflects its decentralized nature as opposed to a centralized silo of database.
  2. Ledger is simply a connotation for a database of records.
  3. Technology is the protocol which enables the working of such a database in a decentralized way, eliminating the need for a central authority to keep a check against manipulation.

Double Spend

The twofold spending of a cryptocurrency coin, digital assets, or even fiat, through the misuse or hack of a network. This can occur with a 51% attack on a proof of work blockchain network, where an entity controls 51% of the total computing hashing power of the network. Outside of the blockchain world, double spending can occur through the misuse or hacking of a financial system.

Decentralized Exchange (DEX)

A cryptocurrency exchange without a central authority that directly connects buyers to sellers in a decentralized manner, through the use of blockchain technology. With a decentralized exchange (DEX) a user does not need to transfer their funds or assets to the exchange, minimising the risk of losing them in an exchange hack or scam.

For example, the decentralized exchange Waves.


Allocating capital in such a way to reduce exposure to any one particular risk or asset. Diversification is commonly performed by investing in a whole variety of different assets. If the prices of these assets do not change synchrinously, a diversified portfolio will have less volatility.



The business of buying and selling goods and services on the internet via mobile and browser-based platforms.


A process of encoding data so it is only readable and accessible to those who have permission to use it. The original form and representation of the data is known as "plaintext". This is then, through the use of algorithms, transformed into an alternative and encrypted form known as "ciphertext". Only authorized parties are able to turn ciphertext back into the original plaintext and access the message, information, or data.

Equity Token

A security token that acts like a share of equity in a company, along with all the rights and responsibilties you would usually get when holding stock. These tokens are then offered to the public in an Equity Token Offering (ETO).

For example, the ETOs offered on the Neufund platform:

ERC-20 Protocol

A technical standard used to issue and implement tokens on the Ethereum blockchain. The standard describes a common set of rules that should be followed for a token to function properly within the Ethereum ecosystem. Therefore, ERC-20 should not be considered as a piece of code but rather a technical guideline or specification.

The ERC-20 standard makes it easier for developers to more accurately predict the interaction between different tokens and applications. It also defines how ERC-20 tokens are transferred within the Ethereum blockchain and how their respective supply and address balances are being consistently recorded.

Numerous decentralized applications (DApps) and services support ERC-20 tokens, making it easier for community members and businesses to adopt and use them on a wide range of applications (such as cryptocurrency wallets, decentralized exchanges, games, and so forth).

There are several ERC20-compliant tokens deployed on the Ethereum blockchain, but with distinct and unique implementations. Depending on the approach, the tokens can be used to represent various kinds of digital assets or tradable goods (such as coins, vouchers, gold certificates, loyalty points, and IOUs). Additionally, ERC-20 tokens may be used as a mean to tokenize voting rights during elections.

ERC-20 Tokens

Tokens designed and used solely on the Ethereum platform. They follow a list of standards so that they can be shared, exchanged for other tokens, or transferred to a crypto-wallet.

The Ethereum community created these standards with six mandatory and three optional rules:

1. Mandatory

  • totalSupply
  • balanceOf
  • transfer
  • transferFrom
  • approve
  • allowance

2. Optional

  • Token Name
  • Symbol
  • Decimal (up to 18)

Ether (ETH)

Ether (ETH) is the native token of the Ethereum platform. It is popularly used as an investment and is tradable through a number of exchanges, or through direct trades with buyers and sellers. Its price changes depending on the state of the cryptomarket, and with new updates and changes to the Ethereum network. It's the most traded cryptocurrency after Bitcoin (BTC), and has the second largest market cap. During the 2017 cryptocurrency bull run, it traded at a high of around $750 per coin at the end of the year. This was up from its January 2017 price of roughly $7.

Ether (ETH) is also used to pay for transactions and applications that run on the Ethereum network. Ether (ETH) derives its value not just from speculation like Bitcoin, but also from the utility it has in using Ethereum. Having to pay a small fee stops spam attacks occurring on the network. Ether (ETH) is also regularly used to buy and purchase other coins created on the Ethereum network.


A blockchain and platform network that has its own cryptocurrency known as Ether (ETH). Like Bitcoin, the network is completely decentralized and does not have a single governing authority. There are no middle men in operation when you send Ether (ETH) to someone else. Ethereum can also be used to build and run DApps using computers connected to the network. It originally began as a project to build upon the Bitcoin platform by allowing the programming of self-executing contracts on the network, known as smart contracts.

Ether (ETH), its native token, can be used to make purchases, complete transactions, and run programs known as decentralized applications (DApps) on the network. It is also held by people as a speculative investment. Created in 2015, Ether (ETH) is the second largest and most popular cryptocurrency after Bitcoin.


Cryptocurrency exchanges (sometimes called digital currency exchanges) are businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies.

For example:

Exchange (Regulated)

An exchange that meets all legal regulations required for the jurisdiction they operate in.

Exchange (Unregulated)

An exchange operating outside of local laws and regulations, providing little to no consumer protection.

ERC-721 Protocol

An open standard and protocol describing how to build unique tokens that are non-fungible on the Ethereum blockchain platform. It lays out a set of rules and behaviours that define the movement, ownership, and other unique information related to the token.

By nature, they are non-fungible meaning that they represent specific and completely unique items. These tokens are not divisible, or the same as any other token. They are often used to represent collectibles in games or other one-offs such as pieces of art.

For example, the collectible cat trading game based on the Ethereum blockchain CryptoKitties.



Fiat (aka currency) is “legal tender” backed by a central government, such as the US Dollar, backed by the US Federal Reserve and with its own banking system. It can take the form of physical cash, or it can be represented electronically when funds are deposited with a bank. Fiat currencies include the US Dollar and Euro.

Fiat Gateway

A platform where parties can quickly exchange fiat with cryptocurrencies. This seeks to reduce the friction between converting fiat into crypto, which can often prolong the time between transferring your fiat and receiving your cryptocurrencies. For example, cash that can be transferred via SWIFT, SEPA, and debit / credit cards.

Financial Action Task Force (FATF)

A global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

More than 200 countries and jurisdictions committed to implementing them. The FATF has developed the FATF Recommendations, or FATF Standards, which ensure a coordinated global response to prevent organised crime, corruption and terrorism. They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes. The FATF also works to stop funding for weapons of mass destruction.

Financial Action Task Force (FATF) Travel Rule

FATF's divisive crypto directives have started to establish traditional banking regulations within the crypto industry.

Among the more notable directives is the travel rule: a requirement for “virtual asset service providers” or VASPs — including crypto exchanges and custodial wallet providers — to disclose customer information when facilitating a trade of $1,000 or higher. The requested information covers both the sender’s and recipient’s name, geographical address and account details.

The EU’s Fifth Anti-Money Laundering Directive came into force on Jan. 10, 2020 and seems to mostly correspond to the FATF guidance.

The 5AMLD included for the first term crypto financial service providers (inlcuding crypto wallet custodians) into the same category as traditional financial service providers. This introduced the requirement for crypto-to-fiat exchanges to keep a record of customer dealings, as well as to conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.


Financial technology, often shortened to fintech, is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investing services, and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public. Financial technology companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.

Fork (Blockchain)

Defined variously as:

    1. what happens when a blockchain diverges into two potential paths forward

    2. a change in protocol

    3. a situation that occurs when two or more blocks have the same block height

Forks are related to the fact that different parties need to use common rules to maintain the history of the blockchain. When parties are not in agreement, alternative chains may emerge. While most forks are short-lived some are permanent.

Short-lived forks are due to the difficulty of reaching fast consensus in a distributed system. Whereas permanent forks (in the sense of protocol changes) have been used to add new features to a blockchain, to reverse the effects of hacking, or catastrophic bugs on a blockchain. For example, the Bitcoin (BTC) fork (on 6 August 2010) and the fork between Ethereum / Ethereum Classic.


When one coin on a platform is exactly equivalent to another coin on the same platform.

For example, a single Bitcoin (BTC) is equal in every way to another Bitcoin (BTC). They are completely interchangeable, thus fungible. Fungibility can be used to describe other assets such as gold, where 100g of 24 carats gold is equal in every way to another 100g of 24 carats gold.

Fungible Token

Tokens that are identical, interchangable, and divisible. A fungible token is identical to another token of the same kind, can be exchanged for the same value, and can be divided into smaller pieces. For example, 0.5 BTC is exactly the same in every way as another 0.5 BTC.

Fear of Missing Out (FOMO)

A nagging feeling others are having pleasurable or enjoyable experiences while you are not present. This leads to a desire to always stay involved and connected with what other people are doing unless you miss out. In general, it is the fear of having regrets, but in turn becomes a compulsive behaviour to make sure you do not miss out out on a social event, investment, or other possible opportunity.



The fee that needs to be paid on the Ethereum blockchain platform for conducting transactions or executing smart contracts on Dapps. Gas protects the network from spam attacks, as each transaction or action must be paid for. This means that running an action a large amount of times to attack the network must be paid for, helping to prevent spam by making it costly to do so.

General Bytes

A Crypto ATM manufacturer that provides some of the Crypto ATM terminals used by Kurant. Currently, the largest manufacturer of Crypto ATMs around the world. General Bytes offers for sale several different models of one-way and two-way ATMs.

Genesis Block

The genesis block is the first ever block recorded on its respective blockchain network, also occasionally referred to as Block 0 or Block 1.

When a block is broadcasted to the blockchain, it references the previous block. However, in the case of the genesis block, there is no previous block to reference. Because there is no previous block to reference, genesis blocks are generally hardcoded into the software.


Hard Fork

A large change to the rules and protocol of a blockchain platform, which the whole network must follow. All nodes must use the new (updated) software to partake in the network. If all users of the network don't follow the new rules, then a split occurs creating essentially two separate versions of that particular cryptocurrency. For example, the hard fork of Bitcoin (BTC) into Bitcoin Cash.

Hardware Wallet

A hardware wallet stores a user's public and private keys on a physical device. The key is usually protected from others being able to read the address or somehow extract it from the device. This is a type of cold storage and it is not connected to the internet. It's one of the most secure ways to store your cryptocurrencies.


A mathematical function that converts a string of letters or other input into an encrypted output. Commonly used in cryptography, it forms an essential part of the Bitcoin (BTC) network and is used by miners to attempt to solve the difficult proof of work puzzle that is required for mining new blocks.


A term derived from a misspelling of "hold" that refers to buy-and-hold strategies in the context of Bitcoin (BTC) and other cryptocurrencies. HODL is an approach to cryptocurrency investing that shuns trading based on short-term price fluctuations.

The term originated in 2013 with a Bitcointalk forum post. The price of Bitcoin (BTC) dramatically fell 39%, from $716 to $438, causing one user to post "I AM HODLING", in a reference to him holding his Bitcoins (BTC) and not shorting.

Hot Wallet

A cryptocurrency wallet that allows the owner to receive and send cryptocurrencies. The wallet is connected to the internet in some way, with either the public key or both the public and private key stored on the internet. This allows for much faster access to the funds stored in the wallet. As the wallet is connected to the internet, it's much more likely to be targeted by scammers and hackers.


A technically skilled computer expert who uses their knowledge to resolve a problem or issue. This is most often associated with security hackers, who break into computer systems by exploiting bugs or installing virus software to gain illicit access. Hackers have many reasons for their actions, including both political gain as well as financial.

Halving / Halvening

A periodic event that happens with certain cryptocurrencies, where the reward for successfully mining a block halves.

For example, it is most commonly used in reference to Bitcoin, where a reward halving takes place for every 210,000 blocks mined. This is roughly around every four years, with the last halving falling on 12.05.2020. This makes Bitcoin a deflationary currency, and the mechanism will continue until around roughly 2140. At this point, no more Bitcoins will be released to miners.

The halving has historically seen a general upwards trend in the price of Bitcoin (BTC) in the months and years afterward, making it a popular reason for investors to buy Bitcoin (BTC) around a halving.

Hard Cap

The maximum amount that can be raised in a a token sale or investment round, at which point the fundraising stops.

Hash Rate

A measurement of the amount of hash operations performed by cryptocurrency miners in a given amount of time. Essentially, this measures the speed of the mining equipment being used or the overall popularity of the cryptocurency with miners during the time. The hash rate is a key performance statistic used in the analysis of cryptocurrency markets.


An investment position attempting to offset potential losses / gains that can occur with a companion investment. Hedging positions are constructed using a wide variety of financial instruments, that include stocks, traded funds, swaps, options, futures contracts, and other derivative products.



A German based service provider that processes and verifies people's identification details; for example, a National ID or Passport. As of May 2020, this is accomplished via Video Identification with an operator asking the new customer to conduct actions with their personal identification documents. IDnow is part of Kurant's customer registration process.


A key attribute of a blockchain platform that makes it suitable for storing critical data. Data present within a blockchain cannot be altered or changed by a user without there being a record of them doing so. Changes have to be confirmed by a majority of the network, meaning that important data stored, such as transactions or personal details, cannot be maliciously altered.

The immutability of public blockchains can enhance the current trust and audit system. It can reduce the time and cost of audits since verifying information becomes much simpler or effectively redundant. Since all historical transactions can be audited at any point in time, immutability enables a high degree of data integrity.

Immutability is one of the key features of Bitcoin (BTC) and blockchain technology. Immutable transactions make it impossible for any entity (e.g. a government or corporation) to manipulate, replace, or falsify data stored on the network.

Initial Coin Offering (ICO)

A type of crowdfunding, or crowdsale, using cryptocurrencies as a means of raising capital for early-stage companies. It operates similar to an IPO, but instead sells cryptocurrency tokens. It has come under fire due to the occurrence of scams and market manipulators. Most projects now raise money using STOs (security token offerings) or ICOs that are subjected to much stricter regulation than in the 2017 ICO rush.

For example, tokens using the ERC-20 protocol on the Ethereum platform were commonly used during the 2017 ICO rush.

To summarize

  1. 1. ICOs are similar to stocks, but they sometimes have utility for a software service or product offered.
  2. 2. Some ICOs have yielded massive returns for investors. Numerous others have turned out to be fraud or have failed or performed poorly.
  3. 3. ICOs are, for the most part, completely unregulated, so investors must exercise a high degree of caution and diligence when researching and investing in ICOs.

Initial Exchange Offering (IEO)

A token sale, similar to an Initial Coin Offering (ICO), executed on a cryptocurrency exchange. The IEO is supported and run by the exchange for a company looking to mint its own tokens to facilitate raising money. The issuer of the token must pay a listing fee and also a percentage of tokens to the exchange.

The tokens are then sold on the platform of the exchange, benefitting from its customer base and reputation. The exchange is also encouraged to help market the coin, due to them taking a share of the tokens. Unlike a traditional ICO, a smart contract is not used to receive payment and mint coins. An account must be first of all be created with the exchange, who then later credits the tokens to the wallets of investors.

Initial Public Offering (IPO)

The offering of shares in a previously private company to the public. A company going through an IPO will typically select an underwrite and an exchange through which they will issue the shares.


The capability of freely sharing information, data, and value between systems.

For example, the capability of a blockchain network sharing information, data, and value across other blockchain networks without the need for any intermediaries. Users can easily interact with other blockchain networks in a quick and efficient way. Interoperability poses a significant challenge to blockchain networks as they differ greatly in their governance models, consensus mechanisms, and smart contract functionality. Standardization protocols are currently being developer to try and resolve this issue.


No match


K&L Gates

A legal and notary service provider with global and German based operations.

Know Your Customer (KYC)

Guidelines that require a financial service provider to verify the identity, risks, and suitability of a customer. They mainly refer to banking regulations and anti-money laundering measures that are legally required to be carried out.

For example, in Germany, a potential Customer's Identification is typically verified by a KYC service provider (e.g. IDnow) using a VideoIdentification process with a National ID or Passport.


A Kurant partner providing legal guidance and consultation with regards to Kurant's upcoming SP9 token and STO.


A Kurant partner and currently the largest operator of Crypto ATMs in Austria.



The principal book, computer file, or transactions list for recording and totaling a business or financial system's transactions. It is measured in terms of a monetary unit of account such as Euros, by account type, and with all debits and credits too. There is also a beginning monetary balance and an ending balance for each account. Blockchain technology creates a ledger shared by all in the network, rather than owned by an individual.

Lightning Network

The Lightning Network is a decentralized system for instant, high-volume micropayments that removes the risk of delegating custody of funds to trusted third parties. Bitcoin (BTC), the world's most widely used and valuable digital currency, allows anyone to send value without a trusted intermediary or depository. Bitcoin (BTC) contains an advanced scripting system allowing users to program instructions for funds. There are, however, some drawbacks to Bitcoin's (BTC) decentralized design. Transactions confirmed on the Bitcoin (BTC) blockchain take up to one hour before they are irrevesible. Micropayments, or payments less than a few cents, are also inconsistently confirmed.

An additional application for Bitcoin (BTC), allowing for instant payments on the network to try and solve its scalability issues. It creates a two-way payment channel between users, allowing them to conduct transactions in a much faster time than it would be possible with the Bitcoin (BTC) network.


A measurement of an asset's capacity, whereby an individual or firm can quickly purchase or sell an asset without causing a drastic change in the asset‘s price. Liquidity is about how big the trade-off is between the speed of the sale and the price it can be sold for.


Launched in 2011, an alternative cryptocurrency based on the model of Bitcoin (BTC). Litecoin is based on an open source global payment network not controlled by any central authority. It differs from Bitcoin (BTC) in aspects such as faster block generation rate and use of scrypt as a proof of work scheme. Litecoin was launched with the aim of being the "silver" to Bitcoin's (BTC) "gold," and has gained much popularity since the time of inception. Litecoin is a peer-to-peer internet currency. It is a fully decentralized open source, global payment network.

Limit Order

In effect a market order to buy or sell an asset but at a specific price, or even at a better price if possible.

For a buy limit order, the investor will only pay the price they specify or less. For a sell limit order, the investor will only sell at their specific price or higher. These orders are most often placed without being fulfilled instantaneously.


Market Capitalization (Market Cap)

The aggregate market value of a company or asset. It is computed based on the current market price (CMP) of shares / assets and the total number of outstanding shares / assets. It is commonly referred to as "market cap," where “cap” represents capitalization - a financial term used for indicating the size of the company.

Market High

The highest buy / sale price of a given financial asset, usually with a specfic time frame such as 24 hours.

Market Low

The lowest buy / sale price of a given financial asset, usually with a specfic time frame such as 24 hours.


A governing hub for cryptocurrency platform / network that requires an initial collateral of tokens / coins to be staked in exchange for the right to operate. Master nodes are full nodes with a complete copy of the ledger, that incentivize operators to perform the core consensus functions of running a blockchain node.

A node is any device (computer, phone, server etc.) that helps to maintain a network. A device that can transmit, receive, and help maintain the blockchain network without hosting a whole copy of the ledger is known as a node.


A document given out by a German local district office that proves you are registered at a specific home address.

Merkle Tree

A structure that allows for the efficient verification of data in a huge data set, in a much more managable way. Merkle trees are an integral part of blockchain technology and cryptography. They help verify the consistency of the data and make it easy to see at a glance if data has been tampered with. Merkle trees are used by both the Bitcoin (BTC) and Ethereum platform networks.

A Merkle tree summarizes a block's transactions by producing a digital fingerprint (hash) of the entire transaction set. They enable a user to quickly and easily verify if transaction is included in a block.


Mining is the process of adding and verifying transactions on a blockchain platform's ledger of transactions. For example, Bitcoin (BTC) mining nodes use the nature of blockchain to distinguish real transactions from attempts to double spend coins. Mining is designed to be resource-intensive and requires computing power to perform. The mathematical puzzles they need to solve are difficult, so the number of blocks mined each day remains steady.

Each block needs to have a proof of work to be considered valid. This proof of work is verified by other nodes every time they receive a block. The point of mining is to set up the transaction history so that it's impractical to modify by any person. Mining also mints and releases coins to the miners who successfully validate a block, and they are paid transactions fees that each user must pay when making a transaction on the network. This creates new coins in a decentralized way and motivates people to secure the network.

Mining Pool

A group of people and/or companies who pool the mining power of their equipment to improve their chances of successfully validating a block of transactions on a proof-of-work blockchain platform / network. These pools often charge fees but in axchange for a constant rate of payouts, and/or payouts when a block is successfully mined.

Mobile Application

A piece of software installed on your mobile device, that acts as a portal to gain access to a particular service. For example, Kurant's mobile application with features such as customer registration, ATM map, transaction history and crypto wallet.

Mobile Banking

The use of a smartphone or other cellular devices to perform online banking tasks while away from your home computer, such as providing a bank IBAN account, monitoring account balances & transactions, transferring funds, paying bills, and locating an ATM.


A digital currency that offers a high level of anonymity for users and their transactions. Monero was created as a grassroots movement with no pre-mine and no VC Funding, and launched in April 2014 as a fork of Bytecoin.

For example, like Bitcoin (BTC), Monero is a decentralized peer-to-peer cryptocurrency. Unlike Bitcoin, Monero is often characterized as a private and fully anonymised digital cash.


A wallet with multisig requires multiple private keys to authorize a transaction; also refered to "multi-signature". These multiple keys are fed into an algorithm that creates a joint signature for the wallet, adding a further layer of security. This allows groups of users to collectively control a wallet. In doing so, all must confirm the transactions to be made.


A live, functioning blockchain performing the task of transferring a digital currency between users and running smart contracts (if available).

A mainnet will have been through development stages and practice blockchains, known as testnets. Therefore, the mainnet is the real end product accessed by actual users and applied in real life scenarios.

Market Order

A request by an investor to buy or sell a financial instrument such as stocks, securities, or crypto at the best available price they can get in the current state of the market. A market order is the quickest way to purchase and sell your chosen asset, and is often instantaneous for assets with high liquidity on an exchange.

Medium of Exchange

A financial instrument or system used to facilitate the trading, purchasing, or sale of goods and services between parties. A medium of exchange must represent a standard of value all parties agree upon, such as gold or fiat currency.



A device that verifies new blocks added to a blockchain platform / network. Each network will have multiple nodes connected to each other in a decentralized manner. Some nodes also store a whole copy of the transaction history of the blockchain they operate on. All miners in a network must run a full node themselves (a full copy of the transaction history of the network), but not all nodes are in fact miners.

Non-Fungible Token (NFT)

A type of cryptographic token that represents something unique, with its own unique value. Non-fungible tokens can't be swapped or traded for another one of equal value, as each token is inherently different. These tokens are often used to represent collectibles such as art, intellectual property, real estate, or other items that have unique properties.

NFTs have their own specific protocols, such as ERC-721 on the Ethereum blockchain network. Other protocols, including the ERC-1400 series, are further exploring how NFTs can be defined.

For example, the blockchain based game CryptoKitties. Each completely unique cat owned within the game is represented by a NFT: CryptoKitties



Decisions, transactions, and network activity that all occur off the blockchain platform / network. Value is moved outside of the blockchain, before being brought back on-chain. It requires more trust and security to ensure coins aren't double spent and/or transactions are reversed. Off-chain transactions are gaining popularity due to their improved speed and low cost.

For example, the Lightning Network used for faster micropayments off the Blockchain platform / network: Lightning Network


Decisions, transactions, and network activity that all occur on the blockchain. These actions have a direct record stored on the chain and are completely tracable and verifiable by other users. The blockchain can be used to check their validity without the need of a third party.

One-Time Password (OTP)

A code usually sent to your mobile device or email to gain access to a specific account. These codes can only be used once and also expire within a certain timeframe. It's a form of security, making sure that the person using a particular service is who they claim to be.

For example, a one-time password is sent via an SMS code by Kurant's ATM to customers each time they wish to enter into the system to execute transactions.


Paper Wallet

A wallet for receiving cryptocurrencies whose private and public key details are stored only on paper, not online. This can also be considered a form of a cold wallet. This makes it impossible for hackers to digitally steal, unless the wallet and its details are subsequently stored with an online wallet provider. Care must be taken not to lose the details, as without another physical backup all funds stored in the wallet will be lost.

Kurant ATMs will provide paper wallets for any customers who do not already have their own mobile wallet address (in the form of a QR code) where cryptocurrencies can be deposited (BUY for Cash transaction) or withdrawn (SELL for cash transaction).


A string or combination of letters, numbers, and special characters used to gain access to an account. This should be known only to the holder of the password, and no one else.

Peer-To-Peer (P2P)

Decentralized interactions between parties in a distributed network, partitioning tasks or workloads between peers without a third party.

For example BitTorrent, the decentralized file sharing network where multiple users share the load of sending a file to another party. A peer-to-peer network benefits greatly from aspects of decentralization and reduces the amount of intermediaries in a process.

Peer-to-Peer (P2P) Lending

A service or platform that matches borrowers with lenders, allowing individuals to provide loans as an alternative to traditional credit institutions. This is usually facilitated through a mobile application or website. P2P lending is also known as “social lending” or “crowd lending.” It has only existed since 2005.

For example: Auxmoney

Pretty Good Privacy (PGP)

An encryption program that provides cryptographic privacy and authentication for data communication. PGP is used for signing, encrypting, and decrypting a whole variety of data, including: emails, files, directories, and whole disk partitions.

Private Blockchain

A blockchain platform / network not open to the general public and requires an invitation to join from the network owner. All transactions are validated by either the network starter or by a set of rules and permissions put in place. Businesses who wish to use blockchain technology generally set up a permissioned / private blockchain network in order to maintain control and access. These networks aren't completely decentralized, but do maintain some of the benefits that decentralized networks have to offer.

Private Key

A code in cryptography that is used with an algorithm to encrypt or decrypt data. This private key should only be known to the generator and holder of the key. The complexity of a private key helps to make it highly resistant to a brute force attack. Most commonly in cryptocurrencies, a private key is attached to a wallet address and used to access the funds within. It should never be given out to anyone and should be treated like your signature (or password) to an associated financial account.

Proof of Address

A document that proves your current address, often needed for Know Your Customer checks. It's required as part of the process to verify the identity of any new customer or business partner in the financial services world. A proof of address, for example a Meldebescheinigung or German national identity card, is needed to pass our KYC checks for the ATM.

Proof of Stake (PoS)

A consensus mechanism used by many cryptocurrencies as an alternative to the highly energy-intensive "proof of work" consensus algorithm. It states a person (or group) is allowed to validate block transactions in relation to how many coins they are willing to stake, and their age. The more cryptocurrency owned by a staker (or a pool of stakers), the more authority they have in the consensus mechanism of the platform / network.

For example, Ethereum is the most widely known platform to use PoS for its consensus mechanism.

Proof of Work (PoW)

A blockchain consensus mechanism involving the solving of computationally intensive puzzles to validate transactions and create new blocks. A single proof of work produces an output which is difficult to produce (in terms of cost and computing power) but simple for other validators to verify. Successfully mining a block and producing a proof of work is a random process with an extremely low probability. Multiple attempts must be made before a valid one is created to verify the block.

For example, Bitcoin (BTC) is the most widely known and oldest platform to use PoW for its consensus mechanism.


A German cash management (e.g. cash collection and pickup) service provider most commonly used for ATMs.

Public Blockchain

A blockchain where anyone is able to view, make transactions, and verify blocks on the platform / network. There are no barriers to entering the blockchain and it is completely open and transparent to the public.

For example, Bitcoin (BTC) is the the oldest and most widely used public blockchain plateform / network.

Public Key

An address attached to a wallet that can be given out to others so they may send / deposit cryptocurrencies into. It's made up of a cryptographic code coupled with a private key, that should only be known to the wallet holder. To send / withdraw cryptocurrencies to someone else's wallet, or receive / deposit them in your own wallet, you will need the public key to act as an address.

For example, one could think of a public key more commonly as your bank account # where people can deposit or wtthdraw funds. Note, for withdrawls the "private key" would also be required.


An attempt to find out sensitive information such as passwords, financial details, or login details by gaining someone's trust.

Phishing is usually carried out by pretending to be a trustworthy person such as a bank or government representative, or through emails that mimic the look and feel of a service provider or figure of authority. A victim is then encouraged to provide sensitive details that give the scammer access to their identity, account, or funds.

Private Sale

The sale of stock, shares, bonds, or other assets to pre-selected and whitelisted investors. The assets on sale are not sold on the open market like an exchange.

For example, a private placement undertaken by a company only open to pre-selected investors. These are often a cheaper to execute and subject to less legal requirements.

Public Sale

The sale of stock, shares, bonds or other assets to public investors. The assets on sale are sold on the open market, allowing anyone to participate.

For example, a security token offering (STO) such as our own SP9 token to be conducted in the near future.


Quick Response Code (QR Code)

A matrix barcode that can be scanned with the camera of a device. In terms of cryptocurrencies, the public (and private) key of a wallet can be represented as a QR code to be scanned by a mobile device or camera. This makes it much easier to send and receive cryptocurrencies, without having to type out the long string of letters and numbers that make up a public (and private) key.

This approach is often used to help avoid human error with typing such long strings of characters and numbers since transactions are not reversable on the most blockchain platforms / networks.


Retail Merchant

A business with a physical retail location directly accessible by the public, such as a store or a kiosk.

Kurant will have many retail merchants where our ATMs will be located for the general public to access our products and services.


The ransoming of a victim's data by hackers, which is under threat of being deleted, released online, or permanently encrypted.

For example, this typically takes place after malware has been installed on a victim's computer. Cryptocurrencies are often used as a form of payment for the ransom, in an attempt to keep the hacker's identity anonymous.


Satoshi Nakamoto

The anonymous creator of blockhain technology and the blockchain based Bitcoin (BTC) platform / network. The identity of this person, or group of individuals, is still not known. All Bitcoins (BTC) associated with Mr. Nakamoto have been left untouched in their original wallet addresses since 2009, even though their value has skyrocketed.

Secure Hash Algorithm 256 (SHA-256)

A cryptographic algorithm that can be used to turn a very large dataset into a random, unique, and uniform string of letters and numbers. It's used as part of the process of validating transactions on the Bitcoin (BTC) network in a difficult, computational puzzle that miners must solve.

A hash function is able to convert a given data set into a string of a fixed size. This is known as the "hash value". They are also used for password and message security.

For example: "5fd924625f6ab16a19cc9807c7c506ae1813490e4ba675f843d5a10e0baacdb8".

Security Token

A tokenized, digital form of traditional securities. A security token is issued on a blockchain platform and is a digital representation of a stake in some external enterprise or asset. These can be issued by businesses and even governments. They serve the same purpose as their traditional counterparts (eg debt, equity) but benefit from the decentralized nature of cryptocurrencies. A security token also gives the holder certain unique rights and responsibilities.

These tokens are regulated by local jurisdictions, and have been viewed as a solution to the unregulated and risky ICO market seen in 2017.

For example, the "BB1" debt token issued by Bitbond:

Security Token Offering (STO)

A public offering where security tokens (securities represented by digital tokens) are sold to investors, similar to an IPO or ICO. STOs are subject to far more regulations than ICOs, and provide a more secure investment with a much lower risk of fraud. An STO is a hybrid approach to investment fundraising between the previously popular initial coin oferings (ICOs) and the traditional initial public offering (IPO). It aims to take the best of both worlds and provide the benefits of decentralization along with the security of an IPO.

Segregated Witness (SegWit)

The separation of a blockchain platform / network into smaller, more manageable segments. The network splits into individual shards, with each containing their own unique account balances and smart contracts. Nodes on these shards are then responsible for transactions on their particular segment. This improves the scalability of the network, as each node no longer has to verify transactions for the whole network.


A messaging technology invented in the 1980s, frequently used for sending short messages between cellular devices. Standard SMS messages are limited to 160 characters.

Short Message Service (SMS)

This enables a cryptocurrency / coin to be transferred between multiple, different blockchains. Coin owners can then use the related cryptocurrency blockchain / network with assets they already have. By using an existing network, a new system can avoid liquidity shortages and thus gain the benefits of having a much larger userbase from a parent chain (e.g. Bitcoin BTC).


This enables a cryptocurrency / coin to be transferred between multiple, different blockchains. Coin owners can then use the related cryptocurrency blockchain / network with assets they already have. By using an existing network, a new system can avoid liquidity shortages and thus gain the benefits of having a much larger userbase from a parent chain (e.g. Bitcoin BTC).

For example, the Rootstock (RSK) side-chain allowing for smart contracts to be built on the Blockchain platform / network:

Smart Contract

A self-executing contract between two or more parties, that requires no external interaction to complete.

For example, a savings fund that only releases money when certain conditions have been met.

These smart contracts are built into a blockchain platform, and offer the same benefits of immutability and decentralization present in blockchain technology. No third party is needed to verify or validate the transaction, reducing the need for intermediaries such as a notary, lawyer or broker.

Ethereum, the original smart contract platform / network, looked to extend the capabilities of blockchain technology laid out in the infamous "Bitcoin: A Peer to Peer Electronic Cash System" whitepaper written by the anonymous Satoshi Nakamoto. Ethereum platform based smart contracts are coded using the Solidity programming language.

Soft Fork

A fork in the blockchain network which can occur when old network nodes do not follow a rule followed by the newly upgraded nodes. Both network nodes can however still validate blocks to the same blockchain. For example, improvements to the Bitcoin (BTC) network through soft forks.


A type of cryptocurrency seeking to avoid the traditional price volatility associated with cryptos, and offers price stability by pegging or backing itself to a reserve asset. Stablecoins attempt to offer the digital benefits, speed, cost, and decentralization of cryptocurrencies, and have less volatile valuations of fiat currencies.

For example, the most popular fiat backed stablecoin "Tether" (aka USDT) is backed by the US dollar in a 1:1 ratio (1 USDT = 1 US dollar).

The price stability of Stablecoins come from collateralization (backing) or from the buying and selling of the asset with algorithmic models.

Stablecoin (Commodity Backed)

A coin that is backed by a commodity, normally precious metals such as gold. Each coin represents a specific amount of gold, and the physical gold is stored by a trusted third party to act as the backing for the coin. For example, Digix is a gold backed coin (1 DGX = 1 gram of gold), allowing people to trade or hold gold with all the benefits that a cryptocurrency has to offer.

Stablecoin (Crypto Backed)

A coin that uses a reserve of one or more cryptocurrencies to maintain a stable price. For example, MakerDAO's DAI coin is backed by Ether (ETH). Each DAI should have a value of 1 USD, but is backed up by 1 USD's worth of ETH rather than the fiat currency itself. This mechanism works through the use of smart contracts and stability fees, which lock up a user's ETH and gives out DAI tokens.

Stablecoin (Fiat Backed)

A stablecoin that uses a reserve of fiat currency to maintain its price. This is most commonly seen with the US Dollar. For example, Tether (aka USDT) is a US Dollar backed stablecoin which is currently the largest in terms of daily volume and market cap. Tether however has been subject to controversy, given it has not yet completed a full audit (as of May 2020).


Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain platform / network. Essentially, it consists of locking cryptocurrencies to receive rewards. In most cases, the process relies on users participating in blockchain activities through a personal crypto wallet, such as "Trust Wallet". The concept of staking is closely related to the Proof of Stake (PoS) mechanism used in many blockchains based on PoS or one of its variants.

Sunny King and Scott Nadal were likely the first to introduce the ideas of Proof of Stake (PoS) and staking, back in 2012. They described Peercoin as an innovative PoS cryptocurrency.

When staking cryptocurrencies to validate network transactions, users staking larger amounts of coins have a higher chance of being chosen as the next block validator. To stake, noe requires a direct investment (and commitment) in the given cryptocurrency.

For some networks, staking rewards are determined as a fixed percentage "inflation" rate. This encourages individuals to utilize their coins (rather just HODL). This process amortizes the operational costs of the network to all token holders.

For example, the crypto-exchange Binance allows you to stake a number of different cryptocurrencies for a guaranteed return: Binance

Sutor Bank

Kurant's bank partner that provides the bank licenses and regulatory framework required for our ATM business in Germany.

Sutor Bank is a Private Bank based in Hamburg and founded in 1921.

Soft Cap

The absolute minimum amount of money a project needs to receive from investors. If this target is not met, the money can be returned.

For example, the soft caps have been commonly used in initial coin offerings (ICO).

Store of Value

A commodity, asset, or currency that has a track record of preserving its value over time.

For example, Gold and more recently Bitcoin. These are usually used as long term investments to avoid value depreciation.


Tether (USDT)

A stablecoin backed by (and pegged to) the US dollar in a 1:1 ratio, represented by the ticker symbol "USDT" on crypto exchanges. It's currently the largest and most active stablecoin by market cap and trading volume.

However, Tether has been subject to controversy, given it has not yet completed a full audit (as of May 2020): Tether


A digital unit often designed with utility in mind, providing access and use in a larger crypto-economic system.

Utility tokens are used to fulfil some kind of action on a blockchain platform, such as to pay fees or execute a certain function in a smart contract. For example, Ether the native token of the Ethereum platform. In order to pay for gas which is required to perform actions on the network, you must pay in Ether.

Security tokens are used to represent an underlying security or asset in a digitzed form. They derive their value from the asset or security that it represents. For example, the security token BB1 token from Bitbond, which represents debt (as a bond).

Token Economics (Tokenomics)

A new school of economics dedicated to the analysis and economic understanding of blockchain based cryptocurrencies. The internal economic design of a token, including its supply and governing rules, are all part of token economics. At a macro level, tokenomics includes the relationships that underlie the whole cryptocurrency market.

Tokenized Asset

An asset, such as property, stocks, shares, or bonds, that is represented by a cryptocurrency (blockchain Based) token. This asset can then benefit from the features of a blockchain platform / network.

Tokenized Equity

The creation and issuance of digital tokens or "coins" which represent equity shares in a corporation or organization.

With the growing adoption of blockchain, businesses are finding it convenient to adapt to the digitized crypto-version of equity shares. Tokenized equity is emerging as a convenient way to raise capital in which a business issues shares in the form of digital assets such as cryptocoins or tokens.

To summarize:

  1. Tokenized equity is the creation of equity ownership units represented by digital tokens or "coins".
  2. Tokenization of equity became popular with the advent of decentralized blockchain systems that allow for the easy and affordable creation, issuance, and transfer of digital tokens.
  3. Tokenized equity has been used in the form of initial coin offerings (ICOs) for blockchain-based projects, although its legal and regulatory status as a traded security remains uncertain.

Top Tier Volume

The total volume (amount) of a coin traded across all markets and currency pairs multiplied by the current price over 24 hours.

Total Volume

The total volume (amount) of a coin traded across all markets and currency pairs multiplied by the current price.

Trading Volume

The amount of a cryptocurrency or asset traded, usually within a specific time period such as 24 hours.

Transaction Hash ID (TXID)

A number associated with a specific transaction of a cryptocurrency. This can then be used to track when and where funds have been sent. You can be done by simply inputting the TXID into a blockchain explorer.

For example, the Etherscan blockchain explorer: 0.000000E+0therscan

Token Sale

The issuance of tokens in exchange for another cryptocurrency or fiat currency. This can be done either through the use of smart contracts or an exchange.

For example, an initial coin offering (ICO), security token offering (STO), or initial exchange offering (IEO) are forms of a token sale.


A term used to describe a key quality of blockchain technology, where a single person in the system does not have to trust anyone else for it to function. Before blockchain, a central authority was needed for people's trust.

For example, with cryptocurrencies, each part of the ecosystem has been designed to use blockchain technology to organically verify, validate, and protect the cryptocurrency from malicious behaviour without the need to trust a third party.


User ID

A unique identification number or string of characters associated with a specific user's account.

For example, a user ID is needed to log in to Kurant web and mobile applications.

User Interface (UI)

The method in which a user and a computer system interact, most commonly with a graphical interface for desktop, web and mobile based applications.

Unit of Account

A fundamental monetary unit used to measure the value of a good or service which make it possible to compare the value of different items.

For example, fiat currency such as the US dollar (USD).


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Warm Wallet

A wallet connected to the internet, but can also offer cold storage capabilities.

These are often USB hardware devices. A warm wallet offers functionality between cold and hot wallets. A warm wallet also gives the ability to make transactions, unlike a cold wallet, but with much greater security than a hot wallet. The USB hardware device can be connected to a computer to make transactions, without ever actually broadcasting its private key.

Web Application

Software that runs in an internet browser application (e.g. Google Chrome and Apple Safari) and is stored on a company's external server. A web application provides much the same utility as a computer desktop application, contains a user interface, and the ability to access, store, create, or modify data.

For example, the web application used for Kurant customers used to register, find an ATM, see their transaction history, manage their profile / account, etc.

White Paper

An in depth document outlining the details of a particular project, topic, or business aiming to inform and educate the reader. This could be for investors, customers, or other interested parties.

For example, the concepts and principles of Bitcoin (BTC) were put forward in its 2008 white paper Bitcoin: A Peer-to-Peer Electronic Cash System, authored by the pseudonymous Satoshi Nakamoto: Bitcoin Whitepaper


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A privacy-focused blockchain and cryptocurrency developed in response to flaws in the Bitcoin (BTC) network. It uses the same PoW based algorithm as Bitcoin (BTC) but improves upon it by enabling semi-transparent processing. In simple terms, this means it replaces the radical transparency of Bitcoin's (BTC) blockchain for a more balanced implementation. In this implementation, user transaction data is revealed much more selectively.

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