CRYPTOCURRENCY TERMS TO KNOW
Altcoin: A cryptocurrency other than Bitcoin.
Burning: The deliberate destruction of cryptocurrency tokens to boost the value of currency already in circulation.
Consensus mechanism: A system used to validate transactions and ensure blockchain security.
Fiat currency: Issued by a government but not backed by a commodity, such as gold or silver.
Gas: The fuel required to execute a transaction on the Ethereum blockchain.
ICO: Initial Coin Offering; similar to an IPO, it's how cryptocurrency companies raise money to launch a new coin or service.
Mining: Creating new cryptocurrency, without having to pay for it, by solving puzzles. Miners need mining hardware and a crypto wallet to work.
Proof-of-work: The original consensus mechanism: crypto miners do the securing and validating by solving mathematical puzzles and are rewarded with crypto.
Proof-of-stake: A newer consensus mechanism: Users who stake, or hold, large amounts of cryptocurrency on a blockchain are selected at random to validate transaction blocks.
Stablecoin: Cryptocurrency pegged to a "hard" currency, such as the yen or Euro.
Token: Synonymous with "cryptocurrency" and also a word for any cryptocurrency other than Bitcoin and Ethereum.