5 CRYPTO TERMS YOU NEED TO KNOW AT ALL COSTS 📌👀

1️⃣Pump and Dump:

A strategy often used by malicious groups, where the price of a cryptocurrency is artificially inflated (pump) by encouraging people to buy, before the organizers sell en masse (dump), causing a sudden drop in price.

2️⃣ Airdrop:

A free distribution of cryptocurrencies or tokens to users, often to promote a new project or reward existing holders. This may require participation, such as signing up or taking an action.

3️⃣Proof of Work (PoW):

A consensus mechanism used by blockchains like Bitcoin, where miners must solve complex cryptographic puzzles to validate transactions and secure the network. This consumes a lot of energy.

4️⃣ Proof of Stake (PoS):

Another consensus mechanism where validators are selected based on the amount of cryptocurrencies they hold and stake. This system is more energy efficient than PoW and is used by Ethereum 2.0.

5️⃣Gas Fees:

"Gas fees" are the costs associated with executing transactions or smart contracts on some blockchains, such as Ethereum. These fees are paid using the blockchain's native cryptocurrency, for example, ETH for Ethereum.

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