Get Term names from WP Term Object

Here’s an alternative using the handy wp_list_pluck():

$terms = get_terms(array(
        'taxonomy' => 'category',
        'hide_empty' => false,
));
$slugs = wp_list_pluck( $terms, 'slug' ); 
$names = wp_list_pluck( $terms, 'name' );

where we pluck out the wanted field into an array.