If you have paid any attention to non-Trump-related news, you probably already know that bitcoin is the hottest new investment trend. Everyone is talking about how much it has grown, how you can invest 75 cents into bitcoin on Monday, and by Friday, you’ll have enough money to qualify for the biggest tax cuts under the Republican Tax Plan for People Who Wear Boat Shoes, Monocles and Patagonia Sweaters (I think that’s the official name).

The Root put together this explainer to answer all of your bitcoin-related questions. Bitcoin is essentially a system for storing and exchanging digital units of currency whose “serial numbers” are encrypted, making them untraceable, anonymous and unhackable.

They are held in “wallets” on a decentralized network of computers. It is essentially a PayPal for nerds.

Not really, but neither is a dollar. Happy Greenbacks Day!

Today marks the 155th anniversary of the Legal Tender Act of 1862, an act in The reason you aren’t homeless and still able to receive lap dances is that you, your landlord and Destinee have agreed that dollars are worth something. Bitcoin is the same as the dollar, your checking account information, or your credit card numbers. Read more from theroot.com…

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