It’s some kind of internet currency which has nothing to back it up such as a gold standard.
I have no idea what gives it its value.
You can use this stuff to buy and sell and trade on the internet for real things from what I understand.
It is backed by the same element that backs the US dollar. Gullibility. At least the US Dollar is lying on the furniture of empire. How many aircraft carriers do the supporters of bitcoin have. As with all of the madnesses of crowds, the nimble will do well.