I’ve devoted a couple of hours to investigating Bitcoin, and I still don’t get it.
Example - How does one “mine” something that is essentially non-existent?
This is a 22 minute snoozer video that will explain everything you want to know. I recommend watching it in small bites.
https://www.youtube.com/watch?v=Lx9zgZCMqXE&feature=youtu.be
The technology underlying cryptocurrencies is blockchain.
https://en.wikipedia.org/wiki/Blockchain
Blockchain is essentially a digital accounting system that is spread over multiple servers that is for all practical purposes impossible to forge.
Cryptocurrencies are a novelty application of blockchain, but it is a technology that will revolutionize many industries. It could make government accounting completely transparent and auditable by anyone. In other words, it could enable every citizen to see where every penny goes that their government spends.