A rhetorical question really 'cause I've already decided to do it. Without your permission. I am looking forward to somebody here telling me 1) what a mistake it is, or 2) how useless it is, or 3) how flawed it is or 4) what a a great idea it is but I'm still an asshole.
If you haven't heard of it, here's the wiki of it.
Q. What is Bitcoin?
A. Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.
Q. How does Bitcoin work?
A. Bitcoin utilises public-key cryptography. A coin contains the owner's public key. When a coin is transferred from user A to user B, A adds B’s public key to the coin, and the coin is signed using A's private key. B now owns the coin and can transfer it further. A is prevented from transferring the already spent coin to other users because a public list of all previous transactions is collectively maintained by the network. Before each transaction the coin’s validity will be checked.
It's all very technical really. I don't get it all. I grok it but I don't understand the finer details.
Dive head first.