> I tried looking it up, can't seem to understand what it really is.

Understood. I didn't understand it either til I read several descriptions of it online. The official site I cited, Wikipedia, various tutorials and forum posts about it. The usual places. Google is pretty useful too.

In short: pure-digital currency, created out of thin air, backed by cryptographic algorithms, aligned with a libertarian/anarchic philosophy, and designed to avoid many problems associated with traditional national paper currencies. It has flaws and quirks which critics will jump on, but then so does say the US dollar and the US Federal government and banking system, so arguably somewhat of a case of pick your poison, or lesser of two evils.