bitcoin is not hard to understand, it's just been largely misrepresented.
To summarize the technical bits simply, and not fully correctly, it's basically counting by a very very hard method that prevents you from skipping ahead. For every unit counted, another bitcoin exists.
People would like you to think that because the scarcity is built in and enforced, it will be a stable currency. This is not true because for this to occur, the total valuation of the bitcoin supply would have to be immense. Right now at $10k a pop it is about $300 billion. This is small enough that you can effectively manipulate the market with about $120-300 million dollars. This means it isn't stable.
People would like you to believe that it's awesome for paying for criminal goods. This is not true because it is anonymous. Hell, bitcoin is WAY more traceable to a person's bitcoin wallet than cash is to an individual. However, it does get you around bank's reporting laws. However, unless you got into them early and cme bitcoin futures exchange fees mined them, or traded a lot of material goods into them, you aren't able to really avoid them because most of the exchanges that will turn bitcoins into cash and vice versa are going to have a record of it, and have to report the large cash transaction.
Having an understanding of bitcoin, or block chain in general doesn't mean you are involved in criminal endeavors. It probably means you are a geek, but that's about it.
Bitcoin...
in NJ Prepared
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thanks this was really helpful.