What is Bitcoin?

I have a really hard time explaining it. I've been paying pretty close attention for the past 9-10 months, and although I feel like I have a good handle on it, it's not that easy to explain to others. What I can say is: I think it's going to be a really big deal. Like, this is the biggest thing since the internet itself, kind of a big deal. I may be right., or I may be wrong. It may not be Bitcoin itself that is the next big thing, but cryptocurrencies are coming.

Here's a video explaining Bitcoin:

Here is an article from the Huffington Post trying to explain Bitcoin:

What Is Bitcoin? 11 Things You Need To Know About The Digital Currency