It's fucking useless.
Sure i don't understand the cryptography behind it, but i find the general workings very easy to grasp.
When people start asking "what gives it value" is when i fail to explain properly. Even still. All i get is.
"pyramid scheme", "scam", and someone even went as far as to say "what are they doing with all that hashing power, it could be treason" - that was from someone who is mining with duel 6950s. And that was even after i wrote out a really long paragraph of what all that hashing is for. Without the cryptography jargon because i don't know the technical aspects of it.
I may be bad at explaining things, but i quit. I will never try to explain bitcoin ever again. Sorry i've failed the community.
Part of the problem of understanding why BTC has value is because people take for granted that USD somehow has value (and gold somehow has value, etc.). It's an awkward concept if you really think about it, but USD/Gold has always had value our whole lives, so I think that's why we generally don't worry about it.
When people ask "what gives bitcoins value?" respond with "what makes gold valuable?" There's no intrinsic value to gold, it's just a variance of metal. It's not because it can be made to look nice, because other metals can be made to do that for a fraction of the cost. It's all about rarity and demand. Gold is rare and people want it, therefore it has value. Perception is reality in the market, just making people think something has value can make it actually valuable. It's just a matter of fomenting that initial demand.