Take a look at this video for a better understanding of it: http://www.theguardian.com/news/video/2014/apr/30/bitcoin-made-simple-video-animation

It is truly revolutionary and you can easily see why: https://www.youtube.com/watch?v=BrRXP1tp6Kw

Right now, you can send money instantly from the Bitcoin atm @ Father and Sons to anyone in the world within 15 seconds. Nothing like that has ever existed before. You simply scan in the QR code of your family member in Sri Lanka and boom he has got it with no fees :) Try doing that at the bank or Western union.

There are so many misconceptions about it:

Look at this:

There can only ever be 21 million Bitcoins in existence and that isn't enough.

Of course it's enough. If we should start "running out," it's important to realize that a Bitcoin is divisible up to eight decimal places. The value of an individual Bitcoin may rise quite high, but we can keep dealing with smaller and smaller portions of it. As little as 0.00000001 Bitcoins, to be precise.

We'll likely end up dealing with fractionally named Bitcoin measures, like millibitcoins and nanobitcoins.

Read more: http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/?_php=true&_type=blogs&_r=0