[JSDude1]

I don’t really get the whole Bitcoin thing, however since this currency (though limited unlike USD) is still not backed by anything am I correct? Add in the fact that it is internet based, and really it’s all 1’s and 0’s (too easy for governments or hackers to steal/destroy)!

[Errant]

This video description isn't that bad:

http://www.youtube.com/watch?v=Um63OQz3bjo

[BfloGuy]

I don’t really get the whole Bitcoin thing, however since this currency (though limited unlike USD) is still not backed by anything am I correct?

You are correct. If Bitcoin can be said to "backed" by anything it would be its convertibility into generally-accepted currencies. Those currencies, in turn, derived their acceptance and value from their original status as gold-backed.