What exactly does a skunk smell like, if it is comparable to anything else, we don't get things like them in the UK.
Bitcoin, a new type of currency. It has its own exchange rate and such. It can be used to buy real things at retailers that accept it. It has the advantage of being completely anonymous - kinda like paying cash for something - no personal details are recorded in transactions, unless required as a part of the transaction.
A good example of its use would be to buy a VPN service with bitcoins. No personal details are recorded. Some VPN services do not keep user logs therefor keeping your identity and IP address completely anonymous - great for Torrents ect. If the authorities were obtain a court order, ordering the VPN to hand over customers details and logs, the VPN company would not be able to because a) You paid with bitcoins and b) they do not keep logs of IP addresses.
Not that I would participate in such activity