[thephyber]

Plenty of people understand the basics of BitCoin, that it is a currency and how to transact with an exchange that supports it.

You don't need to know the knitty-gritty of SHA256, blockchains, or the game theory associated with Proof of Work to "understand" BitCoin.

If you apply the same standards for "knowledge" of the US Dollar, you also have to require that people understand the intricacies of the US Treasury, the Mint, The Federal Reserve (and it's 12 constituent regional Central Banks), concepts of fiat currency, etc.