I don't know a lot about the subject, but from my understanding the point of bitcoin was to make a form of currency that was under the control of no government or bank, that had built in security systems that prevent counterfeiting or scamming, and that was maintained by a distributed system spanning the globe -- no centralized server to "hack".
As far as the value of the bitcoin goes, it's worth whatever people are willing to exchange it for. You might not be willing to shell out $1000 for data, but if on the other end you can exchange that data for $1000 worth of goods, what difference does it make if your money is paper or electronic? After all, if you use a modern bank, your money really is data right now. When I drop off $1000 in fiat paper money at the bank, they don't stick those bills into a special box for me -- they just add 1000 to the number associated with my account in their database. If it isn't in our hands or stashed away somewhere, our money is just data.
I remember hearing somewhere that bitcoin is used on dark web auction sites where both parties want to exchange goods without a government levying a tax or imposing regulations. It is therefore popular among people buying and selling illegal/restricted merchandise.
Here's more information on it if you are curious.
https://en.wikipedia.org/wiki/Bitcoin
I don't own any bitcoin, nor have I converted any currency into bitcoin. I don't really have a need to or a desire to, but I think I understand the appeal.
"As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment."
That's amazing, isn't it? I wonder if cryptocurrency is the future of currency? I mean it depends on electricity and the internet, but so does any money we keep in the bank. Hmm. It's something to think about, isn't it?