So you were not only technically, intellectually and sartorially outclassed at this networking event, you got pissed as well. I have to assume that you hadn't sobered up when you wrote this excuse for an article.
Let me try to explain it as I would to a five year old.
The old fashioned pound sterling used to be a pound of sterling but people who were rich enough to own one were too posh to carry them, 'cause they were bloody heavy at almost half a kilo each. After a while, they came up with the idea of a paper version which was simply an IOU to say that you would be given the actual pound if you asked for it, but in the meantime, they would keep it in a safe place for you. It was just as good for paying for things and was easier to carry around so it became popular. Of course there were a few problems when people asked for their actual pound back, but nothing a standing army couldn't handle.
Crypto is just a little word for big mathamatics so a crypto currency is one based on a pound of crypto. Instead of carrying around big computers to do the maths on the spot, you just carry the token that shows you (or someone else) did the math.
Your confusion regarding refunds seems to be, how can I put this politely, fucked up?
If you order a £5 cup of fresh sewage and get raw sewage instead, you ask for a refund and get your £5 back. You don't get exactly the same £5 back, the one your granny wrote 'happy 1st communion' on. You get 'a' £5 note, or perhaps 5 pound coins, or any other combination of monetary tokens that add up to a fiver. What doesn't happen is that people to not pretend the transaction never happend. The transation of them giving you a cup of sewage in return for your fiver was recorded on a journal and written to a ledger and sealed when the cash drawer closed. If another transaction is needed, to cancel the sewage and refund the fiver, it also has to be recorded in the journal and written to the ledger. It doesn't matter if the fiver was a promise for a pound of silver or a token for 600 Flops.