Kaustubh Katdare
and can explain in easy to understand words; I'm all ears.
The gravity of the question weighs upon me. I am no expert.
Einstein proposed that gravitational fields can cause space to curve. This has been amply verified. However, gravitation is a weak force, which makes it difficult to verify experimentally some of the consequences.
The special theory limits the speed of information transfer to the speed of light. Einstein's solution of the gravitational equations showed that when masses accelerate they generate time dependent gravitational fields. These propagate through space as warpages of space-time called gravitational waves. The speed of propagation is limited to the speed of light.
Gravitation being a weak force, these waves are difficult to detect. Gravitation is directly proportional to the accelerating mass. Black holes have very large masses. When two black holes are on a collision course things happen, which is what is in the news. LIGO (Laser Interferometer Gravitaional-Wave Observatory) has detected such an event.
As to 'why do they matter?', George Mallory's retort on being asked why he wants to climb the Everest:'"because it's there" about sums it up.
This article (not overly technical) in
Physics Today is worth the time:
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