The UK is abuzz with the EU referendum, what does it mean?

There’s talk about the EU referendum wherever you go, in the pubs, inns restaurants, gaming centres, and practically all public places. What does the EU referendum actually mean?
So, what’s happening out there?
The upcoming referendum next month, 23 June to be precise is to make a decision on whether Britain should continue in the European Union or exit. Here are a few questions and answers that are bugging most of the people.
Firstly, what exactly is a referendum?
The Oxford dictionary defines referendum as “A general vote by the electorate on a single political question which has been referred to them for a direct”. In other words, referendum is a vote, where all eligible voters can participate to answer “Yes” or “No”. Whichever answer is in the majority, will be the winner of the referendum.
Why hold a referendum for this?
One good reason is that the Prime Minister David Cameron gave his solemn word that he would hold a referendum if he won the 2015 general election. Moreover, there are increasing murmurs from Conservative MPs, and members of the UK Independence Party (UKIP) who are not very happy with the fact that Britain hasn’t had a say since 1975, when, contrarily the vote in the then referendum was to stay in the EU. They are of the opinion that the EU has changed a lot since, gaining more control in the lives of Britishers. Mr. Cameron says, “It is time for the British people to have their say, it is time to settle this European question in British politics”.