Velcro strips are strips normally four inches long or so which can connect on itself or connect to other strips.
Here is an example of what Velcro strips look like. You can get 100 velcro strips on Amazon for $10, see link here: VELCRO Brand One Wrap Thin Ties | Strong & Reusable | Perfect for Fastening Wires & Organizing Cords | Black, 8 x 1/2-Inch | 100 Count
The advertised use for these Velcro strips is to manage cords in your house. For example, you can use the Velcro strip to tie together excess TV cable or LAN cable. The picture below shows how this would look, this is taken from the actual product packaging.
The Velcro strips can be used for many other uses outside of these uses however. For example you can use the loop section to hang things on nails. I hung an extension cord on a nail using a Velcro strip as shown in the photo below. I did a similar thing to hang up my Xmas lights.
Or I use a few strips combined together to tie my fridge handles together to get my kids out of the fridge.
You can also use Velcro strips to make a rope to tie things together such as sleeping bags.
Watch the following video for more details on things you can do with Velcro strips.