I have 16 coins. I am going to flip all of them. When they come up tails, they die.
Round 1: HTTHHTTTHTHHTHHT (8 died, 8 lived)
Round 2: THHTTTHH (4 died, 4 lived)
Round 3: HTHT (2 died, 2 lived)
Round 4: HT (1 died, 1 lived)
Half life = 1 round
You can do this with other random generators too. For example you could roll 6-sided dice and all the ones that land on a 1 die. Each round 1/6 will die. You can work out that the half life is 2.59 rounds so on average every 2.59 rounds, half the dice will have died.
Radioactive particles are like this, over some time period, some randomly decay. The half-life is the time it takes for half to have randomly die.
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