Exactly!

The system already had a 1000:1 split and then another 1000:1 split after that.  People just aren't aware of it yet, and they aren't familliar with the new naming convention for the split amounts.

If you want to buy 1/1000th of a bitcoin, then you are buying from the first split.  These are called millibitcoin (often written as mBTC), and a nickname is catching on: "Millies".  So, if you want 5 of the 1:1000 split coins, then you want 5 Millies!.  At an exchange rate of $16300 per BTC that works out to an exchange rate of only $16.30 per Millie!

If you want to buy the 1/1,000,000th of a bitcoin, then you are buying from the second split.  These are called microbitcoin (often written as µBTC since the scientific symbol for micro is µ), and a nickname is catching on: "Mikes".  So, if you want 5 of the 1:1,000,000 split coins, then you want 5 Mikes!.  At an exchange rate of $16300 per BTC that works out to an exchange rate of ONLY $0.0163 per Mike!  (just a bit more than a penny-and-a-half)!!!