I actually think the name is very fitting and makes sense. Bits of data are being transferred here and there or if you want, bits of a bigger coin. Although, in the beginning, no one moved bits of a coin. The value was so low that you moved hundreds and thousands of bitcoin per transaction. I doubt I would have done a better job if I needed to name the currency. Maybe something like FreedomCoin, but it doesn't sound right when you say it.