Agreed. Currently, despite whatever official moniker has been assigned to a local currency unit, the vernacular inevitably coins it's own phraseology. _{(unintentional pun)}

In my corner of the world, and elsewhere too, I'm sure,  the following colloquialisms are commonplace
Grand = 1000
Monkey = 500
Ton = 100

I think bit, is suitably optimistic that the btc/fiat exchange rate will rise sufficiently, so that a division this small will be appropriate.
But in reality, it will vary geographically.