I'm increasingly seeing people use the "bit" unit, how much is 1 bit? I've never seen this unit explained.
Bit is just an abbreviation of
Bitcoin.
People who don't feel like typing out the entire word "Bitcoin" will often stop after the first three letters, assuming that the rest of the word is implied.
As such, 1 bit is currently (at the moment that I'm typing this) equal to $470.00 at BitStamp (see there's that word "Bit" again imbedded in the name of the exchange).
That means that 1 bit is equal to:
- 1 bitcoin
- 1,000 millibitcoin
- 1,000,000 microbitcoin
- 100,000,000 Satoshi