People, get it together....
BTC1 Bitcoin = 1,000,000 Bits
BTC 0.000001 Bitcoin = 1 Bit
BTC 0.00000001 Bitcoin = 1 Satoshi
0.01 Bits = 1 Satoshi
Bit is solid because in the current protocol it leaves 1 Satoshi (the smallest possible increment) as 0.01 Bits.
This makes "Bits" or "Bit" compatible with every existing accounting system/shopping cart out there....
edit: DOH! added correct 0's
the fact that this tread exists means bit is a terrible name, although having a name for the 100 satoshi unit is a nice thing, 'bit' is just a very stupid name.
If you know what satoshi's are, it is 1 satoshi. Or 1/1000000 of a Bitcoin
Nope. 1 bit = 100 satoshi
Nope. 1 bit (abbreviation for bitcoin) = 100,000,000 satoshi
100 satoshi is a mike ( abbreviation for microbitcoin)
there, that's logical.
1 dollar = 1 dollar
1/100 dollar = 1 cent (short for centi)
so 1/1000000th of a bitcoin = mike (short for micro)