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)
This guys actually came up with something that is not confusing and just as short plus it has an actual meaning that comes from the unit it represents. I am gonna start using this immediately.