If you actually bothered to read that wiki article (which you actually might have) you would see that "bit" as 12.5 cents hasn't been used for decades if no centuries.

"just because you think a bit means 1 millionth of a bitcoin does not make it so."
Actually it does. A word can mean anything. That is the point of this whole discussion. Your using backhanded tactics to get your way, therefore I have no respect for your opinion.