Bit is well understood to be the smallest unit of the binary number system a single 1. It is also widely understood to mean 10 cents, but more historically 12.5 cents, being an 8th piece of an 8 real coin, the Spanish Dollar.
It's also more importantly half of the name of the currency we're dealing with. The name is "bit"-coin. It always seems like people conveniently forget to mention that the name of the proposed new term is IN THE NAME OF THE ACTUAL COIN!