1 bit = 100 satoshis
I thought I hit the 0 but I guess I didnt'
To be honest I have to admit I imagined it was a typo from you ....but couldn't resist
Haha. Touche
I think the initial decision to make a bitcoin be 10e8 satoshis was kind of weird. Why 8? We usually deal in millions (10e6) or billions (10e9). Arbitrarily deciding there are 100 million satoshis per bitcoin seems like an odd decision.
The "bit" makes sense of it in a clever way (I think).
There are 1 million bits in a bitcoin, and 100 satoshis in a bit. These are both numbers we're familiar with, which mean things to us in a way that "100 million" doesn't. So now any amount of bitcoin can be expressed as a number of bits with two decimal places:
123,456,789 satoshis =
1,234,567.89 bits =
1.234 567 89 BTCSeeing money amounts written with 2 decimal places is exactly what we're used to seeing - dollars and cents, pounds and pence, etc.
Alternatively, if you're used to "uBTC", just remember that a bit is just another name for a uBTC - a millionth of a bitcoin.