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The term "bit" used in the USA comes from the Spanish Milled silver dollar which could be cut into 8 equal parts, 8 bits, also known as a Piece of Eight. Technically, a bit is 12.5 cents but there are no one bit coins, only 2, 4, 6, and 8 bits. 2 bits being 25 cents [a quarter dollar], 4 bits being 50 cents [a half dollar] and so on. The term is dated and is used very little today.

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15y ago

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