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Millionaire Explains How Much Bitcoin You Actually NeedIn early America, �bit� was used for some Spanish and Mexican coins that circulated and were worth one-eighth of a peso, or about 12 and one-half cents. Hence. More rare are "six bits" (75 cents) and "eight bits" meaning a dollar. These are commonly referred to as two-bit, four-bit, six-bit and eight-bit. U.S. banknote. In the US, the bit is equal to 12+1?2?. In the U.S., the "bit" as a designation for money dates from the colonial period, when the most common unit of currency.
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