What is a bit in USA?

A bit, in financial terminology, is a fractional representation of the US dollar. Specifically, a bit is equivalent to 1/8 of a dollar, or 12.5 cents. This value can be deduced through context and simple calculations.

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To further illustrate, let's consider the sequence of "bits" in multiples. For instance, 2 bits would amount to double the value of a single bit, which is 25 cents. Similarly, 4 bits would equal 50 cents, and 6 bits would correspond to 75 cents.

The progression of these values clearly indicates that each additional "bit" doubles the previous amount in cents. Thus, the term "bit" is effectively a shorthand for referring to a quarter of a dollar, divided into eighths.