The word “bit” long meant, in England, any coin of a low denomination. In 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, two bits would have equaled about 25 cents.
People also ask, what is the name of 4 bits?
Each 1 or 0 in a binary number is called a bit. From there, a group of 4 bits is called a nibble, and 8-bits makes a byte. Bytes are a pretty common buzzword when working in binary.
What is 4 bits in money?
In the United States, the bit is equal to one eighth of a dollar or ?12 1⁄2 cents. In the U.S., the "bit" as a designation for money dates from the colonial period, when the most common unit of currency used was the Spanish dollar, also known as "piece of eight", which was worth 8 Spanish silver reales.