1 bit = 1 microbitcoin = 1 μBTC = 0.000001 bitcoin (BTC)

In Bitcoin, a bit is a sub-unit measurement where 1 bit = .000001 bitcoin. It’s the common name for 1 μBTC. There are 1,000,000 bits in 1 bitcoin.

A further explanation of the term “bit” is available here.

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