Yes, bitcoins don't exist as a separate entity, what exists are just transactions (transfer bitcoin amount x from a to b), so the amount is just an arbitrary number. In the current implementation it can be represented by 8 digits after the decimal, so the smallest possible ammount is 0.000000001 btc (= 1 satoshi)
Sweet. Looking better and better.
I have fractional gold and silver pieces. Sometimes an OZ is too much to get change for! LOL.