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November 14, 2017, 12:37:57 PM |
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According to whatis.techtarget.com/definition/bit-binary-digit:
"A bit (short for binary digit) is the smallest unit of data in a computer. A bit has a single binary value, either 0 or 1. Although computers usually provide instructions that can test and manipulate bits, they generally are designed to store data and execute instructions in bit multiples called bytes."
So basically, according to my understanding, it is called a bitcoin, because it is a digital currency that is manifested as binary coding. 'Coin' is just used to represent it's monetary function.
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