Bits is a Bitcoin denomination. It represents 100 Satoshis or one-millionth of a Bitcoin. Bits is described in BIP176 (Bitcoin Improvement Proposal) by Jimmy Song. The unit value was created to avoid decimal mistakes when making transactions with Bitcoin. For example, instead of typing 0.000976 BTC, it is much easier and convenient to type 976 Bits. Also with the Bitcoin price growing fewer and fewer people afford to buy 1 Bitcoin. Bits is a perfect reminder that you can always buy a fraction of a Bitcoin.