What does BIT mean in Chat?

This page is about the meanings of the acronym/abbreviation/shorthand BIT in the Internet field in general and in the Chat terminology in particular.

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What does BIT mean?

spot, bit(noun)
a small piece or quantity of something

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"BIT." Abbreviations.com. STANDS4 LLC, 2015. Web. 3 Aug. 2015. <http://www.abbreviations.com/term/296527>.