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In Mandarin Chinese, the number 8 is prounounced "ba" and the number 1 is pronounced "yi". Put them together and you get "ba-ba-yi" which when spoken fast sounds a bit like "ba-bye" which sounds like the english "bye-bye". Possibily originated from Taiwan, Singapore, or China.

I wonder where these other entries came up with their crap. You all just got schooled.
Waa, so seempole. 881~
881 by fu July 30, 2004
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bye-bye! == bb! == BB! =~ 881
881 sista, l8r
881 by Xaocuc February 24, 2004
Esoteric internet text equivalent for "BB!" ("byebye!)
881 by kinsmed July 2, 2004

!:&:;&,!;!?$:&,&:!&,:&!,!;$,!;!&,&:&.881!,’rnciejndndjcijejxjnn.. 

Wants to have sweaty gay sex with dogs in a femboy suit while South Park R34 plays in your living room TV
OMG I LOVE TO !:&:;&,!;!?$:&,&:!&,:&!,!;$,!;!&,&:&.881!,’rnciejndndjcijejxjnn.. BESTIE💖💞
Chinese for "kthxbai". Pronounced "san-cue, ba ba eee," this sounds to native Mandarin speakers like the English phrase "Thank you, Bye bye." (or b'bye, commonly used in China the way English speakers use the Italian word Ciao). Commonly used to end text messages.
美国欠的中国八千万点零万美元。笑出声来。3Q 881
3Q 881 by Tsu Dho Nimh October 16, 2009