In the Western States after the War with Mexico U.S. coins were not commonly circulated; however the peso ( Mexican, Spanish) was common. The exchange rate (circa 1849) was one peso to one dollar. To convert small change the peso was cut in eighths. One eighth was one bit of a peso, or 12 and one half cents. Two bits was 25 cents and so on. The expression two bits or four bits or six bits is still used in this manner in the Far West, especially in Northern California.

BInary digiT. The smallest unit of information on a computer/machine. A single bit can only hold one of 2 values, either 0 or 1.

simple insult that pertains to any person/persons recognized as an asshole, bitch, faggot, douchebag, etc.

bit- slang from LA meaning to steal, take, or copy.

refers to male genitalia. commonly used in conjunction with peices

french word to tell a dick