As far as I can tell we can either use the term milibit for one one thousandth of a Bitcoin OR we can call the small unit also known as 100 Satoshi a “bit” — we can’t do both because “mili” means one one thousandth.

Therefor if we use “bit” to describe the small unit then “millibit” would be one one thousandth of a bit or one hundredth of a Satoshi.

So – it seems we either use milibitcoin instead of millibit to describe one-onethousandth of a bitcoin or people could call it kilo-bit — both work under conventions in the International System of Units. If we did this we could still keep the term bit and the term bitcoin.

It’s worth being in line with standards — only thing is we’d need to find synonyms for the units like kilobit and gigabit etc. because those have non Bitcoin terms which are the same or similar.