The term GALACTIC BIT is composed of two words: GALACTIC and BIT. GALACTIC refers to something related to galaxies, which are collections of stars, gas, and dust held together by gravity. BIT is an acronym for Binary Information Technology, which is a type of computer technology that uses binary code to represent data. Together, GALACTIC BIT can be interpreted as a type of computer technology used to store and process information related to galaxies.