/bit/ , Naut.
n.
1. Also called bollard . a strong post of wood or iron projecting, usually in pairs, above the deck of a ship, used for securing cables, lines for towing, etc.
v.t.
2. to wrap (a cable) around a bitt to secure it.
[ ME, perh. beting, in same sense, akin to MHG bizze wooden peg, ON biti crossbeam ]