Named after J. M. Emile Baudot (1845-1903), who was a French telegraph operator, who worked out a five-level code (five bits per character) for telegraphs? It was standardized as International Telegraph Alphabet Number 2, and is commonly called Baudot (and is a predecessor to ASCII). Since 2^5 is only 32 and the uppercase letters, numbers, and a few punctuation characters add to more than that, Baudot uses Shift In and Shift Out characters (analogous to how the Caps Lock key on a PC keyboard reduces the number of keys needed by enabling each letter key to represent two characters).
You see 26.2, 13.1 etc. for marathoners and half-marathoners but I never did figure that one out, could not convert it to any recognizable standard mile or kilometer value.
We use bps (bits per second) and kbps a lot. Baud is easier to say and more understood than 'bips'.