The most common and most likely answer to this crossword clue is the 4 letter word IOTA
I've seen this crossword clue in The Guardian
I
O
T
A
More clues leading to the result IOTA
- Volunteers to go after one old Greek character
- Jot letter from Athens
- Letter incorporated in Riot Act
- Odd characters in? I got that Greek one
- Bit of love during sex that’s ace
- Letter idiot attempted to hide
- First nine letters sent north — the ninth from Greeks
- Little bit of Africa to investigate, travelling north
- Not much I love, I appreciate that
- Audiotape’s gripping, A Letter From Greece
Buddy explains!

The straight part
We know that "Bit" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case bit = iota.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does IOTA mean?
IOTA noun- The ninth letter of the Greek alphabet.
- A jot; a very small, insignificant quantity.