When set to "yes", only the site-wide account will be used for all users
Site-wide log-in name (username) for bit.ly
Site-wide API key for bit.ly
Use site-wide account
When set to “yes”, only the site-wide account will be used for all users
Setting up bit.ly as URL shortener
At the moment, this is only used by the Share feature. By going to bit.ly, you can register and request a key. As Admin, you can force all users to use the site wide key which gives you a nice overview on the pages shared by your users and the feedback on that.