It will work fine, the issue is drive degradation. Especially if you don't have a lot of ram, swap will be used a lot. SSDs degrade with writes, so swapping on them reduces their life. This is especially noticeable on old or cheap SSDs, which tend to degrade faster. One example is those 8GB RAM macs with soldered 256GB SSDs, which due to cheap and small SSDs and low RAM were breaking really quickly.
If your SSDs have a lot if space, they are relatively new and you have a lot of RAM (32 GB is perfectly fine), you won't have much issue. If you're worried about it, you can always check drive health with smartctl
All software has always interpreted it in binary as far as I know. There never was a good standard, and the most common way to differentiate in my experience was using KB as metric (decimal, SI) and K as binary. It's easy to confuse with the already convoluted standard of KB being a kilobyte and Kb being a kilobit.
The reason for the added "i" is that in every other system, kilo means 1000. Someone at the SI realized that it didn't make any sense to have it mean something different in software so they invented the Ki prefix (instead of K) to mean 1024. That is now the standard, and it's part of the SI (coloquially metric). As a consequence of this, you can technically use the Ki prefix with any other SI unit, so you can also use the KiM (kibimeter), which is 1024 meters. Idk why you'd use it, but it's funny that the option exists.