Meaning – The word Bit means wither of the digits 0 or 1, when used in a binary operation. A bit is defined as the basic unit of information in computing and digital communication. As mentioned earlier, a bit can hold either 0 or 1 as its value, which are also its logical states. Some of the common uses of these logical states are when they are used to denote True(1) or False(0), On(1) or Off(0), etc.
The symbol for the binary digit is either bit per recommendation by the IEC 80000-13:2008 standard, or the lowercase character b, as recommended by the IEEE 1541-2002 and IEEE Std 260.1-2004 standards.
Multiple bits are clustered together to move up in size and type. For example, 8 Bits together make up a Byte, and so on. This also shows that a bit is the basic building block to all these other sizes.