Also known as a Binary digIT, is the smallest in size and is either a 1 or a 0.
What does this mean
It's basically the smallest form of data storage you can think of. It is either present or absent, true or false, yes or no, 1 or 0.
Everything in a computer is 0's and 1's. The bit stores just a 0 or 1: it's the smallest building block of storage.
A bit is a computer storage reference, whereas Binary can refer to the number system as well. We mostly use Bit for Base 2 calculations. 1 bit of data can only hold 0 or 1. 2 bits of data can hold 2^2 or 00, 01, 10 or 11. So, 8-bits of data can hold 256 patterns of binary digits (0 or 1).