Definition of Bit
A bit can have a value of 1 or 0. Computers store, process, and retrieve information by using strings of bits, such as 10011110001.
The last most common format was 16-bit, but now currently is the 32-bit processor. The 64-bit processor is gaining popularity as it doubles the computing power of the current standard 32-bit processor.
I hope this definition of a bit helped you out! For more information on bits, check out this page:
What's different between 64 & 32 bit processors