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From Wikipedia:"A bit refers to a digit in the binary numeral system (base 2). For example, the number 1001011 is 7 bits long. The unit is sometimes abbreviated to b (but see below).Binary digits are almost always used as the basic unit of information storage and communication in digital computing and digital information theory."
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A bit or also known as “binary digit” is the smallest unit of data in a computer. The 0 and 1 number forms the bit. Half of byte (four bits) is called a Nibble.