A bit (short for binary digit) is one 0 or 1. It's the smallest piece of information there is: the answer to a single yes/no question.
In hardware a bit is a wire or a storage cell that is either low (0) or high (1). Everything else is built from groups of bits:
- 4 bits make a nibble, which is one hex digit
- 8 bits make a byte
- a number in a register is a fixed group of bits, such as 8, 16, 32 or 64
Each extra bit doubles the number of patterns, because every old pattern can be followed by a 0 or a 1. So n bits give 2ⁿ patterns. As unsigned numbers, those patterns cover 0 to 2ⁿ − 1.
Bits in a number are named by position. Bit 0 is the rightmost, the LSB. The leftmost is the MSB. A bit's weight is 2 raised to its position number.
A bit has no meaning on its own. 1 might mean the number one, "true", "light on", or the minus sign of a twos complement number. The format you choose decides.