A bit is the most basic unit of information used in computing. Each bit of the binary code represents one of the two possible values, either 0 or 1. Bits are grouped together in multiples, forming ‘bytes’ that are used to store information or execute instructions. While a group of four bits is called a nibble, eight bits together form a byte.
Since bits are fairly small to store information, a byte is capable of storing one ASCII character. A kilobyte consists of 1024 bytes. As for memory and storage, further categorization is used in the form of megabytes (1024 kilobytes) and gigabytes (1024 megabytes).