bit & byte;

bit;
A bit is also known as a binary digit. A bit is the unit of measurement used for information storage in computers. It only has one single binary value, which can be either 0 or 1 ('true' or 'false'). The computer converts all data into bits and bytes through alphanumeric and decimal to binary conversion. This means that alphabets and letters are all represented into bits.
There are 8 bits in a byte.

byte;
It is also a unit of measurement used to describe the storage capacity (size of file) and transfer rate of digital media.
The following are size conversions from bytes:
1 kb - 1 024 bytes
1 mb - 1 048 576 bytes
1 gb - 1 073 741 824 bytes