What is the concept of a bit?

Could you elaborate on the concept of a "bit" in the context of cryptocurrency and finance? I understand it's a fundamental unit of information, but how does it relate to the digital world of finance and transactions? How is it utilized in the blockchain technology that powers cryptocurrencies like Bitcoin? Is there a direct correlation between the number of bits and the value or security of a cryptocurrency? I'm eager to gain a deeper understanding of this foundational concept.