Cryptocurrency Q&A What is meant by bit?

What is meant by bit?

Margherita Tue Oct 01 2024 | 7 answers 1644

Could you clarify what is meant by the term "bit" in the context of cryptocurrency and finance? I understand it has something to do with digital information and computer systems, but how does it specifically relate to the world of blockchain and digital currencies? Is it a unit of measurement, a technical term, or both? How does it factor into the operations and transactions within the cryptocurrency ecosystem? What is meant by bit?

What is meant by bit?

bit cryptocurrency unit of measurement

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