Do streamers get paid in bits?

I'm curious to know, do streamers actually receive payment in the form of bits on platforms like Twitch? I've seen viewers cheering with bits and wondered if that translates into direct income for the streamer. Is there a specific mechanism in place for converting these bits into real-world currency, and if so, how does it work? It would be great to gain a clearer understanding of how streamers monetize their content through this unique form of digital currency.