What does BIT mean in File Extensions?

This page is about the meanings of the acronym/abbreviation/shorthand BIT in the Computing field in general and in the File Extensions terminology in particular.

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Computing » File Extensions

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Definition

What does BIT mean?

spot, bit(noun)
a small piece or quantity of something

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"BIT." Abbreviations.com. STANDS4 LLC, 2015. Web. 28 May 2015. <http://www.abbreviations.com/term/40362>.