Bit

From FiOSWiki

A bit is the smallest unit of digital information, usually in the form of a 1 or 0. Bits are used as units of measurement when referring to the transfer of data through a network -- usually in kilobits (1,000 bits) or megabits (1,000,000 bits) per second.

"Bit" is abbreviated with a lowercase b; thus, kilobit-per-second and megabit-per-second are abbreviated as Kbps and Mbps, respectively.

A bit should not be confused with a byte, which is equal to eight bits, and usually is used as a unit of data storage, as opposed to data transfer.