What is the difference between a qubit and a bit in terms of their computational capabilities and quantum properties?

A qubit is a unit of quantum information that can exist in multiple states at once, thanks to the principles of quantum superposition and entanglement. This allows qubits to perform complex calculations simultaneously, making quantum computers potentially much faster than classical computers. In contrast, a classical bit can only exist in one of two states (0 or 1) at a time, limiting its computational capabilities compared to qubits.