What is the difference between a bit and a byte in terms of data storage and processing?

A bit is the smallest unit of data storage and processing, representing a single binary digit (0 or 1). A byte, on the other hand, consists of 8 bits and is the basic unit of measurement for data storage and processing in computing. Bytes are used to represent characters, numbers, and other types of data, while bits are used for more granular operations within a byte.