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This page uses the traditional definition where one kilobyte is 1024 bytes, one megabyte is 1024 kilobytes, and so on. If you want to convert the prefixes as they are defined by the International System of Units (SI), were each step is worth 1000 instead of 1024, you will have to use a SI prefix converter tool instead.
The bit is the smallest unit of storage on a computer. The word is derived from the term binary digit, which means a digit that has two possible values, 0 or 1.
A computer can normally not operate directly on chunks of data that are smaller than one byte. Historically the number of bits in a byte could vary depending on the computer hardware, but nowadays it is as good as always a synonym for 8 bits which is also the assumption on this page.
The meaning of kilobyte, megabyte, gigabyte and terabyte are not always obvious. In other fields kilo normally means 1000 but the computer world has traditionally used a different definition where it means 1024. This has to do with computers having an easier time working with numbers that are powers of two (1024 is 210 ). To avoid confusion the units are sometimes called kibibyte (KiB), mebibyte (MiB), gibibyte (GiB) and tebibyte (TiB).