A Bit About Bits
In general using n bits, it is possible to represent up to 2 x 2 x 2 x … (n times) values.
For example, 3 bits allow us to distinguish between 8 different things; 4 bits => 16 things, 5 bits => 32 things, 6 bits => 64 things, 7 bits => 128 things, 8 bits => 256 things