What is the difference between a bit and a byte?

What is the difference between a bit and a byte?

• They are the same.
• A byte is 256 bits.
• A byte is eight bits.
• One measures bandwidth, the other throughput. 

EXPLANATION

Actually no, there's a big difference between a bit and a byte. A byte is much bigger — eight times bigger, to be exact, with eight bits in every byte. By extension, there are eight megabits in every megabyte, and one gigabyte is eight times bigger than one gigabit.