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A piece of metal placed in a horse's mouth and connected to the reins to direct the animal.
example
A horse hates having a bit put in its mouth.
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A rotary cutting tool fitted to a drill, used to bore holes.
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A coin of a specified value.
example
a threepenny bit
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A ten-cent piece, dime.
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A unit of currency or coin in the Americas worth a fraction of a Spanish dollar; now specifically, an eighth of a US dollar.
example
A quarter is two bits.
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In the southern and southwestern states, a small silver coin (such as the real) formerly current; commonly, one worth about 12½ cents; also, the sum of 12½ cents.
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A small amount of something.
example
There were bits of paper all over the floor. Does your leg still hurt? / Just a bit now. I've done my bit; I expect you to do yours.
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Specifically, a small amount of time.
example
I'll be there in a bit; I need to take care of something first. He was here just a bit ago, but it looks like he's stepped out.
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(plural) Fractions of a second.
example
The 400 metres race was won in 47 seconds and bits.
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A portion of something.
example
I'd like a big bit of cake, please.
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Somewhat; something, but not very great; also used like jot and whit to express the smallest degree. See also a bit.
example
Am I bored? Not a bit of it!
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A prison sentence, especially a short one.
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An excerpt of material making up part of a show, comedy routine, etc.
example
His bit about video games was not nearly as entertaining as the other segments of his show.
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A small part or role, sometimes with spoken lines, in a theatrical performance.
example
She acted her bit in the opening scene.
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The part of a key which enters the lock and acts upon the bolt and tumblers.
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The cutting iron of a plane.
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The bevelled front edge of an axehead along which the cutting edge runs.