Meaning

• A piece of metal placed in a horse's mouth and connected to the reins to direct the animal.

  "A horse hates having a bit put in its mouth."

• A rotary cutting tool fitted to a drill, used to bore holes.

• A coin of a specified value.

  "a threepenny bit"

• A ten-cent piece, dime.

• A unit of currency or coin in the Americas worth a fraction of a Spanish dollar; now specifically, an eighth of a US dollar.

  "A quarter is two bits."

• 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.

• A small amount of something.

  "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."

• Specifically, a small amount of time.

  "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."

• (plural) Fractions of a second.

  "The 400 metres race was won in 47 seconds and bits."

• A portion of something.

  "I'd like a big bit of cake, please."

• Somewhat; something, but not very great; also used like jot and whit to express the smallest degree. See also a bit.

  "Am I bored? Not a bit of it!"

• A prison sentence, especially a short one.

• An excerpt of material making up part of a show, comedy routine, etc.

  "His bit about video games was not nearly as entertaining as the other segments of his show."

• A small part or role, sometimes with spoken lines, in a theatrical performance.

  "She acted her bit in the opening scene."

• The part of a key which enters the lock and acts upon the bolt and tumblers.

• The cutting iron of a plane.

• The bevelled front edge of an axehead along which the cutting edge runs.

Meaning

• To put a bridle upon; to put the bit in the mouth of (a horse).