i believe you are refering to the matrix on a pdc drill bit. if all the cutters were missing when you pooh, chances are you have ground into the bits body, or the "matrix".
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The bits in a numeric value like 00000000 00110011 have a decimal value based on the bit position. The most significant bit is the one that has highest decimal value and is the left most bit. The right most bit is the least significant bit. High-order bits are the half of the number of bits that have the highest values, the left most bits in the 16 bit value above The low order bits in this case are the right most bits. This should not be confused with bit placement in memory/cpu registers. Intel/AMD cpus are little edian, meaning that the most significant part is physically right and the lest significant is left most (the bits are not in reverse order). Google for a more detailed info.
1024 bits
The term "bit" used in the USA comes from the Spanish Milled silver dollar which could be cut into 8 equal parts, 8 bits, also known as a Piece of Eight. Technically, a bit is 12.5 cents but there are no one bit coins, only 2, 4, 6, and 8 bits. 2 bits being 25 cents [a quarter dollar], 4 bits being 50 cents [a half dollar] and so on. The term is dated and is used very little today.
It is same as the bit rate. B = R = nfs where n= no of bits fs= sampling frequency R= bit rate
Yes, they are considered bits (of data).