A bit (short for βBInary digiTβ) is a single on/off value. Only these two values are possible, though the two values may go by different names, such as true/false, or 1/0.
0 and 1 are the logical values of a bit. Physically, those values can be represented in many ways. Some examples of ways that bits are implemented in computation include:
Computers do all of their processing in terms of bits - any piece of information a computer stores or manipulates is stored as a sequence of these on/off values. For different purposes, a computer may use any of the mechanisms listed above (or many others) to represent those bits. It may read a bit off a CD, represent that bit as a voltage on a wire, and then store it as a magnetic field on a disk.
The method used to implement a bit does not affect the information it represents
A light bulb that is "Off" represents the same thing as an "Off" represented by a hole that is not punched
A bit may be implemented as a small part of a magnetic disk.
This is how hard drives store information
Copying a bit from one medium to another does not affect the information it represents.
Computers do this all the time - turn an electrical signal in a circuit into a magnetic field on a disk. Or turn a hole into a punch card into an electrical signal
A bit is always implemented as something electrical.