1.) A small amount or portion of something. 2.) A joke or improvised scene. Everyone still reference the bit on the Chappelle Show about Charlie Murphy and Rick James "True Hollywood Story." 3.) In tech talk, it refers to a binary digit. A bit is the smallest unit of measurement used to quantify computer data. 4.) A part of a handy operating tool.
Via Hulu series Harlots
1.) A prostitute or Covent garden nun who sells pleasure and fantasy to men, preferably those with a title (Duke, Earl, etc.) or very deep pockets.
2.) A sexy woman or tart who is too hot to trot. She knows her power and uses it well.