We are all confused when it comes to this questions. What are bits and bytes?
An internet connection is measured differently from data sizes. What we mean is, a file on your computer is measured in bytes and your internet connection is measured in bits.So megabits and megabytes aren't the same. There is a big difference.
A byte is much bigger than bit. 1 Byte = 8 bits Which means every byte contains 8 bits.
Did I loose you with all this maths?
Let's try with an example. You go online to download a file of 50 megabytes (MB) in size, you are currently using a 50 megabit per second (Mbps) broadband connection. To download this file it won't take you 2 seconds, it will take 8 x 1 seconds because 1 MB (megabyte) is 8 times bigger than a Mb (megabit). If you have perfect speed it will take you 8 seconds to download (in theory).
How to identify a bit or a Byte?
The spellings are different. A bit will be in lower case "b", a Byte will be in upper case "B".
Internet connections always are in Mbps (mega bits per second) Files are in MB's (mega byte).