Computer storage values are based on values of 2 to the power of n (n is the number of bits)

8 bits  = 1 byte = 256 characters (All basic ASCII code)
16 bits = 2 byte = 65 536 (All Unicode characters)
24 bits = 3 byte = 16 777 216 (Number of colors expressed by 8 bit for each base color R,G,B)
32 bits = 4 byte
64 bits = 8 byte