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The individual binary digits in the upper left corner are bits. The string of eight bits represents one byte, which can be read from left to right (for example: 10001010, 00101100, etc.). The same byte is represented by two hexadecimal digits in the bottom right corner.
While binary only uses two symbols (0 and 1), hexadecimal uses sixteen: 0, 1, 2, 3, 4, 5, 6, 7, 8, 9, plus A, B, C D, E, and F.
Because there are more symbols available to use, any given number can be represented with fewer of them. For example, the number "FF" in hexadecimal is "11111111" in binary, or "127" in decimal.
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