parity vs bit

parity and bit both are nouns.

Word	Noun	Adjective	Verb	Adverb
parity	Yes	No	No	No
bit	Yes	No	No	No

As nouns, bit is a hypernym of parity; that is, bit is a word with a broader meaning than parity:

parity: (computer science) a bit that is used in an error detection procedure in which a 0 or 1 is added to each group of bits so that it will have either an odd number of 1's or an even number of 1's; e.g., if the parity is odd then any group of bits that arrives with an even number of 1's must contain an error
bit: a unit of measurement of information (from binary + digit); the amount of information in a system having two equiprobable states

parity (noun)	bit (noun)
functional equality	the cutting part of a drill; usually pointed and threaded and is replaceable in a brace or bitstock or drill press
(physics) parity is conserved in a universe in which the laws of physics are the same in a right-handed system of coordinates as in a left-handed system	piece of metal held in horse's mouth by reins and used to control the horse while riding
(computer science) a bit that is used in an error detection procedure in which a 0 or 1 is added to each group of bits so that it will have either an odd number of 1's or an even number of 1's; e.g., if the parity is odd then any group of bits that arrives with an even number of 1's must contain an error	the part of a key that enters a lock and lifts the tumblers
(mathematics) a relation between a pair of integers: if both integers are odd or both are even they have the same parity; if one is odd and the other is even they have different parity	a short performance that is part of a longer program
(obstetrics) the number of liveborn children a woman has delivered	a small fragment
	an instance of some kind
	a small amount of solid food; a mouthful
	a small fragment of something broken off from the whole
	a unit of measurement of information (from binary + digit); the amount of information in a system having two equiprobable states
	a small piece or quantity of something
	an indefinitely short time