The word bit has a number of meanings. It is the simple past tense of bite, meaning “cut into with the teeth” or “have a (negative) impact on” (e.g., “The spending cuts were starting to bite”).
In American English, it can also be an alternative to bitten as the past participle of bite.
Bit is also a noun referring to a “small part of something” (e.g., “That’s our bit of land over there”) or “metal bar in a horse’s mouth attached to the reins” (e.g., “The horse was impatiently stomping its feet and chewing its bit”).
The phrase a bit can be used as an adverb meaning “somewhat” (e.g., “That’s a bit naughty”).
You can easily find synonyms for words like bit using the QuillBot Paraphrasing Tool.