What is a Qubit in Quantum Computing?

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Can someone give me a layman's explanation for the Qubit? And, like the bit, does it represent an intangible, or does it have some material quality to it?
 
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The bit can have 2 possible values, the qubit can have two plus a superposition of those two values. A qubit represents quantum information and information has no form, though some energy/mass is required to transfer it (eg photon).