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Typically a graphical style where there are one two colors. (A bit can be either on or off, so two options) Commonly black and white, but can be any combination depending on the style the creator is trying to accomplish. 

Projects inspired by the 16 bit console generation from the late 80s and early 90s. Including the consoles Super Nintendo, Sega Genesis, and PC Engine/TurboGrafx-16.

Uses two-dimensional "sprites", 2D images created and used on a flat plane, as opposed to the three-dimensional models or environments found in 3D games.

In the style of games made the 8-bit generation of game consoles & computers, or sometimes authentically created to run on original hardware. Common 8-Bit consoles include the Nintendo Entertainment System, Sega Master System, and the Commodore 64

Utilizing content created by algorithms rather than human made content. Often utilizes a "seed," a relatively small string that is used to control the randomization algorithm that generates the entire world.

Sprites are generally 2D images used in games to represent objects. They can be animated or static, and come in different styles like isometric or top-down.