hi,"位“ usually not use as a word alone,but when it is a measure word, it is!
position = "位置"
place,location = "位于"
seat = "座位"
measure word: for people:"一位伟人、一位顾客、一位领导", if we say "一位第弟" is weird
for bit: it is exactly the same as "位", like " A byte contains 8 bits" translate as "一个字节包含八个位",and also say "一个字节包含八个比特位"