What is the difference between 8 bit and 16 bit in Photoshop?

in advanced more:

you should know the different between ’bit depth’ & ‘bit size’

please read this article 8-BIT VS-BIT

More color on the sixteen bits/channel

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Simply bit image quality is quite better than8 bit, because it contain more color that enhance the output Result/image. But the file/image size will be heavier than8 bit, also it will use more memory. Some option may be disable in/ bit. 8 bit is almost OK in every prospect & I will suggest u to not go for/ bit till the time u don't need it.