Let’s say you want a savings account at the bank. There are two options:
The 32 bit option let’s you have 4 digits for your balance. The most money you can have is $99.99. If you deposit $100, the extra penny is lost.
The 64 bit option let’s you have 8 digits for your balance. The most money you can have is $999,999.99. If you deposit $1,000,000, the extra penny is lost.
64 bits let’s you store more accurate numbers than 32 bits.
There’s way more to it then that, but that’s the ELI5 explanation.
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