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A computer geek euphemism for a void or great beyond. That is, dead people go to heaven or hell, but dead bits go into the bit bucket. Also associated with the null device, /dev/null.
I deleted the file so now it's in the bit bucket in the sky.
On Unix or Unix based operating systems, commonly known as /dev/null or /dev/zero
On Windows systems, commonly the entire drive Windows is installed on.
Where the internet goes to die.
My packets keep riding the tubes right into the ol' bit bucket. God rest their little souls.